Questions / Answers

How do I choose the best solution for me? Can I solve my financial problems without losing my house or my car ? If I am unable to pay the mortgage on my home, may I simply give it back to the Bank ?

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What should I look out for applying for debt consolidation? Why are financial institutions reluctant to grant a consolidation loan? Will one or the other of these solutions affect my credit rating?

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If I file a consumer proposal, will I be able to keep all of my assets ? Am I discharged from all of my debts ? Can a consumer proposal stop legal proceedings including the seizure of my property or the garnishment of my wages ? Am I entitled to have or open a bank account ? Will I be allowed to operate my business ? Can I keep one or more of my credit cards ? What happens if I used my credit cards just before filing a proposal? How is my credit rating affected if I file a consumer proposal ?

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Am I discharged from all of my debts ? Can I keep one or more of my credit cards ? For how many months am I in bankruptcy ? What are the costs of a bankruptcy ? What is surplus income ? Is there a minimum amount of debt required before I can declare bankruptcy ? Can I declare bankruptcy if I am unemployed ? Can my creditors refuse my bankruptcy ? Can I declare bankruptcy for only some of my debt ? Student loans. What happens to my student loan if I go bankrupt ? Can my RRSP or my pension plan be seized? What property may I keep if I go bankrupt ? What happens if I used my credit cards just before declaring bankruptcy ? Can I keep one or more of my credit cards ? Will I be allowed to operate my business ? Am I entitled to have or open a bank account ? Do I have to go bankrupt if my spouse goes bankrupt ? If my spouse is paying alimony and goes bankrupt, what happens to the alimony obligation ? On the other hand, if there are arrears in alimony payments, are these debts erased in bankruptcy? Can a bankruptcy stop legal proceedings including the seizure of my property or the garnishment of my wages ? What will happen to my income tax refunds, and does the fact that I filed a Bankruptcy affect the filing of my personal tax returns? Do I have a surplus income?

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