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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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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Senior Citizens are Increasingly at Risk for Bankruptcy
In the last few years, it seems that in my practice, the number of senior citizens filing bankruptcy has increased dramatically. Senior citizens are one of the more vulnerable populations in our country in terms of health and earnings potential. What is driving this incredible rise in senior citizen bankruptcy, and how can you tell…
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Four Bankruptcy Myths Dispelled
Many people have misconceptions when it comes to bankruptcy. People may fear losing cherished property, being regarded with shame in the eyes of their family or even going to jail. Usually these fears are based on myths — not reality. We’re here today to address the five most commonly held false beliefs about bankruptcy: Myth #1:…
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Bankruptcy and Divorce: Two Things Never Bargained For
You may have heard that the number one thing that causes tension in a marriage is money. Financial tension can put serious strain on a marriage and can often lead to divorce. It should therefore come as no surprise that when many marriages fail, the spouses wind up with financial difficulties, as well. When wanting to…
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Why do people prolong filing for bankruptcy?
You could suffer under a mountain of debt for a decade, two decades or an entire lifetime, all while barely scraping by to make your financial ends meet. Or, you could file bankruptcy and get your debt problems in order relatively quickly. If you are struggling with any of the scenarios I mentioned in my previous post,…
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