Have you ever wondered how often a person can declare bankruptcy? You may have already filed for bankruptcy and now find yourself once again in a position where you face crushing debt and see no way out.

This article addresses the question, "How often may a person file an assignment in bankruptcy?"   As a respected Licensed Insolvency Trustee in London, Ontario, Paul J. Pickering, and Associates Limited and our team will assist you regardless of how dire you believe your financial situation to be.

Bankruptcy is a legal proceeding that can absolve individuals, sole proprietors, businesses, and in rare cases, even cities from debt. It provides a legal "fresh start" for a person or business entity’s financial life and can help those drowning in debt.

According to Bloomberg, roughly 500 thousand Canadians filed for unemployment at the height of the pandemic lockdown.

This grim number should tell you that you are not alone if you’re struggling with your finances. Even before the pandemic, roughly 100 thousand Canadians filed for bankruptcy every year.

Many Canadians access financial support through several different channels. Some of these include credit cards, savings accounts, and personal loans. Any person can deem them essential because they provide financial means during emergencies and even help them build their credit.

One of life's greatest challenges is handling and managing debt. No matter how you ended up in the current situation you're in, there's no denying you need help; And that's okay. Life can take people down hundreds of different paths and sometimes, it may lead you down a troubled one that you need assistance and guidance to help you get out of it.

As you come to grips with your finances, one option you may consider is declaring bankruptcy. It can seem a little nerve wracking but it’s often a very effective solution to get you back on track and earn your financial freedom again.  We will walk through all the pros and cons of this decision so that you can make an informed choice.

For married couples, bankruptcy can be a complicated matter to discuss. Most of the time, you or your partner will have many questions about how filing for bankruptcy affects both your finances. If your spouse happens to file for bankruptcy, here’s what you need to know about how it can affect you and your personal debt.

Staying on top of financial obligations has gotten to be more challenging for a lot of people, especially since the Covid-19 pandemic shook the economy in more ways than one. No one wants to be stuck in a cycle of debt, but if you happen to find yourself in financial “quicksand”, the burdens can feel heavier when money is tight and there are debt collectors making those collection calls.

When you can no longer repay all your debts in a timely manner, you need to look at all the options available to you to avoid creating a deeper debt that will be even harder to recover from. One such debt solution would be to file a consumer proposal.  Many Canadians aren’t sure what a consumer proposal is or how is it different from filing a bankruptcy.

According to Statistics Canada, approximately only 30.2% of Canadians are living debt-free. As for the remaining 69.8%, each household owes about an average of $79,000 in debts. It’s no secret that debt can be very overwhelming, especially if the accumulated debt is so high that you can’t afford the repayments.