Description:
How to obtain this:
Description:
How to obtain this:
Description: Process that occurs when an individual or business is unable to pay off their debts. It allows for the discharge of certain debts through the sale of assets and provides the debtor with a fresh financial start, subject to specific legal requirements and the approval of a licensed insolvency trustee.
How to obtain this: The process is governed by the Bankruptcy and Insolvency Act (BIA), and individuals or businesses can file for bankruptcy voluntarily or be forced into bankruptcy by creditors.
Description
These statements show your credit card balance.
Tip
Please ensure your name and account number shows on the statement.
How to obtain this
You can obtain this from your bank or your online banking portal.
Description
Statements from all credit cards, lines of credit, or other forms of debt that will paid out from the sale of your home or with funds from your new mortgage.
Description: HELOC (Home Equity Line of Credit) is a revolving credit option that allows homeowners to borrow money against the equity in their home. The credit limit is typically based on a percentage of the home’s appraised value minus any outstanding mortgage balance, and the borrower can access the funds as needed, usually at a variable interest rate.
How to obtain this: Apply with a bank or lender, provide necessary financial documentation, and have sufficient equity in your home to qualify for the credit.
Description: Flexible loan option that allows individuals or businesses to borrow money up to a predetermined limit, repay it, and borrow again as needed, typically with variable interest rates. It can be used for various purposes such as managing cash flow, funding projects, or consolidating debt.
How to obtain this: Apply through a bank or financial institution, providing necessary documentation such as proof of income, credit history, and financial stability, after which the lender will assess your eligibility and determine your credit limit.
Description:
How to obtain this: