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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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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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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Should you use your RRSPs to pay your debts?
It’s very common for people who are in debt to WANT to deal with their obligations. They don’t want to see a licensed insolvency trustee, make a consumer proposal or file personal bankruptcy. Therefore, they do what they can to attempt to deal with their debts on their own, including cashing-in retirement savings. Unfortunately, in most cases cashing in…
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Bankruptcy and self-employment
Every business is unique with its own issues and complexities. Therefore it’s hard for me to give advice on bankruptcy without knowing your specific situation. We recommend that you review your situation with one of our licensed insolvency trustees. Deciding whether or not to continue being self-employed Filing a consumer proposal or personal bankruptcy does not prevent…
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