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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Myth Vs. Fact: Credit And Rebuilding
Myth: By filing personal bankruptcy, I will destroy my credit forever. Fact: Filing .personal bankruptcy results in a R9 credit rating which, for a first time bankrupt, will remain on your credit report for 6 years after discharge. You do not have to wait 6 years to rebuild your credit rating. Myth: By filing a…
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What Happens When You Go Bankrupt
Once you file for bankruptcy, all creditor action stops. This means that your creditors cannot continue any further legal or collection activity against you, including wage garnishments, harassing letters or telephone calls. The bankruptcy process is designed to help an honest but unfortunate debtor to get a fresh start plus you’re are able to keep assets….
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When one spouse files for bankruptcy – what happens to the family budget?
ADAM ASKED: I am married but I am declaring bankruptcy by myself. My wife pays the rent and I pay everything else. Do I still have to declare rent? ANSWER: You are required to prepare a monthly budget detailing all of your family income and expenses when you file personal bankruptcy or make a consumer proposal. Even…
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