Types of Bad Credit

Canadian credit regulations ensure that every type of loan is subject to repayment. This means that every type of loan can, if conditions are not met, can go into default status and be classified as bad credit.

Bankruptcy Laws Change in Canada – Reactions are Mixed

September 2009 saw several changes to Canada’s bankruptcy laws. These “bankruptcy amendments” were first announced in August 2009 after being approved and passed by the Canadian Government.

Canada’s New Bankruptcy Laws

On September 18th 2009, several new bankruptcy laws took affect in Canada. In the interest of keeping Canadian’s up to date on important consumer credit and bankruptcy news, here is a brief break down of the changes to bankruptcy law in Canada:

Consumer Proposal

A consumer proposal is an alternative to bankruptcy available in Canada. It is essentially a negotiated settlement between an insolvent consumer and their creditors.

Just like debt consolidation, a consumer proposal allows a person to consolidate multiple loans into one monthly payment. For many consumers having one monthly payment is easier to manage.