If you go into bankruptcy or do a Proposal under the Bankruptcy and Insolvency Act, the creditor cannot attempt to collect from you, but they will attempt to collect the amount from the joint debtor, who in your case is your spouse.

What happens if you can no longer pay any debts? With both people on pensions can the creditors go after your pensions and can they put a lien on your house even though you don't own it, but you have good standing with your mortgage. What happens if you just quit paying?

Owing the government money can be very intimidating as it’s assumed the government has a limitless ability to collect the debt through any means necessary.

What happens when you default on your consumer proposal and it becomes null and void? Does the credit rating automatically go back to zero after seven years even though it was never resolved?

Remember Simon and Molly? Last month they completed their first bankruptcy counselling session.

When an individual or couple files a consumer proposal or an assignment in bankruptcy, the Bankruptcy and Insolvency Act requires the completion of two financial counselling sessions with a Registered Insolvency Counsellor.

Unsure of the bankruptcy process? We'll outline the steps required that will help you understand whether or not bankruptcy is the right solution to resolving your debt.

Bankruptcy isn’t free, but it may be the life changing debt solution you’re looking for.

​​​It's a piece of wisdom as old as time – money and relationships rarely mix.

A recent study by Ipsos on behalf of MNP LTD underscores the anxiety British Columbians are feeling about the strain higher rates will place on their finances.