According to government statistics, nearly 100,000 people filed for insolvency, of which bankruptcy accounted for nearly 33,000 of those in Canada in 2020. What’s more interesting, however, is that the number of people filing for bankruptcy is on the decline. Instead, people are avoiding bankruptcy by seeking alternatives to bankruptcy. These alternatives include debt consolidation […]
Are you looking for an understanding of Bankruptcy in Nova Scotia? Look no further, our blog has an incredible amount of Bankruptcy content. Read on!
5 Ways To Avoid Bankruptcy
When facing debt challenges, many look to avoid bankruptcy. This is completely understandable. Bankruptcy can be emotionally devastating, and unfortunately, with approximately 1 in 4 Canadians filing for bankruptcy a second time, this only worsens. It is because of this that we believe bankruptcy should be used as a last resort. For this reason, we […]
Bankruptcy: Frequently Asked Questions (FAQs)
Bankruptcy can be complicating, we know. We have written several topics on bankruptcy. An ultimate guide to bankruptcy, an article on how student loans work with bankruptcy, and an article on filing bankruptcy in nova scotia, just to name a few. We recommend reading those first as they will cover off many of the main […]
Student Loans in Bankruptcy – The Conclusive Guide
Knowing how your student loans will get impacted if you file bankruptcy is an important question. Student loans are special in that they are treated differently than your regular unsecured debts. How they get handled depends on how long you have been out of school. The general rule is that if you’ve been out of […]
Bankruptcy Specialist: Choose Wisely
It is hard enough navigating the traditional banking system let alone bankruptcy. RRSPs, RESPs, TFSAs, Whole Life, Universal Life, Term Life, Seg Funds, Non-Registered, Registered accounts. It all becomes extremely confusing. When you talk about bankruptcy you have equally complex terms like exempt assets, non-discretionary expenses, hypothetical bankruptcy value, proven claims, dividends, etc. Although these […]
Bankruptcy in Nova Scotia – How To File
The process of filing for bankruptcy in Nova Scotia is no different than filing for bankruptcy in any province. If you owe at least $1,000 and are insolvent (generally defined as either having more debt than assets and/or as not being able to pay your bills as they are due) you can file bankruptcy. To […]
Filing Bankruptcy Yourself – Is it even possible?
The question of filing bankruptcy yourself or whether filing bankruptcy yourself is even possible is a question we receive from time to time. Bankruptcy is governed by the Bankruptcy and Insolvency Act which stipulates that bankruptcy must be filed through a Licensed Insolvency Trustee. Without a Licensed Insolvency Trustee you cannot file a bankruptcy. Does […]
Consumer Proposal vs Bankruptcy: A Detailed Comparison
When we assist clients in reviewing their debt consolidation options we can often tell that our clients wonder whether or not they should file bankruptcy vs consumer proposal or if other options are more viable and should be considered. We try to make this as easy as possible by visually showing them the difference in […]
Bankruptcy: What is it? How does it work? Cost? Worth it?
Are you considering filing bankruptcy but are not sure of the ins and outs? Our offices have assisted thousands of Dartmouth, Halifax, and Nova Scotia residents navigate the most common questions we get asked. These are What is a bankruptcy, how does it work, how much does it cost, is it worth it, and should […]