Getting Out Of Credit Card Debt

KIM ASKED: What’s the best way to deal with huge credit card debt? I want to pay it off but with three maxed out credit cards, the interest alone is killing us. Answer: There is no doubt that the interest on credit card debt can be a killer.  Most credit cards have interest rates in excess of…
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Fraudulent Credit Counsellors

The credit counselling industry is unregulated and as a result there are a lot of fraudulent credit counsellors looking to take advantage of people that are struggling with personal credit problems. The thought of filing personal bankruptcy or making a consumer proposal is scary enough without having a “credit counsellor” warning you against meeting with…
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Filing Personal Bankruptcy: A New Beginning NOT An End

For many people the thought of filing personal bankruptcy to deal with their money problems conjures up all sorts of horrible images of people losing their home, losing their car and destroying their credit rating forever. The reality is that the Bankruptcy and Insolvency Act (BIA) was created “to give an honest but unfortunate debtor…
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Which creditors can be included in a consumer proposal?

Creditors are a big part of the consumer proposal process. Proposals deal with all of your unsecured creditors (creditors that do not hold any assets as collateral for your debts) including:  Credit cards Lines of credit Personal loans Payday loans Government debts Income taxes When filing, it is important to list all of your creditors. One…
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The Truth About Licensed Trustees In Bankruptcy

Licensed Trustees in Bankruptcy are officers of the court. I have seen and heard a lot of advertisements from various credit counseling firms warning people against dealing with a licensed trustee in bankruptcy. They make the case that they are working for you, the debtor, whereas a licensed trustee in bankruptcy is working for your…
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What do I need for a meeting with a Trustee in Bankruptcy?

If you’re considering setting up a meeting to talk about your debts, you probably have an abundance of questions. One thing we are often asked is “What do I need to bring to a meeting?” To make the process run as smoothly as possible, here is a list of items you should compile before meeting…
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Can I make a lump sum payment on my Ontario student loans?

MARCUS ASKED: Is it possible to make one-time payments to your Ontario Student Loan debt, without having to start paying monthly? ANSWER: I know from personal experience dealing with student loan debt can be challenging. I’m sure that you can make a lump sum payment. However, the government and banks don’t make it easy. A few years ago, we…
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