Repercussions Of A Joint Credit Card When Filing A Consumer Proposal
DYLAN ASKED: My credit card is in both mine and my dad’s name. Will including that debt in a consumer proposal hurt his credit rating? The credit card that you have with your dad is a joint account. It doesn’t matter who is primary or secondary on the account; if two people have borrowed money…
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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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What is a Consumer Proposal?
A consumer proposal is a formal arrangement between you and your creditors. Should you file a proposal to your creditors? If you have consistent income and are able to make monthly payments to your creditors, but are unable to pay the amount your creditors are requesting, this may be a good option. A proposal is administered…
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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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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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Is a Debt Management Plan better than a Consumer Proposal?
Debt Management Plans vs. Consumer Proposals Filing a debt management plan and filing a consumer proposal both result in the same “R7 credit rating” which will remain on your credit report for 3 years after either is paid in full. The major disadvantages of filing a debt management plan are that it is an informal…
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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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Can I go to jail for owing money?
This is a very honest question and we’re grateful that someone asked it so that we could put their mind at ease. Your creditors cannot put you in jail for owing money. Criminals who commit a crime go to jail. Owing money is not a crime. Owing money is a civil matter and is handled in…
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How To Rebuild Your Credit Rating
Credit rating is a fluid concept and is always changing. No matter what you do, including filing personal bankruptcy or a consumer proposal, you can always rebuild your credit rating. How can I rebuild my credit rating? Your credit rating is like a report card, when you file personal bankruptcy or a consumer proposal, you…
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Myth Vs. Fact: Collection Agencies
Myth: If you file a consumer proposal your creditors will continue collection action. Fact: When you file a consumer proposal all creditor collection action is stopped immediately. Myth: Filing personal bankruptcy or a consumer proposal will not stop collection agencies from calling. Fact: Filing personal bankruptcy or a consumer proposal immediately stops all collection agency calls. Myth:…
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