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Category: Insolvency News
Bank Accounts
Bank accounts are impacted by the filing of a bankrupt, or a proposal for that matter since many of the bankruptcy provisions apply equally to proposals. Banks may seize funds in accounts as an offset (or setoff) because they have a contractual right to do so. In other words, if you went bankrupt in the […]
Interest Rates
Collapsing RSPs is no panacea for first time home buyers. Our advice is “don’t do it” – the long term implications can be dire. The biggest beneficiaries are the lenders not the borrowers.
No More Debts
Just imagine having no more debts, being and living completely debt free. It seems that such a notion is impossible, unless you have a very significant income stream. Debt is a bi-product of poverty and as poverty grows so does debt. It is inconceivable that people would simply go into debt because “it’s cool” or […]
Second Mortgage
Second mortgages sound like a good idea but they can have serious pitfalls. Meet with a Licensed Insolvency Trustee before you commit to something you may regret later.
Bankruptcy is Good
Despite all the stigma, bankruptcy is good for helping you solve debt problems. In fact, bankruptcy is one of the best tools in your arsenal for solving difficult debt problems. It’s cheaper than filing a proposal, it usually doesn’t linger as long on your credit report as a proposal typically will. Another reason bankruptcy is […]