How Do I Decide Which Option To Go For
By now you can likely gather that a lot depends on your situation. And regardless of what youve tried in the past, you need help taking an objective look at your whole financial situation with a fresh set of eyes. You need a trained and certified Credit Counsellor to help you come up with a good plan.
Theres Hope Without Declaring Bankruptcy
Whatever your financial worries, trepidation or fear of being judged/forced into bankruptcy get CCS to help. Their staff is incredible, couldnt have dealt with a better group of people. They are truly dedicated to finding practical solutions, advocating for your financial future. First they provide hope, then they help and finish by delivering happiness.
Daryl, Actual Client Review from Google
Why Do People File For Bankruptcy
No one’s financial circumstances are exactly the same when it comes to bankruptcy. But many bankruptcy filers head to court for similar reasons. Here are the three most common reasons for bankruptcy filings, according to the American Bankruptcy Institute:
Is Manitoba Bankruptcy Right For Me
Bankruptcy can be the right solution for many Manitoba residents facing money problems, although there are alternatives to bankruptcy in Manitoba that should be explored.
A Trustee will tell you that bankruptcy is a last resort, although if the trustee recommends that filing bankruptcy is right for you, you can be confident that bankruptcy is right for you, due to the Trustees professional ethics that they must follow at all times.
Bankruptcy in Manitoba might be right for you if your debts are more than the value of all of your assets.
The bankruptcy process usually lasts for 9 months, although it could be extended under certain circumstances.
If you have surplus income or have been bankrupt before, then your bankruptcy will be extended and you will have to pay more.
Often, bankruptcy is the cheapest and easiest way to get out of debt and receive a fresh start.
Bankruptcy is not the only solution and a Trustee can help you explore all of your options.
Your Trustee will explain all of your options and will help you feel confident that you are making the right decision.
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Advantages Of Filing Bankruptcy In Manitoba
What Happens When You Declare Bankruptcy
Renee Sylvestre-Williamsstarting a new, fresh and responsible financial lifeDebt paymentsmortgageAssetsBankruptcy lasts up to seven yearsEquifaxPage 1 of 2 – Read page 2 to learn how to start freshBankruptcy stays on your permanent record Starting over with healthy personal financesfinancial responsibilityPage 2 of 2
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How Is My Income Affected When I File For Bankruptcy
When Winnipeg residents file for bankruptcy, the Licensed Insolvency Trustee must review the personal earnings of the debtor. There is an Income Standard set by the office of the Superintendent of Bankruptcy for various family sizes. Income is compared to the Standard and 50% of family income in excess of the standard must be paid to the bankrupt estate. The Standard is the government of Canada low income cutoff. Click on this link to see the Standards for Surplus Income based on family size and examples of the calculation. There are also certain expenses that are deductible from income , such as child support and prescription drug expenses.
Schedule A Free Debt Assessment
Still have questions? See our Personal Bankruptcy FAQ page or contact us for a free consultation. We are happy to answer any questions you have about filing bankruptcy over the phone or by email.
Hoyes, Michalos has helped over 60,000 individuals file a bankruptcy or consumer proposal since 1999. Our licensed bankruptcy trustees always take the time to answer any questions you have about how to file for bankruptcy and how bankruptcy will affect you and your family. Contact us so we can help you make a plan to be debt free.
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How Does Bankruptcy Affect Your House
About 1 in 4 people who filed bankruptcy with Hoyes, Michalos own a house. In all cases we can show you how to keep your house, even if you decide to claim bankruptcy.
There are options to keep your home in a bankruptcy but the best approach depends on the value of the house, the amount owing on the mortgage, and your household budget. We will focus on three possible options:
How to claim bankruptcy and keep your house
Under Ontario law, if the equity in your home does not exceed $10,000, all you need to do to keep your home is maintain the mortgage payments. Your mortgage lender cannot foreclose on your home just because you went bankrupt. Some other provinces have similar exemptions that allow you to keep a certain equity in your house, you can;research other Canada laws around bankruptcy and home equity;here.
But what if the equity in your home exceeds $10,000?
Should you declare bankruptcy while your house is worth more than $10,000 above the mortgage and you want to keep your home, you will need to pay the bankruptcy trustee the equivalent of any equity value in your home.
