Repercussions Of A Joint Credit Card When Filing A Consumer Proposal
DYLAN ASKED: My credit card is in both mine and my dad’s name. Will including that debt in a consumer proposal hurt his credit rating? The credit card that you have with your dad is a joint account. It doesn’t matter who is primary or secondary on the account; if two people have borrowed money…
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Number 1 Rule Of Business
In most cases businesses fail because of poor business management. Through the years I have helped a lot of business owners to deal with their debts. In most cases the businesses didn’t fail because the fundamental business was bad or because of poor workmanship. I think that the number 1 rule of business should be –…
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Debt Patterns In Canada Part II
In a recent article in the Globe and Mail from February 2014, it was reported the consumer debt in Canada, excluding mortgages, has increased 4.2 percent from $497.4 billion last year to $518.3 billion in 2013. Although the article states that despite the increase in debt, patterns are showing that Canadians are handling their debt…
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DYK? We’re open late and on weekends to meet your needs!
We make sure that we’re available to you evenings during the week so you don’t have to miss work, and on the weekends. Before you meet with us, you may want to use our online Debt Options Calculator to help you understand your options, and then we can discuss them further when we meet. You…
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When can I start rebuilding my credit?
You should start rebuilding your credit right away. A lot of people who make a consumer proposal or file personal bankruptcy think that they will have to wait until their filing is completely off of their credit report to start rebuilding their credit rating. While filing either results in a negative mark on your credit bureau…
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We were asked: What credit rating penalties would apply to our services?
We offer two main services: a consumer proposal, which is a formal debt settlement, and bankruptcy. Consumer Proposal and Credit Rating Penalties Filing a consumer proposal, which stops interest, prevents creditor action and compromises debt, results in a R7 (bad) credit rating. This would stay on your credit bureau report for three years after your proposal…
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Debt Patterns In Canada Part I
According to an article in the Globe and Mail from this time last year, more Canadians had been making their bill payments through the first quarter of 2013. Statistics released by Equifax showed that the percentage of people who were behind three or more monthly payments with their creditors fell by 13.4% during the first three…
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Filing Personal Bankruptcy And Your Student Loans
What happens to student loans when you file for personal bankruptcy? Student loan debts will be eliminated provided that you have ceased being a full or part-time student for a minimum of 7 years, as at the date of filing. If it has not been 7 years since you ceased being a full or part-time…
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If you have money problems, who can you trust?
A licensed trustee in bankruptcy is part of a highly regulated industry. All of our trustees are licensed by the Office of the Superintendent of Bankruptcy, which is a division of Industry Canada, a part of the federal government. Our trustees have completed a number of courses and written exams to prove their competency. Our licensed trustees…
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Don’t Wait To Get Help
The biggest mistake most people that have personal debt problems make is that they wait too long to get the help they need. Many people will struggle for years with these issues, exhaust their savings, attempt to get a consolidation loan, refinance their property, and sell assets all in an attempt to avoid filing personal…
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