Insolvency refers to the financial state of being unable to pay one’s debts as they become due, whereas bankruptcy is a specific legal process designed to resolve this state. […]
Insolvency vs. Bankruptcy: The Key Differences & Why It Matters
Is Bankruptcy Right for You?
Bankruptcy may be right for you if your debt is unmanageable, and other repayment options are no longer realistic based on your income, assets, and financial goals. […]
How Alberta’s Bankruptcy Laws Work
Many Albertans face financial hardships, and filing for bankruptcy can seem like a tempting solution. Understanding Alberta’s bankruptcy laws and the potential pros and cons involved can help you understand the process and determine whether it might be the right path for you. Bankruptcy is a legal process designed to offer relief to individuals who […]
How to File for Bankruptcy & Keep Your Car
Filing for bankruptcy is a tough decision, but it does not have to mean losing everything, including your car. For many, a vehicle is essential for daily life, whether for commuting to work, running errands, or ensuring that family members get where they need to go. In Alberta, you can typically keep your car during […]
Steps to Improve Your Credit Score After Bankruptcy
Bankruptcy can feel like a financial storm that leaves your credit score in ruins. But the path to a brighter financial future is achievable with dedication and the proper steps. Steps to improve your credit score after bankruptcy include: You can complete these steps in an order that works for your situation. For example, seeking […]
Filing for Bankruptcy: The Pros and Cons
Dealing with overwhelming financial responsibilities can be a significant cause of stress and hardship. When you have significant debt and do not know where to turn, you may have considered bankruptcy. This is the legal proceeding where most, or all, of a person’s debts are dissolved with the help of a Licensed Insolvency Trustee, allowing […]
Bankruptcy vs. Consumer Proposal: What’s the difference?
Reducing or getting out of debt altogether can be a difficult decision. Sometimes, it can feel like overcoming decision making inertia. Many people assume they must declare bankruptcy if their debt is too difficult to manage. However, bankruptcy is not your only option for relieving debt. A consumer proposal may be the right solution for […]
How Long After Bankruptcy Can I Get a Mortgage
Many people are under the impression that bankruptcy ruins their future chances of getting a mortgage. While bankruptcy can certainly set plans back and requires that you work with a Licensed Insolvency Trustee (LIT), it can also provide a viable solution to your current debt problem. After you are discharged from bankruptcy, you may be […]
What Is the Role of a Licensed Insolvency Trustee in Bankruptcy?
Filing for bankruptcy is a serious decision that can affect your financial future. Wiping out your approved debts and beginning again with a blank slate may be the key to starting over with your credit. Bankruptcy is not a decision you should make on your own. Licensed insolvency trustees are invaluable resources to help you […]
How Long Does the Bankruptcy Process Take?
Sometimes it is necessary to file for bankruptcy so knowing what to expect from the process can help make the situation much more manageable. It’s also important to note that bankruptcy isn’t the end of your financial well-being. In fact, it will probably help improve your financial security in the short run. So, let’s take […]
