Do I Lose My Car if I Go Bankrupt in Ontario, Canada?

A car is very important to many people. In this article we examine whether or not you would lose your car if you filed for bankruptcy in Ontario, Canada.

Avoid Bankruptcy If You Can

If you can help it, avoid bankruptcy. Doing so could save your credit and not require you to undergo credit counseling. Thanks to the newly passed laws, any person that files bankruptcy is required to obtain credit counseling.

Bankruptcy May Be Your Way Out

Have you suddenly found yourself swimming in rivers of debt? Have you found yourself avoiding the phone like the plague daily because of harassing creditors? Are you out of money? Have you, without knowing it, overextended yourself? If you can answer these questions with a yes, bankruptcy may be the answer for you.

The Growing Wave of Bankruptcies

Are you fond of using credit cards? If you are then I know you are aware that you have to be careful when using them. I’m a big spender and I often use credit cards to buy any item that catches my fancy. The problem is that I was getting so carried away with my shopping that I did not realize that I accumulated close to $20,000 in debts.

Bankruptcy - The Director's Liability

If you sit on a Board of Directors of a corporation then exposure to liability exists under various statutes. For example, unpaid wages and vacation pay, workplace liabilities, liabilities under corporate statutes as well as environmental liabilities are a major concern of the corporate director.

Credit Cards Can Aid Bankruptcy Loan Approval!

At this point you probably know that in order to get approved for a loan after bankruptcy, you need to improve your credit history and raise your credit score. There are plenty of ways to do so but the use of a credit card is an excellent alternative as it will aid you to recover your credit faster and more efficiently.

Obtaining Credit After Bankruptcy: Mission Impossible

While bankruptcy will certainly damage your credit, you should know that all is not lost. You can still obtain credit after bankruptcy; however, it wouldn’t be easy.

Bankruptcy: A Concise Guide

Bankruptcy is one method of getting out of debt. It is a court order that transfers responsibility for dealing with creditors to the Official Receiver, who also takes control of the debtor’s money and assets and distributes them fairly to all their creditors.

Chapter 13 Bankruptcy and Student Loans

When one files for Chapter 13 bankruptcy, various other loans get resolved, and the court sets up a fund that monitors the disbursement of the various debts that one has over the time period set up by the debtor. However, student loans are something that cannot be dealt with so easily.

Information on Bankruptcy

The quick and dirty definition of bankruptcy is when a person who is unable to pay their debt goes to court seeking relief. If you are the petitioner, the court must determine if your debts are truly beyond your ability to pay. Then, depending on your case, either the court discharges the bulk of your debt or sets up a payment schedule that is in your best interests but does not entirely absolve you of the responsibility of paying your creditors.

Home Equity Loans Versus Bankruptcy

Instead of going through this expense and hassle, not to mention the residual damage to your credit scores, why not get a bad credit home equity loan? Bad credit debt consolidation loans can help you keep your house by paying your past due debt, paying off collections and judgments, and not just preserving credit scores but actually raising them by lowering your debt ratio.

How to Get a Home Loan if You’ve Been Bankrupted

Okay, so you’ve heard the dreaded ‘B’ word or maybe you’re living it now? Chances are you have heard all of the talk about bankruptcy and finance, and you probably believe that if you are or have been bankrupted, you have no hope on earth of getting a mortgage, let alone any finance at all. You can be forgiven for believing this, because many mortgage brokers will run the other way if you approach them saying, “Help me get a loan, I am/have been bankrupt!” The good news is that if you have been bankrupted – even if you are currently bankrupt right now – you can get a home loan!

2005 Bankruptcy Law Changes

New 2005 bankruptcy laws have made it much more difficult for regular person to file for bankruptcy, also most people will have to file for Chapter 13 instead of Chapter 7 from now on.