Your Licensed Insolvency Trustee will advise you to get an appraisal on your house as part of the assessment process in order to determine just how much equity there might be. If you can afford to buy out this equity, bankruptcy can still be a solution to eliminating your other debts.
How Much Will It Cost Me To Declare Bankruptcy In Canada
Debt is something that most people will encounter and have to deal with at some point in their lives. Whether you are getting student loans for university, need a car loan for a new vehicle, or need to secure a mortgage to get your first home, having debt is inevitable.
Most of the time, having debt is no big deal as long as you are aware of the cost, can handle the debt, and make timely payments. However, there are times where debt can get the better of us and we find ourselves drowning in it. In some extreme cases, debt coupled with various financial issues might be too difficult to handle alone and you might need to look for assistance.
There are many different types of debt relief options available, each with its own benefits and drawbacks. But, sometimes, if your situation calls for it, filing for bankruptcy is the best option for you, so it is important you are aware of how it works.
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Could Bankruptcy Be The Right Solution For You
If youre reading this post, its likely because you have come to realize that you have significant or growing debt that youre unable to deal with on your own.
Acknowledging your current situation and seeking education and assistance is the very best thing you can do to improve your circumstances.
For most debtors, the main challenge lies in finding the right solution for their particular situation. For many, the best solution is Bankruptcy. It gives them the fastest way to recover financially and get back to building their future. Follow these steps on how to file for Bankruptcy in Manitoba.
Medical Masks And Non
A mask can reduce the chance that others are coming into contact with your respiratory droplets, in the same way as practicing cough etiquette by covering your mouth and nose with a tissue when coughing or sneezing, or coughing or sneezing into your sleeve.
Employees can wear medical masks if physical distancing of two metres cant be maintained and exposure is greater than 10 minutes. If medical masks are not available, employees can wear a non-medical mask to cover their mouth and nose to prevent respiratory droplets from spreading to others or landing on surfaces.
If you choose to wear a face mask, you must do the following:
- Wash your hands immediately before putting it on and immediately after taking it off.
- Practice good hand hygiene while wearing the mask.
- Ensure your mask fits well .
- Do not share your mask with others.
- Avoid touching the front of the mask, or changing a mask multiple times in a shift unless it is damaged, damp or visibly soiled.
Face masks can become contaminated on the outside, or when touched by your hands. Avoid touching your face mask while wearing it and change your mask as soon as it is damp or soiled. To clean non-medical mask directly into a bag or into the washing machine, launder your mask on a hot cycle and dry it thoroughly. For information about the safe use of non-medical masks, visit Health Canada.
For information about the safe use of non-medical masks, visit Health Canada.
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How To File Bankruptcy The Bankruptcy Process
Filing for bankruptcy does not have to be a scary process. In fact, the act of declaring bankruptcy is a positive step towards eliminating overwhelming debts.
Bankruptcy in Canada is a legal process in which a debtor assigns non-exempt assets for the benefit of his creditors in exchange for which he will be discharged from most debts. It;is regulated by the Bankruptcy and Insolvency Act. The purpose of the Act is to permit an honest, but unfortunate, debtor to obtain a bankruptcy discharge from his or her debts, subject to reasonable conditions.
Bankruptcy in Canada must be filed through a Licensed Insolvency Trustee. The trustees role in the process is to act as a sort of referee, ensuring that both the debtor and the creditors, are treated fairly and evenly.
Are Debts Affecting Your Ability To Keep Up With Your Mortgage
Ask yourself this question: If I could deal with all of my other debts, would paying my mortgage be easier? We help people answer that question every day.
Its your home, so you always pay your mortgage, but you are falling behind on your credit cards and other bills, and you worry that you may soon also fall behind on your mortgage payments. You worry that you may lose your home.
You can file bankruptcy even if there is equity in your; home. If you owe more money to your creditors than the value of what you own you are considered insolvent. If you are insolvent you are eligible to file for bankruptcy or proposal in Canada.
With up-to-date mortgage payments filing for bankruptcy does not mean you will automatically lose your house. In fact, by eliminating other debts that are making it difficult to keep up with your mortgage payments.
