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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Don’t be ashamed!
If you are considering filing for bankruptcy as a way to help manage or reduce your debt load, you need to know that declaring bankruptcy is nothing to be ashamed of. By filing bankruptcy, it means you are taking control of your situation and looking to the future. It takes a HUGE load off your back and…
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Is bankruptcy right for you?
Trying to manage debts on a month-to-month basis can be tough. Sometimes it is so tough that you might need to look for other options for dealing with your debts. People who have a lot of debt often consider filing for bankruptcy as a way to get out from under their mountain of debt. But…
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How Bankruptcy Can Help You Take Charge of Credit Card Debts
If you are behind in your credit card debts and are struggling to pay your monthly payments, you may be considering filing for bankruptcy. Bankruptcy can help in these situations, but it often makes sense to file before you reach your breaking point. You do not need to watch your credit rating go down the tubes while you…
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Do Not Let Debt Overshadow Your Thanksgiving
All Canadians in debt should be thankful for the Bankruptcy and Insolvency Act. The Bankruptcy and Insolvency Act was designed to help people who are struggling with debt, and as a Licensed Insolvency Trustee, I am thankful that I can use this legislation to help the people that I meet with. The Bankruptcy and Insolvency Act also works with provincial legislation to…
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Bankruptcy and Credit: Will I still be able to get credit in the future?
Thousands of Canadians file bankruptcy every year, and most of those Canadians have similar concerns. One common concern is that they will end up with terrible credit after the bankruptcy process is complete. It’s true, bankruptcy will adversely affect your credit score. When you want to apply for a mortgage, credit card, or any type of…
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Bankruptcy Today Makes For a Better Financial Future
Some people believe that filing for bankruptcy is synonymous with the end of the world as they know it – a complete breakdown of their personal finances. But in reality, bankruptcy is a lot less dramatic than that. Although it may feel like a significant setback, bankruptcy can actually improve your situation, solve your unsecured debt…
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Should seniors file bankruptcy?
You may be surprised to know that the fastest growing demographic group of bankruptcy filers is those over 65. This is because there fewer traditional pensions, there was a lot of availability to easy credit before the Great Recession, and seniors have been supporting younger family members more now than ever before. But, if you…
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What to expect when filing bankruptcy
Filing bankruptcy in Ontario is a legal process that can only be completed by a licensed insolvency trustee. As part of the bankruptcy process, your licensed insolvency trustee will help you prepare a budget and provide credit counselling to improve your money management skills. Filing personal bankruptcy in Ontario ends your legal obligation to pay your…
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