If you need the education, expertise and plan to live a financially healthy life and prevent future debt issues, EmpireOne is here to help with debt and credit counselling services!
Working with our team, you’ll build financial literacy, learn how to make wise financial decisions, gain a deeper understanding of credit, and develop a plan to achieve your goals.
Nowadays it is very easy to get overwhelmed with debt from credit cards and unforeseen financial circumstances.
However, this does not mean there is no hope or that bankruptcy is inevitable.
Instead, let EmpireOne help you eliminate your financial problems and build up financial skills that will help you prevent future issues with debt. Through one-on-one counselling, you will get helpful, judgment-free assistance with planning to take back your future and avoid making your financial issues worse.
Start taking steps towards your financial health, EmpireOne credit counselling is here to help. Get a free consultation with our team.
EmpireOne Credit is dedicated to helping clients in the Greater Toronto Area who are struggling with debt and financial hardship. EmpireOne Credit’s passion is derived from the knowledge that the situation isn’t always as bad as it seems. Through credit counselling, EmpireOne guides their clients toward the best options possible, whether that is a debt consolidation, a consumer proposal or declaring bankruptcy.
Regardless of the path taken, EmpireOne Credit is proud to help clients every step of the way.
Bankruptcy eliminates your obligation to pay the creditor, but the co-signer will still be responsible for any co-signed debt.
YES. There is no legal restriction preventing you from traveling outside the country while in bankruptcy. However, there are some situations where you are required to be physically present in order to obtain your discharge. If you are unable to attend in person, there may be a delay in getting your discharge from bankruptcy.
If there is a huge amount of equity in your house, you cannot keep it when filing for bankruptcy. However, if it has very little or no equity at all, making arrangements with a mortgage company to continue paying the mortgage is also feasible. Doing so will let you keep the house post-filing for bankruptcy. On the other hand, if the house has considerable equity, it is your trustee who will decide whether the house should be seized and sold, or other arrangements need to be made (for repaying the equity). Other arrangements include borrowing from relatives, friends, or colleagues. You can even opt for a second mortgage.
There are a few variations to this. If your income is more than the minimum limit set out by the Canadian government, there are chances of your bankruptcy being extended longer than nine months. Also, if this isn’t the first time you’re filing for bankruptcy, the duration will be longer than 9 months. Lastly, if you failed to fulfill one or more of your obligations under bankruptcy, expect delays in your discharge.
In Canada, filing for bankruptcy has no impact on the spouse. The debts solely belong to the person filing for bankruptcy and hence, only he/she holds complete responsibility. Similarly, if you file for bankruptcy, only your debts will be discharged. The spouse or common-law partner is not responsible for the debts. However, there are exceptions if your spouse has co-guaranteed your debt.
Also referred to as bankruptcy exemptions, the Canadian government exempts certain assets to facilitate a fresh financial start for individuals. Some of the most crucial exemptions include limited amounts of:
Typically, bankruptcy discharges unsecured debts. However, there are some exceptions under the law where the following debts remain:
The discharged debts include: