Jun 22

What are the Criteria for Applying for a Part 9 (IX) Debt Agreement?

Below is a list of Criteria that was up to date as of 4th July, 2006. For more up to date information you should see the latest edition of the Bankruptcy Act.

You may not Apply for a Part 9 Debt Agreement under the following conditions:

  • You have an after tax income that exceeds $55,719.30.
  • You have Unsecured Debts who’s value exceeds $74,292.40.
  • You own unsecured Assetts who’s value exceeds $74,292.40
  • In the last 10 years you have not be bankrupt, or entered into another Part 9 Debt Agreement or Part 10 Personal Insolvency Agreement (Part X).

There may be other criteria not listed above. If considering a Part 9 or Part 10 Agreement there may be an Unsecured Personal Loan Alternative. See Bad Credit Personal Loans .

Contact Us or Apply for a Loan to obtain more information on the products available to you.

Jun 3

A Credit Default is a negative statement that is put on your Credit File to indicate you have broken an agreement you went into in regard to some form of Credit you have had. Credit defaults may show up for a number of reasons:

Broken Telephone Contract - People are often unaware that the contract for thir phone may total in the thousands of $$$. When a phone service is cancelled or you go to another provider the contract needs to be paid out.

Loan Contract- When you enter into a loan for a car at times the value of a car depreciates at a greater rate than what the loan gets paid off. If in this term you sell the car, or the car gets repossessed the return from the sale may not pay out the loan. In the case of a sale, the sale will simply cease to go through as the car will be encumbered. But in the case of a reposession, the remaining monies can be listed as a default if not paid.

Credit card default - A credit card can be defaulted if you fail to make a payment or the card goes over limit.It usually takes 3 months to recieve a credit default.

Business Debt- If you owe monies to other companies for work or services they have provided and you fail to pay.

There are many ways to recieve a credit defult, but they all come in the form of a a broken credit arrangement.

If you have any questions regarding Credit Defaults please contact us for more information.