Debt in Canada and the USA is Not the Same
Although personal debt is an issue that can touch anyone, it’s not the same for everyone. In Ontario, we are seeing a significant increase in both the information available through the media that discusses personal debt action plans and offers advice. As a Canadian, you may not realize that a lot of these articles are coming from sources in the U.S. This…
Read More
The Cost of Being in Debt
When you’re overwhelmed by debt, it’s often difficult to look beyond the “minimum payment due” box on your bills. Constantly racing against disconnection dates, juggling payments, and fielding debt collection calls leaves little time or energy for long-term planning. Often, the loudest debt collector or the one with the most intimidating threat gets whatever funds…
Read More
Bankruptcy or Debt Settlement
You may have seen or heard commercials on the TV or radio touting debt consolidation through one of many for profit companies as a desirable alternative to filing for bankruptcy. However, what these companies will not tell you, is that there are many advantages to filing bankruptcy compared to using a debt consolidation company that you…
Read More
What Is the Bankruptcy and Insolvency Act?
Generally speaking, the Bankruptcy Insolvency Act (BIA) is a federal statute that governs bankruptcy, consumer proposals and receiverships in Canada. It provides relief to the honest, but unfortunate debtor from the crushing burden of debt so they can get a fresh start. Bankruptcy provides a mechanism for the orderly liquidation of a bankrupt’s estate and the…
Read More
I Can’t Pay CRA! Part 2
Despite your best intentions to pay the debt, sometimes it is not enough when you owe a lot of money to CRA. It may be the amount of the debt is just too high or perhaps the budget does not allow for a monthly payment. If that is the case, I recommended you speak to a…
Read More
Avoiding a Second Bankruptcy
Filing bankruptcy may not be desirable but in many cases, it’s the only option. It is a great way to get your finances back on track, but it comes with a price when it comes to your credit score. Therefore, it is desirable to find an alternative to filing a second time. Let’s consider some…
Read More
Are you still receiving statements from creditors?
After filing bankruptcy, you should no longer receive statements from creditors. But, in some instances, you may still receive some statements. Don’t worry. If you’ve filed bankruptcy or make a consumer proposal, there is no need to worry about the statements. The reason statements are sent has to do with timing, computer generation, lack of…
Read More
Is my debt also my spouse’s debt?
Your debts do not affect your spouse’s credit rating! Regardless of your relationship status, whether you are married or common law, you and your spouse are two separate legal entities. Your spouse is not automatically responsible for your debts simply because they are your spouse or may have a spousal card on one of your accounts….
Read More
Differences Between a Consumer Proposal and Bankruptcy
Both filing bankruptcy and making a consumer proposal will relieve debtors of financial stress and allows debtors the chance to get a financial fresh start. They are both great options, but there are many differences between bankruptcies and consumer proposals in Ontario and one may be better for you than the other. That’s why we…
Read More
