We'd like to introduce our Bankruptcy blog. We're taking questions we hear the most often and answering them online on a regular basis. If you have a question, please contact us online or call us at 1-888-455-6060.
Viewing entries tagged with 'insolvency'
Before you adjust your budget, wait until you know exactly how much your new income will be. If your employer told you that you’re getting a raise of a certain amount, keep in mind that your taxes will increase as well. Sometimes this isn’t a straightforward calculation as, depending on your new income, you may be bumped into a new tax bracket.Read the full article
When someone goes bankrupt, it creates a “stay of proceedings” which prohibits creditors from taking any collection activity. Since collection calls are a collection activity, these are prohibited once someone goes bankrupt.Read the full article
The first thing you need to do is determine how much you can afford to put into your savings account on a monthly basis. This means understanding where you are now spending your money. It can be easy to lose track of where your money goes as ATM withdrawals and the stops at the supermarket for ‘a few things’ on the way home, all eat into your monthly budget.Read the full article
Overdraft protection is designed to permit people a bit of leeway to ensure that they don’t end-up with bounced cheques and incurring NSF fees.Read the full article
Yes you can. Anyone who owes more than $1,000 and is unable to pay their debts is eligible to file for bankruptcy or file a proposal.Read the full article
It doesn’t matter if you have bad credit. The bank must allow you to open a bank account even if you have previously filed for Bankruptcy or if you aren’t currently employed. In order to open a bank account you must have the required identification.Read the full article
What Happens if You Die and Have Unpaid Debts?Read the full article
Most people focus on the negative aspects of bankruptcy. However, our bankruptcy laws are intended to provide a number of benefits to an “honest, but unfortunate” debtor. The Bankruptcy laws can:Read the full article
The GST/HST credits are amounts normally paid quarterly (or annually if your benefits are substantially reduced). They are paid beginning in July and are based on the previous year’s income tax return. For example, benefits received from July 2010 to April 2011 are based on the 2009 tax return. Children who turn 19 before April 1, 2011 should have applied on their 2009 tax return and can do so retroactively if this was missed.Read the full article