Keeping your Savings with a Consumer Proposal
How does making a consumer proposal affect your TFSAs and RRSPs? 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…
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How do I get my credit report?
When it comes to requesting your credit report, the two largest credit-reporting agencies in Canada are Equifax and TransUnion. The way your credit report works is, these agencies receive information about you directly from your credit grantor, which is based solely on that grantor’s experience with you. This information is then compiled by the Agency in a credit report…
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Using Line of Credit to Pay Off Debt
Consolidating debt can definitely be a good strategy. The obvious advantage of consolidating your debt is that you reduce the interest you are paying. Therefore using your line of credit to consolidate your high interest credit card debt will definitely improve your situation and may help you to dig yourself out of debt on your own. There are two…
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Bankruptcy or Debt Settlement
You may have seen or heard commercials on the TV or radio touting debt consolidation through one of many for profit companies as a desirable alternative to filing for bankruptcy. However, what these companies will not tell you, is that there are many advantages to filing bankruptcy compared to using a debt consolidation company that you…
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Differences Between a Consumer Proposal and Bankruptcy
Both filing bankruptcy and making a consumer proposal will relieve debtors of financial stress and allows debtors the chance to get a financial fresh start. They are both great options, but there are many differences between bankruptcies and consumer proposals in Ontario and one may be better for you than the other. That’s why we…
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