Don’t Wait To Get Help
The biggest mistake most people that have personal debt problems make is that they wait too long to get the help they need. Many people will struggle for years with these issues, exhaust their savings, attempt to get a consolidation loan, refinance their property, and sell assets all in an attempt to avoid filing personal…
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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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Your Duties When Filing Bankruptcy
Here is a list of duties you must follow if filing bankruptcy: Report Income – You’re required to submit an income and expense report to the trustee each month during the time you are bankrupt. You will also be obligated to provide proof of your income. This can be done by submitting pay stubs or bank…
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Myth Vs. Fact: Filing Bankruptcy
Myth: By filing personal bankruptcy I will lose everything. Fact: The Office of the Superintendent of Bankruptcy Canada’s process is not designed to take away all your assets or make it impossible for you to live. Many assets are exempt from seizure by your creditors. Myth: By filing personal bankruptcy I will lose my car….
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How does filing personal bankruptcy in Ontario work?
Filing bankruptcy in Ontario is a legal process that can only be completed by a licensed trustee in bankruptcy. As part of the bankruptcy process, your licensed trustee in bankruptcy 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…
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