Employed And Dealing With Personal Debt
In most cases making a consumer proposal or filing personal bankruptcy will have no impact on your current or future employment. However, as an employee, there are a few things to consider before deciding which option is best for you. Threat of wage garnishment: All employees are vulnerable to creditors garnisheeing their wages. More information about protecting your…
Unemployed And In Debt
Job loss and unemployment are very common causes of financial difficulty. For most people, unemployment is temporary and at some point they will get back to work. As a result, when we consider various debt settlement strategies we must consider the current situation as well as the future employment potential. Although creditors cannot garnish employment insurance benefits,…
Digging Out Of Debt On Your Own
Dealing with your personal debt problems on your own without any professional assistance is the only way to maintain your current credit rating. When trying to dig out on your own, be sure you can afford the required monthly payments incuding interest and penalties on your debts. If you are not able to pay all of…
‘Judgements’ & ‘Garnishing Wages’ – what does it all mean?
People in debt have something in common – a sense of being overwhelmed – not just by debt but by how complicated they feel resolution may be. A recent client had a fairly large amount of debt (large to them) – close to $100,000. They knew for some time that they really needed to take…
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…
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…
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:…
What Happens When You Go Bankrupt
Once you file for bankruptcy, all creditor action stops. This means that your creditors cannot continue any further legal or collection activity against you, including wage garnishments, harassing letters or telephone calls. The bankruptcy process is designed to help an honest but unfortunate debtor to get a fresh start plus you’re are able to keep assets….
A credit card company is taking me to court – Is it too late to file a consumer proposal?
SHANNON ASKED: Capital One has sent me court papers that my case is now in the courts for my credit card. Is it too late to do a consumer proposal? We have a few other credit cards as well that need to be included and have waited too long and now need help. ANSWER: It is never…
Job Loss And Debt
According to Statistics Canada, the unemployment rate in Canada in October 2015 was 7%. That percentage has increased 0.4% since October 2014. Job loss and unemployment are very common causes of financial difficulty. For most people, unemployment is temporary and at some point they will get back to work. But, unemployment can also cause people to…