Getting Out of Debt
In today’s world, where we feel a compulsion to keep up with our neighbours, it is very easy to get into debt without even realizing it. Trying to work your way out of it can be a very difficult experience. Credit card interest rates, decreased income, illnesses and many other factors can lead to an unmanageable debt…
Read More
Surrendering Credit Cards In Bankruptcy
When you decide to file personal bankruptcy, you are required by law to give all of your credit cards to the trustee for cancellation. A common question that arises when I inform a client of this requirement is, “do I still have to surrender a credit card if it has a zero balance?” The answer…
Read More
Consumer Proposals and TFSA and RRSP Investments
When you file a consumer proposal you are able to keep ALL of your assets. This includes any amounts that you have invested in an RRSP or TFSA account. When you make a consumer proposal, you are offering your creditors a settlement, which is more than what they would get if you were to go bankrupt. Essentially you are saying,…
Read More
Can you file bankruptcy while renting?
The majority of people who make consumer proposals or file personal bankruptcy with our office are renters. Most of those people have questions surrounding their current and future rental agreements. Here are some of the common questions we are asked: Will this affect my current rental agreement? Making a consumer proposal or filing personal bankruptcy does not affect your current rental…
Read More
How should you deal with collection calls?
In order to stop collection calls, you need to do one of the following: Negotiate a payment plan directly with the agency Make a consumer proposal File personal bankruptcy If you have filed for bankruptcy or made a consumer proposal, a debt collector cannot try to collect debts included in the bankruptcy or proposal. If a…
Read More
Be Cautious Of High Risk Lenders
It’s fairly common knowledge that if you have bad credit and can’t qualify for a loan, you can go to a high-risk lender. High-risk lenders charge high interest rates will give personal/consolidation loans to individuals who do not qualify for loans elsewhere. Since they are dealing with high-risk customers, there is a high probability that…
Read More
Recognize the debt danger signs!
Do you have more debt than you can handle? Many debt problems are easy to solve, others require professional assistance. Our advice is to deal with your debt and financial problems now, before they get out of hand. If you answer YES to any of these questions, YOU NEED HELP: ARE YOU unable to pay your bills…
Read More
Student Loan Debt Solutions
Each year, thousands of Canadians rely on student loans to help fund their continuing education. Getting a student loan is an investment in your future as it helps you to get an education which in turn, will help create better job and career opportunities. Unfortunately, once you graduate from post-secondary school, life gets in the…
Read More
If I am unable to pay the mortgage on my home, may I simply give it back to the bank?
A mortgage is a loan agreement which requires you to repay the loan with interest and which also gives the lender (the mortgagee) a claim on your house if you don’t repay. If you miss a mortgage payment, that’s a default under your mortgage. When you default, the full amount of your mortgage becomes payable…
Read More
Bankruptcy: Fact or Fiction?
Many people have an idea of what bankruptcy is and what it involves, but there are a lot of myths that people believe to be true. Make sure you are properly educated on all of your debt options before making a decision. If everything you know about bankruptcy has been through the grapevine, I have…
Read More
