Should I file a debt management plan or a consumer proposal?
People come into our offices suffering from various debt issues. Some people have little to no assets and are drowning in debt. Others have several assets that they do not want to part with but are concerned with the amount of debt they have racked up. The important thing to note is that there is…
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Tips That Will Help Improve Your Credit Score
Your credit rating is like a report card. Having money problems, filing personal bankruptcy or making a consumer proposal will result in a bad mark on your credit report card. Therefore to rebuild your credit rating you have to get as many good marks as possible. The only way to get a good mark is to…
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Missed consumer proposal payments? It may be time to change your strategy.
Once your consumer proposal has started, if you miss three payments the consumer proposal is annulled. If your consumer proposal is deemed annulled then your proposal ends and you are no longer protected from your creditors There are a few options that you may pursue if your consumer proposal is deemed annulled, but to figure out which option is…
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Having A Financial Plan Is Important…For Everyone
Having a financial plan is important for everyone regardless of their financial situation, but it is even more critical for individuals who are trying to rebuild after making a consumer proposal or filing personal bankruptcy. Dedicating time to financial planning can also help you protect the assets you have now and increase your wealth in…
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Questions For A Trustee
Many people are slightly embarrassed or anxious when they first meet a trustee, and it’s easy to forget what questions you want to ask. Before you meet with a trustee it’s important to make a list of questions that you would like answered in your free initial consultation. That way you can be sure that…
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What are my options?
Whether you are barely holding on or the debt collectors have already come knocking, the best strategy is to take stock of the situation and come up with a plan as soon as possible. Everyone has the same basic options when it comes to dealing with your debt. 1. Deal with creditors directly Check your…
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Buying A House After A Bankruptcy
If you’ve declared bankruptcy in the past, know that you’re not alone. Further, know that your situation is nothing to be ashamed of. No one wants to declare bankruptcy; sometimes, it may be the only solution to a difficult situation. I see many people who are concerned that filing bankruptcy or making a consumer proposal will effect…
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What happens if my creditors don’t accept my consumer proposal?
It is extremely rare that creditors do not accept a consumer proposal. Creditors know that if a consumer proposal fails, chances are the debtor will file a personal bankruptcy, which they know will produce less recovery than a consumer proposal. In the rare case that your creditors don’t accept your consumer proposal as filed, we will…
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Debt and Divorce
When people get divorced, there are many unforeseen expenses that may lead you into financial difficulty. Household expenses essentially double, which alters your current financial situation and causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Not only that, but you will still…
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RRSP Contributions And Filing Your Income Tax
You can make RRSP contributions during the first sixty days of 2016 and claim these contributions on your 2015 income tax return. Most years the RRSP contribution deadline is March 1, however because 2016 is a leap year the RRSP contribution deadline is February 29, 2016. The main benefits of contributing to RRSPs are; you can build an asset for retirement…
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