New Exemption Amounts
You are permitted to keep some assets in a bankruptcy. These exemptions are set by various federal and provincial laws. For personal bankruptcy in Ontario, the following assets are exempt. Until now, the in bankruptcy, if you have a motor vehicle that was worth up to $5,650, it would be exempt. But now, the exemption…
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Payday Loans and Christmas Spending
Christmas can often times be a financially daunting time of year for many people. Some people are struggling financially but the idea of having lots of presents under the tree is also important to some people as well. Although over-spending for Christmas can seem exciting and fulfilling at the time, the new year will always…
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Bankruptcy and the Holidays
The notions of filing for Bankruptcy and enjoying the holidays are not as foreign as one might think. Most people will try to forget their financial issues around this time of the year, but the financial stress can never be far from the surface. Creditors do not go on holiday. One of the primary goals…
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Have a Plan to Pay off Credit Cards
Have you ever looked closely at your credit card statement? Credit card companies are now required to spell out on your credit card statement how long it will take for you to pay off your credit card balance if you make the minimum required payments. Often, the estimated time to pay off the balance with the minimum…
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Teach your kids about financial literacy at a young age
Financial literacy begins in childhood through counting, playing with pretend money, etc. and develops through adulthood. School-age children know about saving, spending, and some start earning, whether through chores or other paid work, including part-time jobs. But it’s one thing to know how to make money and save, but it’s another thing to learn it’s…
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If I make a consumer proposal, what can I expect?
When people come to me to discuss bankruptcy, they often don’t realize that a consumer proposal may also be an option. If a consumer proposal is right for you, these are the steps that you will need to take in order to complete your proposal. Step 1: Meet with a licensed insolvency trustee: Review your…
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How can I rebuild my credit rating?
There are no shortcuts or quick fixes to rebuild a damaged credit rating. Getting a good credit rating requires a history of using credit properly, borrowing and paying back amounts owed in the appropriate billing period, and maintaining manageable debt levels. STEP 1: Get out of debt It is impossible to rebuild or improve your…
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Debt Settlement Companies
If you are one of the thousands of Canadians who feel they’ve been ripped off by a debt settlement company, you should consider taking the following steps to help ensure it doesn’t happen again…and to hopefully get your money back. File a Complaint with the BBBConsider filing a formal complaint with the Better Business Bureau….
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