We were asked: How would divorce affect our consumer proposal?

When we meet with married couples, we always look at each spouse as an individual and the family as a whole. How would divorce affect a consumer proposal filed in Ontario? If you and your spouse separate after filing a consumer proposal, the responsibility for making payments depends on: How the consumer proposal is filed. What…
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Divorce And Debt In Ontario

When divorce occurs, household expenses essentially double, which alters your current financial situation. Separation causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Support payments when facing financial difficulty The financial responsibility of the child(ren) falls on both parents. If you do not…
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Is a spouse liable for my debt?

Your debts do not affect your spouse’s credit rating! Regardless of your relationship status, whether you are married or common law, you and your spouse are two separate legal entities. Your spouse is not automatically responsible for your debts simply because they are your spouse or may have a spousal card on one of your…
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Committed Relationships And Joint Bank Accounts

A newly-engaged friend of mine recently asked me for my best financial advice before his big day. What a loaded question! I could write months worth of blogs on that topic alone (which you may see in the future). There are many things you need to consider before you tie the knot, but for the…
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My relationship break-up has put me into debt – what can I do?

BONNIE ASKED: I am getting out of an abusive relationship. I don’t have money to pay any of the collection notices I have gotten. What should I do?  ANSWER: I have no doubt that getting out of an abusive relationship is difficult enough without having to struggle with personal debt issues. Receiving collection notices and knowing that you…
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Do my debt issues affect my wife’s credit rating?

MIKE ASKED: I am married and I have credit card debt totalling about $25,000. I cannot keep up, and now to top it off I lost my job. Can I file a consumer proposal without my wife since all the credit cards are in my name only? ANSWER: You can definitely file a consumer proposal without your wife. Even though…
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Personal Debt In Canada Is Not The Same As In The USA

Personal debt issues are a common concern touching people everywhere. In Ontario, we are seeing a significant increase in both the information available through the media that discusses personal debt action plans and offers advice. As a Canadian, you may not realize that a lot of these articles are coming from U.S.-based sources. This information from…
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4 Financial Lifestyle Changes To Make Before A Baby

When it comes to having a baby, people tend to talk most about how you won’t be able to sleep for the first few months and how your social life will suffer. The financial impact of having a baby is less talked about yet needs serious consideration. I like to think that I am pretty…
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Bankruptcy And My Spouse

A common question I receive from many people I see is “how will bankruptcy affect my spouse?” Many have the mistaken impression that because they are married, their spouse is automatically responsible for their debts. This is not the case. The good news is, in Canada, marriage alone does not make you responsible for your…
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Debt and Divorce

When people get divorced, there are many unforeseen expenses that may lead you into financial difficulty. Household expenses essentially double, which alters your current financial situation and causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Not only that, but you will still…
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