Bankruptcy: Common Misconceptions
Although the majority of Canadian’s have heard the word “bankruptcy” before, many are unaware of what the bankruptcy process really entails. Because of this lack of information and these misconceptions haunting bankruptcy, I thought it would be a good idea to let you know what bankruptcy it really like. Misconception #1 – I will lose…
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Wage Garnishment – What is it?
What is a Garnishment & How did I Get One? Wage garnishment is when money is deducted from an employee’s monetary compensation (including salary), usually as a result of a court order. If you stop paying a creditor and the creditor decides to take legal action, a creditor can garnish wages to collect a debt in Ontario…
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Financial Difficulties and your Family
Debt and other financial difficulties can take a significant toll on your personal well-being. However, if you have a family, that toll only becomes heavier. You worry about providing for your family members, and you worry about their happiness. They will notice your stress, and they will notice that you do fewer activities and give…
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Debt Management and your Bank
The first step to getting a fresh start is taking control of your personal finances. That is why I recommend opening a new bank account at a new bank if you owe money to the bank that you currently do you banking at. There is nothing worse than having your bank freeze your account, taking money…
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Credit Scores – Defined
On a basic level, a credit score is like a report card. Each purchase you make on credit affects a 3-digit score set between 300 and 900. The higher your score, the better your financial reputation. So, what is a FICO or Beacon report? Those are just other names for your credit score. The bottom…
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When Should You Seek Debt Relief?
The average interest rate on credit cards is approximately 20%. For example, if one owes $20,000.00 on credit cards, the approximate annual interest is $4,000.00. This individual will pay about $333.33 in interest every month of the year. You have less money to pay your living expenses or for savings and you have not reduced…
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How Bankruptcy Can Help You Take Charge of Credit Card Debts
If you are behind in your credit card debts and are struggling to pay your monthly payments, you may be considering filing for bankruptcy. Bankruptcy can help in these situations, but it often makes sense to file before you reach your breaking point. You do not need to watch your credit rating go down the tubes while you…
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Is bankruptcy right for you?
Trying to manage debts on a month-to-month basis can be tough. Sometimes it is so tough that you might need to look for other options for dealing with your debts. People who have a lot of debt often consider filing for bankruptcy as a way to get out from under their mountain of debt. But…
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Four Steps To Rebuilding Your Credit
If you owe past due amounts on credit cards and loans and are having trouble meeting your monthly bills, filing for bankruptcy can provide you with the fresh start you need to get back on track financially. Most people worry about how filing will impact their credit score, but eliminating your debt can actually have a positive…
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Don’t be ashamed!
If you are considering filing for bankruptcy as a way to help manage or reduce your debt load, you need to know that declaring bankruptcy is nothing to be ashamed of. By filing bankruptcy, it means you are taking control of your situation and looking to the future. It takes a HUGE load off your back and…
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