Unemployment and Debt
Unemployment can happen to anyone. I was recently talking to a man who was telling me about how busy his division was at work and how he thought they would be hiring more employees soon. Just to find out the next week that his company was downsizing and his division was being shut down. Needless…
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RESPs and Debt Settlement Options
Many people with children plan ahead for their children’s post-secondary education by investing in a Registered Education Savings Plan (RESP). Most people with RESPs who come into our office are concerned about what will happen with their RESP if they choose to file bankruptcy or make a consumer proposal. First of all, I’ll explain what…
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Bankruptcy and Co-signers
Many people who are in debt need a co-signer to sign loans, which is a great way for a debtor to build their credit score. The problem is, it might be hard to get a co-signer to sign your loan. That is because a co-signer is essentially on the hook and responsible for paying back…
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If possible, should you pay off your bankruptcy early?
Believe it or not, we have had several clients who have filed bankruptcy and then found themselves in financial excess. When this happens, clients often ask the question “can I pay off my bankruptcy and be discharged faster?” If you’re in the middle of a bankruptcy, and your financial picture starts looking rosy, it’s understandable…
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Overspending at the Holidays
I know that people may think it’s too early to talk about Christmas, but it’s not too early to talk about debt! Many people have already started shopping for Christmas, or at the very least have already begun making Christmas lists and brainstorming meal ideas for the big day. Just remember, one of the major…
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Bankruptcy and the Economy
Many people look at the statistics published by the Office of the Superintendent of Bankruptcy Canada regarding the numbers of people filing for personal bankruptcy or making a consumer proposal as an indicator of the overall health of our economy and a bad omen for the stock market. The reality is that this is a trailing indicator of…
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Saving Money At Halloween
People of all ages enjoy Halloween. It’s a fun time to dress up, eat candy, and have some good “spooks.” The real scary thing is that Halloween expenses can take a big toll on your budget if you don’t plan. If you’re celebrating, be sure to use these money saving tips to save on Halloween…
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This Halloween, Face Financial Fears Head On!
Monsters, ghosts and werewolves scared us as children but as adults we tend to be more scared by our finances. This Halloween try facing a few money fears head on! Trapped by debt It can seem impossible to escape the continuing stress of credit cards, student loans, and car loans. It can lead to problems…
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Consumer Proposal, Debt Management or Debt Settlement. What’s right for you?
With consumer debt being so high, the number of companies offering credit counselling or debt settlement services are multiplying at an alarming rate. Many of these companies have large advertising budgets and slick websites designed to play on the fears of stressed out consumers who are in need of debt relief. Let’s take a closer look…
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Can a person have savings during bankruptcy?
The short answer is “Yes”. By definition, savings can consist of actual cash holdings, RRSPs and other investment products, pensions, and the cash surrender value of insurance policies. Your bankruptcy trustee will recover any non-exempt portion of your savings for the benefit of unsecured creditors at the time of filing. Your bankruptcy estate is also made up…
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