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The Licensed Insolvency Trustee must file any outstanding income tax returns if they remain unfiled at the date of Bankruptcy, as well as a pre-Bankruptcy income tax return for the period from January 1 to the date of your Bankruptcy. The Licensed Insolvency Trustee will retain any refunds arising from these income tax returns. If a balance is owed on these income tax returns, the amount will be included in your Bankruptcy. The Licensed Insolvency...
A secured credit card is ideal for people with low or no credit. To obtain one, you must provide a deposit to the credit card issuer that serves as collateral. For example, if you deposit $1,000, your credit limit you can charge will also be $1,000. From there, a secured credit card works like a regular credit card, with required minimum monthly payments. You will be able to make purchases online and in-store, plus you’ll be able to use the...
It is a piece of legislation that governs the administration of a Bankruptcy estate and oversees the distribution of its value to the Bankruptcy estate’s creditors, while providing a financial fresh start for individual debtors. Both Bankruptcies and Consumer Proposals are debt solutions under the Bankruptcy and Insolvency Act.
The process starts when you meet with your Licensed Insolvency Trustee and fill in the appropriate paperwork. Bankruptcy will stop wage garnishments and lawsuits against you by your creditors. Once the filing is complete, you will begin to undertake bankruptcy duties and surrender your assets to your Licensed Insolvency Trustee, who will seek to turn those assets into cash and hold those monies in trust for distribution to your creditors.
Because bankruptcy is a process to help "honest and unfortunate" debtors, there are certain exceptions to the assets you have to surrender. Most people are entitled to keep limited amounts of essential items like clothing, furniture, medical equipment, tools of trade, pensions, and registered retirement savings. If you have little or no equity in your home, you may be able to negotiate with your mortgage provider to continue paying your mortgage...
Bankruptcy – The amount you are required to pay and all related fees are based on government regulations that take into consideration your net monthly income and the number of people in your household. This can be explored more fully at your free confidential consultation with an MNP Licensed Insolvency Trustee. Consumer Proposal – Your MNP Licensed Insolvency Trustee will help you make an offer to your creditors, incorporating a...
Bankruptcy – Credit Bureaus generally keep information about bankruptcy on record for 6 years for those declaring bankruptcy for the first time. The time period is extended to 14 years for those declaring bankruptcy for the second time. Keep in mind you may already have a poor credit rating if you have missed payments or your debts have been referred to a collection agency. Having a bankruptcy on your credit record does not mean you will be...
Bankruptcy – A bankruptcy is a structured, formal process that provides a fresh financial start. You’ll be relieved of all debts to unsecured creditors while still retaining select assets. Consumer Proposal – A Consumer Proposal is a flexible process that allows you to negotiate the terms of your repayment to unsecured creditors — including the amount you’ll pay back and the timing of your payments. In addition, you’ll retain all of your assets....
Bankruptcy – If this is your first time filing for bankruptcy, you may be automatically discharged from your debt in as little as 9 months. If your income exceeds a standard guideline set by the government, triggering ‘surplus income’ payments , you would not be eligible for a discharge until 21 months. In the case of a second bankruptcy, these timeframes are extended. Consumer Proposal – A Consumer Proposal cannot extend...
