Frequently Asked Questions

Frequently Asked Questions

Find answers to the most frequently asked questions

It is quite normal to ask countless questions when looking for a solution to our financial problems. Find answers to the most common questions in our Frequently Asked Questions.

Do not hesitate to contact us if you do not find an answer to your question. We will be happy to assist you personally.

Tax debts are not considered to be secured and can therefore be released through bankruptcy. For a company, directors are nevertheless responsible for deductions at source and for the GST and QST.

This varies with the terms of the consumer proposal that you have decided to file. However, the time allowed for payment cannot exceed five years.

Yes, when the two persons’ debts are shared. They can then file a joint bankruptcy or consumer proposal if it is in the best interest of the creditors and themselves.

In Quebec, your furniture and other goods are exempt from the filing if their value does not exceed $7,000. In Ontario, they are exempt from the filing up to a value of $13,150.

That depends on what joint debts you may have. If you share several loans, creditors will approach your spouse following your bankruptcy. If you have no joint debts, your bankruptcy will not affect your spouse.

Bankruptcy would reduce your credit rating to the lowest level – R9. It will remain in your credit file for six years following your release from a first-time bankruptcy.

A consumer proposal also reduces your credit rating to R9, but only remains in your file for three years after full compliance with your proposal. Following these three years, your rating rises to R7.

However, your rating has probably already been affected if you are experiencing financial problems. Filing for bankruptcy or a consumer proposal should not be excluded solely on the basis that it would affect your credit rating, until all the advantages and disadvantages have been discussed with a Licensed Insolvency Trustee.

Not necessarily. It all depends on the available equity in your house. For example, if your home is valued at $100,000 and your mortgage is $100,000, there is no equity. This would mean that you could keep the house.

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