Can a debt collector try to collect on a debt that was discharged in bankruptcy?
No. If you have filed for bankruptcy, a debt collector cannot try to collect debts included in the bankruptcy. If a debt collector calls, tell the debt collector that you filed for bankruptcy and give them the name and phone number of your trustee. Your trustee will communicate directly with them. Even though debt collectors…
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Should I pay off my credit cards or pay down my mortgage?
I was recently asked by a friend if it was better for them to pay down their mortgage or pay off their credit cards. I answered him with a question of my own. I asked him if he was given the option of the following two investments which would he choose? INVESTMENT A: guaranteed rate…
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Common Questions Regarding Bankruptcy
When you finally decide you can’t climb out of debt on your own and need to meet with a trustee, you will likely have a lot of bankruptcy questions to ask. For this reason, we have created a Frequently Asked Questions section on our website dedicated to bankruptcy questions, In our initial meetings, we usually…
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Why are credit counselling sessions mandatory after a bankruptcy?
After filing bankruptcy, you are expected to attend two mandatory credit counselling sessions, required under the Bankruptcy Insolvency Act, to aid in your financial rebuilding process. Credit counseling is there for good reason. Multiple bankruptcy filings are not uncommon in Canada — in fact, they’re becoming more and more frequent. While it’s impossible to educate a…
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How can I build my credit rating fast?
RACHEL ASKED: I claimed bankruptcy due to a divorce and was released two years ago. What is the best way to build my credit fast? ANSWER: It is possible to rebuild your credit rating after filing personal bankruptcy, however it does take time. Rebuilding your credit rating is a process. The first step when trying…
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Why does the trustee file pre-bankruptcy income tax?
Filing personal bankruptcy deals with all debts which were incurred prior to filing. The reason the trustee files a pre-bankruptcy income tax return is because it needs to include income tax debt which was incurred right up to the date of filing personal bankruptcy. The pre income tax return deals with the period from January…
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Consumer Proposals And Income Tax Refunds
Filing a consumer proposal does not affect your income tax refund. When you file a consumer proposal you file your own income tax return the same way you always would. Any refund that is owed will be paid to you directly. Filing a consumer proposal does not affect your ability to e-file your income tax return and…
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How can I find out what it says on my credit check?
NANCY ASKED: When the bank says we have to do a credit check, is there any way I can find out what this says prior to the bank? ANSWER: When the bank says that they are going to do a “credit check” what they are referring to is your credit bureau report. There are two main…
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Are credit card companies willing to lower interest rates?
AMANDA ASKED: How can I get my credit card company to lower my interest rate? ANSWER: As crazy as it might sound one of the ways to get your credit card company to lower their interest rate is to ask them. Surprisingly some creditors can be quite reasonable and willing to work with you. If your…
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Tips That Will Help Improve Your Credit Score
Your credit rating is like a report card. Having money problems, filing personal bankruptcy or making a consumer proposal will result in a bad mark on your credit report card. Therefore to rebuild your credit rating you have to get as many good marks as possible. The only way to get a good mark is to…
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