Beaudin Groupe Conseil - Demystifying debt, credit
The Warning Signs of Personal Insolvency

Personal insolvency is a difficult financial situation that can have serious consequences. Recognizing the warning signs of insolvency can allow you to take preventive measures to avoid the worst. Here are the main signs to watch out for and some tips to improve your financial situation before it's too late.

Understanding Insolvency

Understanding Insolvency: What Does It Mean for You?Insolvency is a difficult and stressful financial situation that affects many individuals and businesses. Understanding what it means, the potential causes, and the available options can help you navigate this challenging period with more clarity and confidence.

Getting over tax debt stress

When tax season comes around, the heavy burden of a tax debt can be overwhelming. However, it is possible to declare bankruptcy or make a proposal to get rid of it. The details of the process will be tailored to your personal or business situation.

Leave my paycheck alone!

When you file for bankruptcy or make a proposal, an automatic stay of proceedings serves to stop wage garnishments, collection activities, and legal proceedings.

Yes, you will be able to get credit again!

Declaring bankruptcy can have a significant impact on a person's ability to obtain credit. After declaring bankruptcy, most lenders will view the individual as a higher risk and be less willing to extend credit or offer favorable terms.

(Debt free) Officer on deck!

Ignoring financial difficulties poses significant operational risks to any military leader, including commissioned and flag officers in the Canadian Armed Forces. Financial stress can impair decision-making, affect concentration, and impact overall job performance.

Can you not tell my boss?

In general, Canadian Insolvency legislation does not require that the licensed insolvency trustee disclose information about a bankruptcy to an employer of a person who filed for bankruptcy.

Am I going to lose my retirement?

In Canada, when you declare bankruptcy, your investments and retirement plans can be affected in various ways depending on the type of investments and the retirement plan in question. Provincial laws may also have an impact.

Plan Your Vacation Without Financial Worries!

Travelers from Québec, as your next vacation approaches, it's critical to discuss an often overlooked yet vital aspect of your preparations: travel insurance. In this unpredictable world, an unforeseen incident can not only disrupt your plans but also lead to serious financial repercussions. Hence, the significance of travel insurance, particularly health insurance, cannot be overstated.

Where will we live? Losing the house, really?

Let's break a myth! Filing for bankruptcy doesn't automatically mean "losing your home." The decision to keep or not to keep your house depends on several factors, including the home's value, the remaining balance on the mortgage, the costs associated with a potential sale, and if you can and are willing to retain ownership.

What is non-dischargeable debt?

It’s often said that filing for bankruptcy or submitting a proposal to your creditors resets the clock. While that is true, there are some debts may survive the process. These debts are called “non-dischargeable debt,” and are defined by Canada’s insolvency laws. Keep reading to learn what constitutes non-dischargeable debt.