Will I still have to pay my student loan debts if I go bankrupt?
If your student loan is more than seven years old from the date you ceased to be a full- or part-time student, it is considered a dischargeable debt, meaning that you would not be required to pay the balance remaining should you file bankruptcy. There has been some confusion with this in that past as…
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Debt Warning Signs
I’ve heard from many people that they didn’t realize how bad their situation was until it was too late. It’s important to take control of your debt situation early so that you may be able to prevent filing bankruptcy by consolidating your debt or making a consumer proposal. If you wait too long, bankruptcy may…
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Can I still rent?
Some people are concerned that if they file bankruptcy they may not be able to rent a house in the near future. Or it may affect the rental property they are currently living in. This is a common question we hear as the majority of people who file personal bankruptcy with our office are renters….
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I lost my job. Now what?
After losing your job, it’s important to remember that it can happen to anyone. No one is immune to job insecurity. I know that doesn’t make the situation less stressful, but it I just wanted to remind you that you are not alone. Fortunately, there are plenty of resources to help you cope mentally and financially when…
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Don’t worry about your child going into debt at university!
It’s the time of year where students leave their home to embark on post-secondary education. There are a lot of things parents worry about when their children leave their home, but finances doesn’t have to be one of them. Sure, all of a sudden they have more financial responsibility and often times struggle with budgeting. And, when they walk around…
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What to expect when filing bankruptcy
Filing bankruptcy in Ontario is a legal process that can only be completed by a licensed insolvency trustee. As part of the bankruptcy process, your licensed insolvency trustee will help you prepare a budget and provide credit counselling to improve your money management skills. Filing personal bankruptcy in Ontario ends your legal obligation to pay your…
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Should seniors file bankruptcy?
You may be surprised to know that the fastest growing demographic group of bankruptcy filers is those over 65. This is because there fewer traditional pensions, there was a lot of availability to easy credit before the Great Recession, and seniors have been supporting younger family members more now than ever before. But, if you…
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Creating a Financial Checklist
These days, most people I know don’t have a financial plan. We spend a lot of time planning for other aspects of our lives, such as our careers, marriages and having kids, but many of us fail to build a plan to achieve our financial goals. Checklists are great, especially when it comes to finances….
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Bankruptcy Today Makes For a Better Financial Future
Some people believe that filing for bankruptcy is synonymous with the end of the world as they know it – a complete breakdown of their personal finances. But in reality, bankruptcy is a lot less dramatic than that. Although it may feel like a significant setback, bankruptcy can actually improve your situation, solve your unsecured debt…
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Bankruptcy and Credit: Will I still be able to get credit in the future?
Thousands of Canadians file bankruptcy every year, and most of those Canadians have similar concerns. One common concern is that they will end up with terrible credit after the bankruptcy process is complete. It’s true, bankruptcy will adversely affect your credit score. When you want to apply for a mortgage, credit card, or any type of…
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