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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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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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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Reading Your Credit Card Agreement
Credit card agreements can be one of the most challenging financial documents to understand. The purpose of a credit card agreement is to spell out the conditions of your line of credit. According to an analysis done by creditcards.com, the average credit card agreement is written at a 12.37 grade level, while the average person…
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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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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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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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Consumer Proposals and Student Loans
If your student loan is causing you financial hardship, it is a good idea to have an in-depth discussion with a bankruptcy trustee. Student loans through the Canada Student Loans Program can be included in a bankruptcy if they are more than seven years old. That is – if your end-of-study date is more than…
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Stop Collection Calls
Do you get a sense of dread whenever your phone rings because it is just as likely to be an aggressive collection agent as it is to be your loved one or friend? If so, it’s time to start looking for a solution to the problem. Hiding from it can only last for so long….
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What will you lose if you file bankruptcy?
Many people hear the word “bankruptcy” and automatically think the worst. People assume that if they file bankruptcy, they will lose everything. In most cases, this couldn’t be further from the truth. Most people are able to retain most everything that they own. Every province has created a list of exemptions, meaning assets that are protected…
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