Can’t afford to pay CRA debt?
It’s common this time of year to have people meet with me to discuss options their government debt. It can be a huge shock to people when they get their income tax done and are given the unexpected news that they owe CRA. When someone is expecting to receive a return and are then told…
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Who do we help?
There is no clear pattern for how people find themselves in financial difficulty. It can happen suddenly through injury or illness, separation or divorce, or it can be due to not knowing how to manage your finances effectively. Whatever the reason, the important thing now is to find out what options are available to you…
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Alternative to Bankruptcy
There is a stigma around bankruptcy. No one likes talking about it and people, for the most part, want to keep their bankruptcy private. It’s become a dirty word in our society (which it shouldn’t be as it gives unfortunate debtors hope – but that’s another blog post). Therefore, when we offer debtors an alternative…
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Are all debts forgiven in bankruptcy?
A consumer proposal or a bankruptcy is a formal process under the Bankruptcy and Insolvency Act that allows people to get discharged from their debts that they owe to creditors. These are both great options for people who are struggling with a lot of debt and can’t find a way out on their own. By filing…
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Debt Repayment Options and Your Home
When you make a consumer proposal, your home and related equity is unaffected. The trustee and creditors will not take possession of your property and you will be able to keep any house equity that you have accumulated. On the flip side, if you file personal bankruptcy any equity that you have in your home becomes property of your bankrupt estate. So, before we make…
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TFSAs, RRSPs and Consumer Proposals
With a consumer proposal, you get to keep your assets, which includes your tax free savings account and your RRSPs. When you make a consumer proposal, you are offering your creditors a settlement, which is more than what they would get if you were to go bankrupt. Essentially you are saying, “let me keep all of my stuff, and I will agree to…
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Life After a Consumer Proposal
Consumer proposals are often times a great alternative to bankruptcy. For people who are concerned about a negative impact on their credit rating, which is a legitimate concern, a consumer proposal may be an option worth considering. In Ontario, a bankruptcy is typically on your credit rating for seven years from the date of discharge….
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Should you make a consumer proposal?
People go into debt for many reasons, which is why it should come as no surprise to learn that the process of getting out of debt will also depend heavily on individual circumstances. In some cases, filing for bankruptcy will be the only option; while in other instances, there may be alternatives to bankruptcy that are a…
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Managing Credit Card Debt
If you carry around a credit card or two, like most Canadians, it’s not necessarily a problem. Credit cards offer convenience and flexibility, and used correctly, can help you build a good credit rating as well. Unfortunately though, not everyone is in the black with their credit card statements. If you are someone who carries a…
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Why a licensed insolvency trustee?
If you’re drowning in debt, you have enough stress in your life. You shouldn’t have to worry about whether or not you can trust someone to help you. The good news is, if you meet with a licensed insolvency trustees, you will not be “scammed”. Licensed insolvency trustees are the only trained professionals who are…
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