A discharge releases you from the legal obligation to repay the debts you had as of the date you filed for bankruptcy, except for specific types of debts that are excluded by the law.

If you are discharged from bankruptcy you are once again free to liquidate your assets. However, before cashing in your RRSP’s or other investments there are tax implications and lost future income to consider. It is recommended that you consult with a financial planner to determine the costs and benefits of doing this.

Do not rely on someone else to rebuild your credit. You must be the driving force. Clean up your credit report — make sure all errors are corrected. Obtain new credit — a secured credit card, small secured loan or RRSP loan. Make sure the new credit is reported to the credit bureau (not all credit products are reported). Start by asking your financial institution what products they have available to help you...

Insolvency occurs when an individual or business is unable to meet their financial obligations as they come due. It is a financial state distinct from bankruptcy, which is a legal process. 

A debt consolidation loan is a financial solution that allows individuals to combine multiple debts into a single loan. This simplifies repayment and often reduces the interest rate on the total debt. 

Depending on how quickly you take action and begin paying off your debt, debt consolidation should have little or no effect on your credit rating. However, late payments, failure to make minimum payments or being sent to collection can negatively affect your credit rating. The longer you wait to repay your outstanding debt, the more your credit rating will be negatively affected.

A consumer proposal is a legal agreement between a debtor and their creditors to settle debts for less than the total amount owed. It provides a structured payment plan that is manageable for the debtor and agreeable to creditors.

A consumer proposal is a legal agreement between a debtor and their creditors to settle debts for less than the total amount owed. It provides a structured payment plan that is manageable for the debtor and agreeable to creditors. 

In order to qualify for debt consolidation, you must have a satisfactory crediting rating and sufficient income to sustain the loan. The financial institution issuing you the loan will conduct an assessment to determine if you meet their criteria.

One of the primary benefits of a consumer proposal is that it allows you to avoid bankruptcy. This minimizes the long-term impact on your credit rating and financial future.