Should you consider a consumer proposal?
Most people that come into our offices think that the only debt relief option we provide is bankruptcy. They are surprised when we offer other options, such as consumer proposals. Making a consumer proposal isn’t ideal for everyone, but if you want to avoid bankruptcy and you fit in the criteria, it’s an excellent option….
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How much should debt relief cost?
I usually advocate for shopping around when it comes to purchasing items at retail stores or online. It’s a simple way to save money and it doesn’t take much time (now that most prices can be found online). When it comes to the world of debt relief, it’s also important to “shop around” as you…
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Student Loans and CRA Debt
When people come and meet with me, they usually assume that certain debts can be included in bankruptcy or a consumer proposal, for instance, vehicle, credit card, payday loans, etc. But what people may not know, is that you may be able to include Student Loan and Canada Revenue Agency debt. Student Loan Debt Student…
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Consumer Proposal: What is it?
If your debt load is becoming overwhelming, and minimum monthly payments are finding you no further ahead than the previous month, a consumer proposal could be the right solution for you. Many people these days are trying to manage large debt loads and are feeling maxed out. Despite the amount you owe, these debts need…
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If I make a consumer proposal, will I lose my home?
A top concern when meeting with people is whether or not they will be able to keep their home. It’s a scary thing to have to give up your home because of the overwhelming amount of debt people have obtained. The good news is, when you make a consumer proposal, your home and related equity is unaffected. You retain possession and…
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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…
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Can’t afford to pay the CRA? You have options!
With tax season in full effect, worry may be at the forefront of some peoples’ minds. Worry that they won’t receive an income tax return. And even more worry that they will owe more than they can afford. It can be a huge shock to people when they get their income tax done and are…
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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…
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Keeping your Savings with a Consumer Proposal
How does making a consumer proposal affect your TFSAs and RRSPs? 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…
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Debt Settlement Offers Are Not A Good Idea
Have you seen TV or online ads from companies claiming they can reduce your debts by up to 80%? Although these ads may seem appealing to you if you are struggling with debt, the promises they make are too good to be true. No company can guarantee results when it comes to negotiating settlements with…
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