Balancing Finances As New Parents
Having a baby is exciting. As a new parent, you have read all the books and prepared yourself for every waking moment with your new addition. One thing the baby books might forget to mention is your finances. After all, one parent typically takes maternity leave, which means your household income could drop. If that…
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Duties of a Bankrupt
Personal bankruptcy laws in Canada are governed by the Bankruptcy & Insolvency Act. Failure to complete your duties will delay your bankruptcy discharge so it is important you fully understand your requirements once you declare bankruptcy. To start As soon as your bankruptcy begins, you must complete the following: Disclose all property (assets) in your possession and…
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What do with with your tax refund!
With the new year in full swing, and income tax season upon us, it’s easy to start thinking about how you’re going to spend your refund (if you’re lucky enough to be getting one). While it may be tempting to spend your refund on consumer goods or a trip, consider these suggestions that will provide…
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Who do we help?
There is no clear pattern for how people find themselves in financial difficulty. It can happen suddenly through injury or illness, separation or divorce, or it can be due to not knowing how to manage your finances effectively. Whatever the reason, the important thing now is to find out what options are available to you…
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Credit Counsellors and Debt Consultants – Who can you trust?
When people are in a lot of debt, their finances are constantly on their mind. Often times they hear commercials on the radio form Debt Consultants or Counsellors promising to reduce their debt by 70%. The thing is, before you decide to contact a debt consultant, it’s important to know what you are really dealing…
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Black Friday (Week)
There was once a time when shopping on Black Friday meant huge savings that day which drew in crowds as early as 6 o’clock in the morning. People would take the day off work to wait in long lines in the hopes of getting an amazing deal on an item that they may or may…
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Debt Repayment Options and Your Home
When you make a consumer proposal, your home and related equity is unaffected. The trustee and creditors will not take possession of your property and you will be able to keep any house equity that you have accumulated. On the flip side, if you file personal bankruptcy any equity that you have in your home becomes property of your bankrupt estate. So, before we make…
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Holiday Season and Payday Loans
I know that for some people, Christmas isn’t even on the horizon, but for others, the credit cards are already out and the spending has begun. It’s a financially daunting time of year for many people, but the idea of having lots of presents under the tree is important to some people as well. With…
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TFSAs, RRSPs and Consumer Proposals
With a consumer proposal, you get to keep your assets, which includes your tax free savings account and your RRSPs. 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, “let me keep all of my stuff, and I will agree to…
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Life After a Consumer Proposal
Consumer proposals are often times a great alternative to bankruptcy. For people who are concerned about a negative impact on their credit rating, which is a legitimate concern, a consumer proposal may be an option worth considering. In Ontario, a bankruptcy is typically on your credit rating for seven years from the date of discharge….
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