Frequently asked questions
Common questions
General information about debt, assets, credit, consumer proposals and bankruptcy.
Will I lose my house?+
Not automatically. Ownership, available equity, secured financing, provincial exemptions and the option being considered all matter. Andrea will review the property details before explaining the result.
Will I lose my vehicle?+
Many people keep a vehicle, but its value, financing, equity and applicable exemptions matter.
How much would I have to pay?+
Income, household size, expenses, assets, debts and the selected process can all affect payments. A private review is required for a meaningful answer.
Will my spouse be affected?+
A spouse is not automatically responsible for debt in your name alone. Joint debts, co-signed obligations, shared assets and household income can still be relevant.
How will my credit be affected?+
Consumer proposals and bankruptcies are reported to credit bureaus and affect credit history. The reporting period depends on the circumstances.
What happens to collection calls and garnishments?+
A formal filing generally stops most unsecured creditor collection activity. Some debts and legal situations are treated differently.
How are student loans handled?+
Student loans have special timing and hardship rules. The result depends on when studies ended and other facts.
How are the debts of someone who has died handled?+
Debts are generally dealt with through the estate. Executors should obtain advice before distributing assets or paying claims.
Every situation is different. Book an appointment for information specific to your circumstances.