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 […]
What Are the Costs of Declaring Bankruptcy?
Not being able to cover all of your debt payments is undoubtedly stressful. In these moments it’s important to understand that you have options to help you regain control of your finances. One of these options could be declaring bankruptcy. Bankruptcy, conducted by a Licensed Insolvency Trustee, is the process of corralling your creditors and […]
Can You Include Payday Loans in Bankruptcy?
If you’re in need of cash fast, you may take out a payday loan. These high interest, short-term loans could help address emergency costs like property damage, but they are hardly ever worth taking out unless you are absolutely certain you can pay them off by their first due date. But life happens, and you […]
Can Just One Spouse File Bankruptcy?
Whether you move in as a couple or get married, your financial situation can change in several ways. Still, managing your debt should be your first priority. But if you struggle with managing your debts, will the consequences you face also affect your loved one? If you need to file for bankruptcy, will your partner […]
What Happens When You File Bankruptcy on Your Business
Running your own business can be one of the most rewarding and self-actualizing decisions you can make, but it comes with many responsibilities. And with these responsibilities come expenses, and with expenses often comes debt. For new Alberta business owners, the future looked bright as there was a 27.9% drop in business bankruptcies in 2021 […]
Bankruptcy Misconceptions You Need to Know About During a Pandemic
Alberta’s financial future is changing. While many people in our province found themselves out of a job once the pandemic hit, the Canadian government responded with a flood of different benefit programs designed to help lower-income workers keep their heads above water. Insolvencies decreased across the country during the pandemic partly due to government financial […]
How COVID-19 May Affect Your 2020 Taxes
March 2021 will mark the first anniversary of COVID-19 changing the world as we know it. Virtually every aspect of our daily lives has been affected by the virus, and our finances are no exception. Many different benefits came to aid millions across Canada. However, these benefits are taxable, have different tax rules, and can […]