Stop Paying Your Creditors

People are always surprised when I tell them to stop paying their creditors. In many cases it’s the best advice. Once you’ve determined that you can’t dig yourself out of your personal debt issues on your own, you should stop paying the creditors that will be included in your consumer proposal or personal bankruptcy filing. Making…
Read More

What happens when negotiating a consumer proposal?

When you meet with us, we will help you decide if this is the best option for you. The next step is negotiating the consumer proposal.  When negotiating a consumer proposal, here are a few things you can expect:  Help from your trustee. From the very beginning, your trustee will be there to guide and…
Read More

What do I need for a meeting with a Trustee in Bankruptcy?

If you’re considering setting up a meeting to talk about your debts, you probably have an abundance of questions. One thing we are often asked is “What do I need to bring to a meeting?” To make the process run as smoothly as possible, here is a list of items you should compile before meeting…
Read More

The Truth About Licensed Trustees In Bankruptcy

Licensed Trustees in Bankruptcy are officers of the court. I have seen and heard a lot of advertisements from various credit counseling firms warning people against dealing with a licensed trustee in bankruptcy. They make the case that they are working for you, the debtor, whereas a licensed trustee in bankruptcy is working for your…
Read More

Which creditors can be included in a consumer proposal?

Creditors are a big part of the consumer proposal process. Proposals deal with all of your unsecured creditors (creditors that do not hold any assets as collateral for your debts) including:  Credit cards Lines of credit Personal loans Payday loans Government debts Income taxes When filing, it is important to list all of your creditors. One…
Read More

Getting Out Of Credit Card Debt

KIM ASKED: What’s the best way to deal with huge credit card debt? I want to pay it off but with three maxed out credit cards, the interest alone is killing us. Answer: There is no doubt that the interest on credit card debt can be a killer.  Most credit cards have interest rates in excess of…
Read More

How many payments is a consumer proposal?

Consumer proposals can be filed for as few as one lump-sum payment to as many as sixty monthly payments. Sixty months is the longest term under the Bankruptcy and Insolvency Act. Most of the consumer proposals I help people to file are set up at sixty months. The main reason for this is because I want to…
Read More