The debtor is released of most debts. Some debts are not released, however, such as an award for damages in respect of an assault; a claim for alimony, spousal or child support, EI overpayment, any traffic tickets or court fine, any debt arising out of fraud or misleading representation.
Consumer Proposal has no impact on immigration, However it is advised not to sponsor someone while you’re in bankruptcy period which is ideally 9 months for 1st time bankrupts until your discharged.
Yes. However cost depends on several factors that interplay in a complex manner that is best explained face to face. Once again, there is no charge until we have provided a meaningful service that suits you.
There are a few exemptions: Household furnishings to a value of $4,000, personal effects to a sale value of $4,000, a personal vehicle to a value of $5,650, tools of the trade to a value of $10,000. Certain life insurance policies and RRSPs, and most pension plans, are also exempt.
Yes, when two debtors are involved in a close financial relationship and their debts are substantially the same, it’s possible to file jointly. Your Credit720 advisor will advise you if they believe a joint filing is in your best interest.
When you file for bankruptcy or submit a consumer proposal, any further garnishment stops immediately. It’s part of the “stay of proceedings”.
When you file for bankruptcy or submit a consumer proposal, your creditors are prohibited from contacting you and will contact Credit720 directly.
Personal income tax debt is just like any other unsecured debt. Once you’ve filed for bankruptcy or submitted a consumer proposal, Canada Revenue Agency (CRA) can’t take any further action against you, including wage garnishment or freezing your assets. Your trustee will notify CRA once you file, and instruct it to stop any further action against you to collect your debt.
Yes as long as the assets have been re-possessed and taken away by your creditors, you can certainly add these debts to your proposal or a bankruptcy filing.
Yes as long as you have completed school or have been out of school for 7 years from the last day you attended, you qualify to file for a consumer proposal or a bankruptcy to settle your student loan debts which are dischargeable as per the BIA act.
You are allowed to have a bank account, but if you owe money to the bank where your account is, you may need to open one at a different bank.