Bankruptcy is a legal tool to help you manage overwhelming debt. Common types include Chapter 7 and Chapter 13. Learn whether bankruptcy is right for you.
Bankruptcy is a procedure under the Bankruptcy and Insolvency Act (the “BIA”), which is designed to provide financial relief to individuals, corporations, partnerships and certain trusts with overwhelming debt burdens, by halting the legal actions of creditors (also known as a stay of proceedings...
Expert advice:As with any bankruptcy-related matter, consulting with a qualified bankruptcy attorney familiar with your specific circumstances is crucial. They can advise you on the feasibility of Chapter 13, the potential impact on your finances,and help you navigate the complex legal process. It’...
What Is Bankruptcy?
The bankruptcy means test determines who can file for debt forgiveness through Chapter 7 bankruptcy. It takes income, expenses and family size into account.
A bankruptcy order will remain as a negative mark on your credit report for up to six years after its completion, making it more difficult for you to access any kind of credit during this time. Should I declare bankruptcy? Declaring bankruptcy is quite a severe form of insolvency, given the...
Bankruptcy is a legal agreement between a debtor and creditor that, when finalized, allows debtors to be free from debts. There are various contingencies associated with bankruptcies, as well as a variety of different types of bankruptcies, like Chapter 13....
There is no standard definition of undue hardship, and each situation is up to the discretion of each bankruptcy court. This can make it difficult to understand whether your loans would be discharged, but it also gives judges the flexibility to consider each individual situation when making a ...
What Is the Downside of Filing for Bankruptcy? Bankruptcy's main downside is that it will remain on your credit report for up to 10 years and negatively impact your credit score. This can make it more difficult to get approved for loans or get the best interest rates on most loans, inclu...
“In a normal bankruptcy process, the path forward is clear: there’s reorganisation and a cleaned up balance sheet,” said Matt Kaden, managing director at financial services firm MMG Advisors. “So much of a bankruptcy is based on being able to liquidate assets, but what happens now when...