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Bankruptcy and Personal Loans

Thursday, April 28, 2016

The decision to file for personal bankruptcy in British Columbia is difficult and can involve many variables. Deciding how you want to proceed can be made easier once you know what happens to the debts you incurred beforehand and if and how you will be able to get a loan in the future after being discharged from bankruptcy. 

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What Happens to Student Loans in Bankruptcy?

Tuesday, March 22, 2016

Post-secondary education for most of us was the time in your life where you were studying, trying for good grades, planning for a future job and having fun while learning to be an adult. But now, years later, you are staring at a mountain of bills, and these include your student loans. When you have mounting debt and financial difficulty staying afloat, it may be time to find out about how a bankruptcy (or proposal) will work for you and what will happen to your student loan. 

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Where Can I Get Information About Bankruptcy?

Tuesday, March 08, 2016

Out of control debt often starts as a missed payment on your credit card or a small loan and somehow it snowballs and becomes overwhelming. Creditors keep calling, your credit cards are maxed out and you bank account is in overdraft. The first step in taking control of your financial predicament is to know your options. And part of that is getting information about bankruptcy from a Licensed Insolvency Trustee. 

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How to Know if Business Bankruptcy is Right for You

Tuesday, February 23, 2016

According to key small business statistics in Canada, only half of new businesses survive their first year and three quarters of the businesses that survive the first year continue to exist for a second year. These statistics are daunting and yet still new businesses continually start up and face the challenge. If you have started a business and have been unable to make it work, and as a result are thinking about declaring business bankruptcy, there are a number of aspects to consider first. 

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What Is a Receivership?

Wednesday, January 27, 2016

A receivership is a type of corporate insolvency, defined as the formal legal state of an insolvent debtor, where a receiver is appointed to take control and direction of its assets. The receiver realizes on the assets of the debtor (the company) in order to determine its net worth and ensure that the secured creditor(s) may be paid what they are owed for the associated debt. 

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Division 1 Proposal vs Consumer Proposal

Tuesday, January 12, 2016

Division 1 Proposals and Consumer Proposals are legally binding debt resolution options administered by a licenced insolvency trustee. Both procedures are governed by the Bankruptcy and Insolvency Act. A licenced trustee, acting as a proposal administrator, files the proposal with the Office of the Superintendent of Bankruptcy Canada (OSB). 

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The Perils of Debit Cards in BC

Tuesday, November 24, 2015

Debit cards are a popular payment method, introduced over twenty years ago, in 1994. Linked to your bank account through the Interac system, debit is accepted by many merchants and is preferred by most retailers over credit cards because of the lower processing fees. 

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Preparing to Meet With a Bankruptcy Trustee

Tuesday, November 10, 2015

It takes a lot of courage to pick up the phone to arrange to meet a bankruptcy trustee. If you are having financial difficulty, taking this first step to reach out for help is the best move you can make to alleviate your situation. You may also want to read up on FAQs on credit, debt, bankruptcy, and more before your meeting with one of us in Victoria, Vancouver, Surrey, Vernon or Prince George, BC. 

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