DYK? We’re open late and on weekends to meet your needs!
We make sure that we’re available to you evenings during the week so you don’t have to miss work, and on the weekends. Before you meet with us, you may want to use our online Debt Options Calculator to help you understand your options, and then we can discuss them further when we meet. You…
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Is it possible to pay off debt without affecting your credit rating and touching RRSP money?
CHRIS ASKED: How can I pay off my debt without damaging my good credit or touching the little RRSP I have? ANSWER: The only way to deal with your debt and maintain a good credit rating is to pay your creditors directly, in full, with interest. Getting a consolidation loan, assuming you can get one,…
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We were asked: What credit rating penalties would apply to our services?
We offer two main services: a consumer proposal, which is a formal debt settlement, and bankruptcy. Consumer Proposal and Credit Rating Penalties Filing a consumer proposal, which stops interest, prevents creditor action and compromises debt, results in a R7 (bad) credit rating. This would stay on your credit bureau report for three years after your proposal…
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‘Judgements’ & ‘Garnishing Wages’ – what does it all mean?
People in debt have something in common – a sense of being overwhelmed – not just by debt but by how complicated they feel resolution may be. A recent client had a fairly large amount of debt (large to them) – close to $100,000. They knew for some time that they really needed to take…
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Worried that you’ll lose your car loan by taking debt action?
JOE ASKED: I am struggling with a lot of debt, but if I take action, will I lose my car loan? ANSWER: I’m sorry to hear that you are struggling. When you are dealing with debt it is important to understand that there are two types of creditors, secured creditors and unsecured creditors: Secured creditors,…
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If you have money problems, who can you trust?
A licensed trustee in bankruptcy is part of a highly regulated industry. All of our trustees are licensed by the Office of the Superintendent of Bankruptcy, which is a division of Industry Canada, a part of the federal government. Our trustees have completed a number of courses and written exams to prove their competency. Our licensed trustees…
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Filing Personal Bankruptcy And Your Student Loans
What happens to student loans when you file for personal bankruptcy? Student loan debts will be eliminated provided that you have ceased being a full or part-time student for a minimum of 7 years, as at the date of filing. If it has not been 7 years since you ceased being a full or part-time…
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My relationship break-up has put me into debt – what can I do?
BONNIE ASKED: I am getting out of an abusive relationship. I don’t have money to pay any of the collection notices I have gotten. What should I do? ANSWER: I have no doubt that getting out of an abusive relationship is difficult enough without having to struggle with personal debt issues. Receiving collection notices and knowing that you…
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Credit Cards After (And During) Bankruptcy
Many people are concerned that they won’t be approved for a credit card after being discharged from bankruptcy. The truth is, you can most definitely get a credit card at this time. Here are three ways to get a credit card after being discharged (and some during your bankruptcy). Secured Credit Card A secured credit…
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Personal Debt In Canada Is Not The Same As In The USA
Personal debt issues are a common concern touching people everywhere. 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 U.S.-based sources. This information from…
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