Why You Shouldn’t Hold Debt on Credit Cards
Everyone knows that credit card debt is bad. Even though every one knows this, many people still find themselves drowning in credit card debt time and time again. In fact, some people have had to file for bankruptcy multiple times in order to resolve debt troubles that they had no way of getting out of. For…
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How to Escape the Payday Loan Cycle
I’ve said it before and I’ll say it again, payday loans are a vicious cycle. If you’re struggling to make ends meet, the worst thing you can do is take out a payday loan. The payday loan cycle is a simple concept. You borrow from one payday lender for an emergency and suddenly find yourself at…
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Bankruptcy and Divorce: Two Things Never Bargained For
You may have heard that the number one thing that causes tension in a marriage is money. Financial tension can put serious strain on a marriage and can often lead to divorce. It should therefore come as no surprise that when many marriages fail, the spouses wind up with financial difficulties, as well. When wanting to…
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Four Bankruptcy Myths Dispelled
Many people have misconceptions when it comes to bankruptcy. People may fear losing cherished property, being regarded with shame in the eyes of their family or even going to jail. Usually these fears are based on myths — not reality. We’re here today to address the five most commonly held false beliefs about bankruptcy: Myth #1:…
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Senior Citizens are Increasingly at Risk for Bankruptcy
In the last few years, it seems that in my practice, the number of senior citizens filing bankruptcy has increased dramatically. Senior citizens are one of the more vulnerable populations in our country in terms of health and earnings potential. What is driving this incredible rise in senior citizen bankruptcy, and how can you tell…
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What Does That Really Mean? Common Bankruptcy Terms Explained
When the Licensed Insolvency Trustees speak with someone who is thinking about filing bankruptcy, we try to use simple terms and phrases so we don’t leave them with more questions than they had when they walked through the doors. There is a lot of technical, legal mumbo jumbo involved in the bankruptcy process, and it is our goal to…
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Bankruptcy Can Stop Wage Garnishments
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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Thinking of filing bankruptcy before the new year? It may be a good idea.
With the holidays coming to a close and the stress of your upcoming credit card statements rolling in, it may be a good time for you to file bankruptcy. But there might be another reason why it’s a good time to file bankruptcy now, instead of in the new year. HereI will explain a clear advantage to…
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Holiday Debt Hangover Cure
The celebrations have come and gone, the gifts have been opened, and now it’s time to think about how you’re going to pay off that holiday debt as quickly as possible. In a perfect world, you’d pay it all off on the next billing cycle to avoid accruing any interest. If that’s just not feasible,…
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5 Biggest Mistakes People Make When Paying Off Debt
The decision to get yourself out of debt is a life changer, if you are willing to make the necessary commitment that goes with that. Getting out of debt involves more than just paying off a few credit cards. It means: changing spending habits learning how to budget knowing who and how much you owe prioritizing debts creating emergency and retirement…
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