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. 

A consumer proposal is a formal agreement between a debtor and their creditors to repay a portion of their debts over a set period. It is administered by a Licensed Insolvency Trustee (LIT) and provides an alternative to bankruptcy. 

Receivership is a remedy available to secured creditors to recover their debt. A receiver is a person appointed by a secured creditor or by the court to take control of a company’s assets, sell them, and repay the creditor.

Rebuilding your credit is essential after financial difficulties such as bankruptcy or insolvency. It helps you regain access to financial products and demonstrates financial responsibility to lenders.

Bankruptcy is a legal process designed to help individuals or businesses eliminate their debts when they are unable to repay them. Filing for bankruptcy provides a fresh financial start but also has significant consequences.

After bankruptcy, most of your unsecured debts are discharged, meaning you are no longer legally required to pay them. However, certain debts, such as student loans (under specific conditions), child support, and alimony, are not discharged.

Personal bankruptcy is a legal process that provides relief to individuals unable to repay their debts. It allows them to eliminate or restructure their debts under the guidance of a Licensed Insolvency Trustee (LIT).

Filing for bankruptcy involves several steps: 1. Consult a Licensed Insolvency Trustee (LIT): An LIT assesses your financial situation and explains your options.2. Complete the Required Paperwork: The LIT helps you file the necessary forms and documentation.3. Notify Creditors: Your LIT informs your creditors about your bankruptcy filing.4. Attend Financial Counseling: Participate in two mandatory counseling sessions to improve your financial literacy.5....

In Canada, student loans are subject to specific rules in bankruptcy. These loans can only be discharged if at least seven years have passed since you ceased being a student.

Obtaining a credit card after bankruptcy is a key step in rebuilding your credit. The timeline for getting a new credit card depends on your financial progress and the type of card you apply for.