Student Loan Debt Solutions
Each year, thousands of Canadians rely on student loans to help fund their continuing education. Getting a student loan is an investment in your future as it helps you to get an education which in turn, will help create better job and career opportunities. Unfortunately, once you graduate from post-secondary school, life gets in the…
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If I am unable to pay the mortgage on my home, may I simply give it back to the bank?
A mortgage is a loan agreement which requires you to repay the loan with interest and which also gives the lender (the mortgagee) a claim on your house if you don’t repay. If you miss a mortgage payment, that’s a default under your mortgage. When you default, the full amount of your mortgage becomes payable…
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RESPs and Debt Settlement Options
Many people with children plan ahead for their children’s post-secondary education by investing in a Registered Education Savings Plan (RESP). Most people with RESPs who come into our office are concerned about what will happen with their RESP if they choose to file bankruptcy or make a consumer proposal. First of all, I’ll explain what…
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Bankruptcy and Co-signers
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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Debt Management Tips for Seniors
No one wants to spend their golden years struggling with credit-card debt. But, sadly, an increasing number of seniors are doing exactly that. For people living on fixed incomes, escalating debt can lead to financial ruin. Many of the debt-management options available to younger people — like getting a second job to pay off the…
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If possible, should you pay off your bankruptcy early?
Believe it or not, we have had several clients who have filed bankruptcy and then found themselves in financial excess. When this happens, clients often ask the question “can I pay off my bankruptcy and be discharged faster?” If you’re in the middle of a bankruptcy, and your financial picture starts looking rosy, it’s understandable…
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Bankruptcy and the Economy
Many people look at the statistics published by the Office of the Superintendent of Bankruptcy Canada regarding the numbers of people filing for personal bankruptcy or making a consumer proposal as an indicator of the overall health of our economy and a bad omen for the stock market. The reality is that this is a trailing indicator of…
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Can a person have savings during bankruptcy?
The short answer is “Yes”. By definition, savings can consist of actual cash holdings, RRSPs and other investment products, pensions, and the cash surrender value of insurance policies. Your bankruptcy trustee will recover any non-exempt portion of your savings for the benefit of unsecured creditors at the time of filing. Your bankruptcy estate is also made up…
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Are you in debt trouble? Recognize the danger signs!
It’s hard for some people to come to the realization that they need financial help. Many people who are struggling financially think they can dig themselves out of debt. Others know that they have debt, but their debt problem isn’t as bad as “so-and so’s” so they think they are fine. For both of those…
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Are you insolvent?
Debt is one thing that all people I meet with have in common. Obviously. The extent of that debt may be more than it is for others. Some people may feel like they are drowning in debt, but are actually not insolvent. They have the means to dig themselves out of debt on their own…
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