Students – Beware of Credit Card Companies
When college students leave to begin their post-secondary education, they are often times surprised at how much money they need to “survive” in college. Students quickly realize that their budgeting skills may not have been as strong as they thought and therefore start scrambling to survive financially for the rest of the year. Insert credit…
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Co-Signing? Read this first!
Many people who are in debt need a co-signer to sign loans, which is a great way for a debtor to build their credit score. The problem is, it might be hard to get a co-signer to sign your loan. That is because a co-signer is essentially on the hook and responsible for paying back…
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How To Consolidate Your Debt
With debt consolidation, you combine your debts or take out a loan and pay them off, leaving you with one monthly payment. Consolidating debt is a great way to help eliminate it. This not only helps you save money on interest and pay off your debts faster, but only making one payment a month can help…
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I Cannot Pay CRA!
Owing the government money can be overwhelmingly stressful. When you owe the CRA money, there is concern that any collection action will result in loss of income and will leave an individual without sufficient resources to meet their basic living expenses let alone any other debt payments. CRA has the right to proceed with collection…
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I Can’t Pay CRA! Part 2
Despite your best intentions to pay the debt, sometimes it is not enough when you owe a lot of money to CRA. It may be the amount of the debt is just too high or perhaps the budget does not allow for a monthly payment. If that is the case, I recommended you speak to a…
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Get a Handle on Your Debt!
The level of household debt in Canada continues to rise. It almost feels like no one is immune to household debt. If your debt is starting to feel overwhelming, minimum payments might keep collection calls from coming but chance are it won’t keep them away forever. Here are some tips that can help you…
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What would you do if you were me?
This is a question I often times hear from people who meet with me. It’s a question I can’t answer unless I have more information. I also can’t tell someone what to do, as it’s ultimately a decision they need to make. But, the fact that this question is being asked in my office is…
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What Is the Bankruptcy and Insolvency Act?
Generally speaking, the Bankruptcy Insolvency Act (BIA) is a federal statute that governs bankruptcy, consumer proposals and receiverships in Canada. It provides relief to the honest, but unfortunate debtor from the crushing burden of debt so they can get a fresh start. Bankruptcy provides a mechanism for the orderly liquidation of a bankrupt’s estate and the…
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Debt Settlement Offers Are Not A Good Idea
Have you seen TV or online ads from companies claiming they can reduce your debts by up to 80%? Although these ads may seem appealing to you if you are struggling with debt, the promises they make are too good to be true. No company can guarantee results when it comes to negotiating settlements with…
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Incorporated Companies and Debt
If your business is incorporated, then legally the business is a separate entity and its assets are owned by the business. In this case the incorporated company can go bankrupt if it cannot meet its financial obligations. The assets of the business are sold as part of the company’s bankruptcy and used to reduce the…
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