When To Consider Bankruptcy

Financial troubles can happen to anyone at any time. Even the most financially conscientious individuals can be struck by an unexpected circumstance like an illness or job loss. If you are struggling with debt and are unable to keep up with your bills, you may be wondering if bankruptcy is the answer.  Here are a…
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Can I “redo” my mortgage if I file for personal bankruptcy?

Can I redo my mortgage if I file for personal bankruptcy? This is a question I get asked on a regular basis, so it’s one that I like to revisit every once in a while.  The answer to this question depends on what is meant by “redo”. Obviously filing personal bankruptcy damages your credit rating. Filing personal bankruptcy results in a…
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Steer Clear Of Rent-To-Own And Other High Cost Lenders

Installment loans have been around in the U.S. for decades but they are relatively new to Canada. Equifax says installment loans are the second fastest growing type of debt in Canada, accounting for a total of approximately 8.7% of Canada’s total debt distribution. In a nutshell, installment loans are unsecured, high-interest, subprime, short-term loans. Many people who…
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Dealing With Collection Agencies In Ontario

With debt levels in Canada at record levels, collection agencies across Canada are becoming increasing more aggressive about collecting past due accounts. They are finding more and more creative ways to seek out debtors and recover delinquent accounts. Collection agencies are in the business of debt recovery. These agencies are quite often not the owner of the debt…
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Tax Deadline Will Be Here Before You Know It

It’s that time of year again. Tax time can be a welcome time for some, but for many Ontario residents who do not receive a refund, it can be a time of great stress and anxiety. For those people, even if they have tax deducted from their place of work, the government can require that they hand…
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In debt? Feeling helpless? We are here to help!

Being in debt can cause people to feel helpless and ashamed, and those feeling are visible on the faces of many of the clients that walk into our office for the first time. In our initial meetings with clients, our goal is to eliminate the feeling of helplessness and replace it with relief. In that…
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Don’t Be Fooled By Minimum Payments

If you think you’re managing your money by paying just the minimum monthly amount, think again. By doing that, you’re paying far more than the cost of your purchase. Minimum payments are designed to make you pay a fortune over time. Minimum payments can really cost you. Your payment is divided between the interest and the…
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Are consumer proposals ever rejected by creditors?

When you file a consumer proposal, your creditors are entitled to vote for or against the acceptance of your consumer proposal. Creditors have 45 days to vote on whether they will accept the terms that you offer them as settlement on your debt in full. When clients hear that, their first instinct is to worry….
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Will I lose my house if I go bankrupt?

People have many concerns when they come into my office, but a few concerns seem to come up more often than not. One concern that is in the forefront of many minds is the fear of losing their home. The answer depends on whether or not there is any net equity available if your property…
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RRSP Contributions And Filing Your Income Tax

You can make RRSP contributions during the first sixty days of 2016 and claim these contributions on your 2015 income tax return. Most years the RRSP contribution deadline is March 1, however because 2016 is a leap year the RRSP contribution deadline is February 29, 2016. The main benefits of contributing to RRSPs are; you can build an asset for retirement…
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