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Questions / Answers

Find answers to common questions.

General questions

Can I solve my financial problems without losing my house or my car? How do I choose the best solution for me? If I am unable to pay the mortgage on my home, may I simply give it back to the Bank? Will one or the other of these solutions affect my credit rating?
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Bankruptcy relief

Am I discharged from all of my debts ? Am I entitled to have or open a bank account ? Can I declare bankruptcy for only some of my debt ? Can I declare bankruptcy if I am unemployed ? Can I filed bankrupt without losing my house or vehicle ? Can I keep one or more of my credit cards ? Can my creditors refuse my bankruptcy ? Can my RRSP or my pension plan be seized? Do I have to go bankrupt if my spouse goes bankrupt ? Does bankruptcy protect me from legal action or seizure? For how many months am I in bankruptcy ? How bankruptcy affects my credit ? If I file for bankruptcy, what is the elusive property ? If my spouse is paying alimony and goes bankrupt, what happens to the alimony obligation ? Is there a minimum amount of debt required before I can declare bankruptcy ? On the other hand, if there are arrears in alimony payments, are these debts erased in bankruptcy? What are the costs of a bankruptcy ? What happens if I used my credit cards just before declaring bankruptcy ? What happens if I used my credit cards just before filing a proposal? What happens to my student loan if I go bankrupt ? What is surplus income ? What is the impact of bankruptcy on filing my income tax return ? What property may I keep if I go bankrupt ? 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?
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Consumer proposal

Am I discharged from all of my debts ? Am I entitled to have or open a bank account ? Can a consumer proposal stop legal proceedings including the seizure of my property or the garnishment of my wages ? Can I file a proposal for certain debts only ? Can I keep one or more of my credit cards ? Do ALL of my creditors have to agree with my proposal to be accepted? How do I know if debt consolidation could be a good solution for me? How is my credit rating affected if I file a consumer proposal ? If I file a consumer proposal, will I be able to keep all of my assets ? If my spouse is paying alimony and goes on proposal, what happens to the alimony obligation ? On the other hand, if there are arrears in alimony payments, are these debts erased in bankruptcy? What happens if I used my credit cards just before filing a proposal? What happens to my student loan if I go proposal ? What is the impact of a consumer proposal on your spouse ? Will I be allowed to operate my business ?
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Debt consolidation

What are the factors to consider for a debt consolidation? Why are financial institutions reluctant to grant a consolidation loan?
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