Navigating your financial recovery while securing essential services like transportation can be challenging, especially with a consumer proposal in place. However, obtaining a car loan with a consumer proposal is not only possible but can also be a key step in rebuilding your credit. Whether you’re still completing your proposal or have finalized it, understanding…
When faced with mounting debt payments, pressure from debt collectors, or the burden of high-interest credit cards and loans, many Canadians contemplate whether they should consider using RRSP to pay off debt. While it may seem like a straightforward solution, it’s important to fully understand the immediate and long-term consequences of tapping into your retirement…
Chapter 7 bankruptcy is a legal process that allows individuals or businesses to eliminate most of their debts by liquidating non-exempt assets. It provides a fresh financial start for those overwhelmed by debt, though it comes with serious consequences. This chapter covers the definition of Chapter 7 bankruptcy, the process of filing, the potential long-term…
Business owners and individuals burdened by debt may discover a fresh start through Chapter 11 bankruptcy. Often referred to as reorganization bankruptcy, Chapter 11 allows businesses to remain operational while the owner and creditors restructure the debts, enabling the business to regain profitability. However, maintaining a business’s operations isn’t the only reason to contemplate Chapter…