Student Loans and CRA Debt
When people come and meet with me, they usually assume that certain debts can be included in bankruptcy or a consumer proposal, for instance, vehicle, credit card, payday loans, etc. But what people may not know, is that you may be able to include Student Loan and Canada Revenue Agency debt. Student Loan Debt Student…
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RRSPs and Bankruptcy
With the deadline to conribute to RRSPs looming (it’s on March 1, 2018), it’s a good opportunity to talk about how bankruptcy affects your RRSPs. Here’s some good new: RRSPs are exempt assets! RRSP’s, whether individual or employer sponsored, are yours to keep and are protected from your creditors with the exception of any new contributions…
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Bankruptcy: Common Misconceptions
Although the majority of Canadian’s have heard the word “bankruptcy” before, many are unaware of what the bankruptcy process really entails. Because of this lack of information and these misconceptions haunting bankruptcy, I thought it would be a good idea to let you know what bankruptcy it really like. Misconception #1 – I will lose…
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Managing Credit Card Debt
If you carry around a credit card or two, like most Canadians, it’s not necessarily a problem. Credit cards offer convenience and flexibility, and used correctly, can help you build a good credit rating as well. Unfortunately though, not everyone is in the black with their credit card statements. If you are someone who carries a…
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Why a licensed insolvency trustee?
If you’re drowning in debt, you have enough stress in your life. You shouldn’t have to worry about whether or not you can trust someone to help you. The good news is, if you meet with a licensed insolvency trustees, you will not be “scammed”. Licensed insolvency trustees are the only trained professionals who are…
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How much should debt relief cost?
I usually advocate for shopping around when it comes to purchasing items at retail stores or online. It’s a simple way to save money and it doesn’t take much time (now that most prices can be found online). When it comes to the world of debt relief, it’s also important to “shop around” as you…
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Will bankruptcy affect my job?
Unless you’ve filed for bankruptcy, most Canadians really have no idea what it entails. For many Canadians the idea of filing for personal bankruptcy is very unfamiliar. Not knowing how the process will affect your everyday life and employment is just one of the many reasons why bankruptcy can be so intimidating. The good news…
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Can I still rent?
Some people are concerned that if they file bankruptcy they may not be able to rent a house in the near future. Or it may affect the rental property they are currently living in. This is a common question we hear as the majority of people who file personal bankruptcy with our office are renters….
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Will I still have to pay my student loan debts if I go bankrupt?
If your student loan is more than seven years old from the date you ceased to be a full- or part-time student, it is considered a dischargeable debt, meaning that you would not be required to pay the balance remaining should you file bankruptcy. There has been some confusion with this in that past as…
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Aftermath of Filing Bankruptcy
Filing for bankruptcy should never be a decsion that is taken lightly. While debts can be reduced or eliminated, allowing for a person to make a clean financial start, it can also be a time-consuming process that involves a hit to the credit report. If a person decides to file for bankruptcy, their first step should…
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