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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Common Credit Score Myths
Credit scores are an area of personal finance that seem a lot more mysterious than they actually are. Many people believe that improving them is a matter of trial and error, and as a result there’s a lot of “credit score advice” floating around that can end up doing more harm than good. Here are…
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Saving Money On Valentine’s Day
No one wants to be frugal on Valentine’s Day as it may give the wrong impression to your significant other. I definitely understand the pressure to spend money on Valentine’s Day. Everywhere you turn you see chocolate, jewelry and greeting card advertisements. Our culture has engrained the idea of spending money into our heads. With…
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Paying Off Holiday Debt
Once the new year arrived, most people put their new years resolution into affect and never looked back. After all, Christmas was over. The new year had been rung in. It was time to go back to work and start plugging away at life. There was no looking back. But to the millions of people…
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Borrowing to Make RRSP Contributions
With the RRSP contribution deadline just around the corner (March 1), many people have either already made their contributions or they are procrastinating and waiting until the last minute to make their contribution. But there are also a number of other people who struggle this time of year as they are unsure if they should…
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Are you insolvent?
Debt is one thing that all people I meet with have in common. Obviously. The extent of that debt may be more than it is for others. Some people may feel like they are drowning in debt, but are actually not insolvent. They have the means to dig themselves out of debt on their own…
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Who is helping you with your debt?
Licensed Insolvency Trustees are officers of the court. I have seen and heard a lot of advertisements from various credit counseling firms warning people against dealing with a licensed insolvency trustees. They make the case that they are working for you, the debtor, whereas a licensed insolvency trustee is working for your creditors. They make it…
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Who can you trust to help you get out of debt?
When debt becomes overwhelming, sometimes the best thing you can do is turn to a professional for debt management help. This is often easier said than done. There are many companies that are nothing more than scams, charging huge fees without actually helping you deal with debt. Finding help for your debts that is both…
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Can I keep my home in bankruptcy?
When people are in debt, they don’t want to think about what they may have to give up in order to get out of debt. People like their possessions. They are their possessions for a reason! People work hard for those possessions, especially their homes. Your home is where your kids grew up (or they’re…
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Income Tax and Personal Bankruptcy
For Canadians, April 30 is the official deadline to file your personal income tax return with the Canada Revenue Agency. Because April 30 falls on a Sunday, your return will be considered filed on time if it is received or postmarked on or before May 1, 2017. If you file your return past the deadline you will…
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