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/Tag: consumer proposal

Is Bankruptcy Common?

How Many People Go Bankrupt? In Canada, we have progressive insolvency laws that allow individuals to get a fresh financial start. The major piece of law is the Bankruptcy and Insolvency Act, the ”BIA” which contains the 2 common options used by individuals to get a fresh start. These 2 common options are consumer proposals [...]

Do I Have To Disclose All Debts In A Proposal Or Bankruptcy?

When a consumer proposal or bankruptcy starts there is immediate protection from the collection action of all unsecured creditors against the debtor. To get this protection, certain things have to be provided to the Licensed Insolvency Trustee (“LIT”) so that necessary paperwork can be prepared, signed by the debtor and the LIT, and submitted to [...]

2019-05-31T22:19:54+00:00Bankruptcy, Consumer Proposal|