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Gifts Transfers Of Property Or Special Treatment
Any gifts or transfers of property youve made in the year prior to filing for bankruptcy will need to be reviewed by your LITand could be reversed by the court. You will also need to advise your LIT of any payments or preferential treatment to your creditors in the three months prior to declaring bankruptcy .
For more information about bankruptcy exemptions, you can click the button below to book a free initial consultation with a Licensed Insolvency Trustee.
Consolidation & Debt Repayment Plans
Consolidation means a lot of things, and while most people think that they need a loan to consolidate their bills and debts, thats not always possible. If youve got a good household budget, a loan might work for you. However, if youve been , consolidating only your monthly payments might make more sense.
Consolidating payments doesnt involve borrowing more money, so theres never a problem with bad credit. Thats how a debt management program and plan with a non-profit credit counselling organization works. Creditors help by lowering or waiving interest charges while youre making your payments. This lets you pay off your debts and saves you thousands in interest and fees. What you pay each month is based on what you can afford after youve had help to create a realistic budget.
Insolvency & Bankruptcy Statistics In Alberta
Last 8 quarters
Bankruptcy rates are back on the rise after falling in 2018. During 2019, the number of filings for personal bankruptcy totalled a little over 400 per month on average. That is a 13.5% increase from the previous year. These numbers dropped at the start of 2020 indicating that Albertans are finding more success with other debt solutions such as debt settlement programs;that are available to the public.
Will My Canadian Student Loans Go Away If I Declare Bankruptcy
If you were a student, either part-time or full-time, less than seven years from the date that you declared bankruptcy, you will have to repay your student loan debt, including the interest charges. Check with Canada Student Loans to learn what they consider to be the last official date you were in school.
If your official last day is under seven years ago, you may still be able to get your student loan debts discharged. You can retain a lawyer and make an application to the court.;
You must meet the following requirements:;
- You have been out of school for a minimum of five years;
- You acted in good faith with regard to the liabilities under the loan
- You have and will continue to experience financial difficulty to such an extent that you will be unable to pay the liabilities under the loan
Your Creditors May Hold A Meeting
Sometimes, a meeting of creditors is required or requested. The purpose of this meeting is to
- allow creditors to obtain information about the bankruptcy;
- confirm the appointment of the LIT;
- appoint up to five inspectors to supervise the administration of your estate; and
- allow creditors to give direction to the LIT.
If a meeting is called, you will be required to attend.
What Are The Benefits Of Filing Bankruptcy
- Filing bankruptcy will stop all collection calls, wage garnishments and lawsuits against you ;
- Your creditors cannot take all of your assets, as certain assets are protected by the bankruptcy exemptions ;
- You will receive financial counselling, which gives you the knowledge and information to help you stay out of debt and manage your finances in a responsible manner once you are out of bankruptcy;
- Bankruptcy gives you a fresh financial start;
- All of your unsecured debts ;
- Bankruptcy allows you to eliminate government debt such as income tax debt and student loan debt ;
Should I File For Bankruptcy
The first step to declaring bankruptcy in Canada is recognizing and assessing your financial situation. Filing for personal bankruptcy starts with understanding your debt situation. The sooner you can accept your financial struggles, the sooner you can begin your bankruptcy claim. If you have been wondering whether or not you should file for bankruptcy, here are a few signs that you might need to consider taking this step:
- Your credit cards are always at their limit;
- You are paying bills with your credit cards or cash advances;
- You continually fail to make one or more important payment each month;
- You have received letters threatening legal action against you in order to collect money owed
- Loss of income in the household means there is no money to pay the debts;
- You are making the payments but the debt isnt going anywhere and its too much to maintain;
- You are credit reliant the cost of the debt is so high there is no money left for everyday expenses so you need use your credit cards to buy gas and groceries;
- You are overwhelmed and stressed out about your finances and its affecting your sleep and personal wellness; and,
- You have reached the borrowing limit and your bank will not provide you any further financial assistance.
Make sure all of your questions and concerns are addressedbefore deciding if bankruptcy is the right choice.
If any of those apply to your current debt situation, declaring personal bankruptcy may be the right choice to make.