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The Role of a Power of Attorney in Canadian Debt

Friday, December 02, 2016

A power of attorney is a person that an individual appoints through a written document in the event that he or she becomes incapable of making financial or health decisions. The assigned person does not have to work within the legal profession and, usually, tends to be a family member or close friend. However, both the individual who selects their power of attorney and the individual appointed as power of attorney may not realize what is required of such an important role in its entirety. 

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How long does the bankruptcy process last?

Friday, October 21, 2016

Like the circumstances of the people who are filing for personal bankruptcy, the process involved in discharging your debts is unique in each case. The first step is discussing the best course of your action for yourself and your troubled finances with a licensed insolvency trustee. If you have already received debt help or credit counseling and decided to file for personal bankruptcy, there are several additional steps awaiting you. 

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What Happens in a Business Bankruptcy Consultation?  

Thursday, May 26, 2016

In recent months many news outlets have been reporting on the bankruptcy of major Canadian retailer Danier Leather Inc. (“Danier”). Like many Canadian businesses Danier faced high real estate costs and periods of prolonged low growth in the Canadian economy. Despite efforts to turn things around, “the company continues to face declining financial performance and anticipates further operating losses in its current fiscal year”. 

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Consumer Proposals With Canada Revenue Agency

Friday, May 13, 2016

Back taxes are one of the most difficult debts to absolve because they are owed to the government and required by all income-producing residents. Making a consumer proposal can be a good option when you have tax debt as you could potentially pay less than what you owe. Canada Revenue Agency (CRA) will not approve a proposal as easily as other creditors however. CRA may not consider the same terms that credit card companies and financial institutions may accept because they never actually approved you for credit – your outstanding debt forcibly involved them. 

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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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