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,…
Read More

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…
Read More

Cost Of Making A Consumer Proposal In Ontario

A consumer proposal features one reasonable monthly payment against your debt over a period of no more than 5 years. The amount of the payment is based on your financial situation – it’s what you can afford! Try our Debt Options Calculator to see your options. The professional fees associated with filing a consumer proposal…
Read More

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…
Read More

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…
Read More

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…
Read More

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…
Read More