Leamington
Gordon Sands A consumer proposal is an offer to your creditors that you propose. The offer is the amount of debt that you can afford to repay without putting too much pressure on your personal situation. Since this is an offer it can either be rejected or accepted by the creditors. Assuming it is accepted the amount … Read more
Bankruptcy Records In Canada: Are They Public? Filing for bankruptcy is always going to be a difficult decision. It will impact various aspects of your life, including your ability to borrow from lenders in the future. A crucial consideration is who will know that you have filed in the past and who can access these … Read more
Making a Debt Management Plan Work Are you thinking about using a debt management plan to gain relief from the money that you owe? This guide will help you understand whether the strategy will work in your favor. A Debt Management Plan or DMP is completely voluntary. To get started, you need to use a … Read more
During a marriage, many people share the use of their credit cards. This can lead to confusion over who is accountable for missed payments once the marriage ends. Particularly, if your ex-partner already agreed to pay off the debt already accumulated. So, who is responsible? Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee … Read more
Stopping Canada Revenue Agency Collections With an Automatic Stay of Proceedings Consumer proposals and filing for bankruptcy are two of the most common forms of debt relief. When you take either of these steps, under federal law, it creates an automatic “stay of proceedings.” What does this mean? Essentially, the individuals and businesses that you … Read more
RBC as a Creditor in a Consumer Proposal A consumer proposal is an offer to your creditors for how much debt you can afford to pay back. If creditors agree, you can reduce your level of debt dramatically, although this will impact your credit rating. However, since the proposal is an offer, creditors can either … Read more
Getting married should be the happiest day of your life. However, the big day is accompanied by a big expense and, if you’re not careful, it could lead to long-term financial problems. Frankly, that’s the last thing any newlywed couple needs as they embark on the exciting new chapter. Need Help Reviewing Your Financial Situation? … Read more
Credit Rebuilding After Bankruptcy Filing for bankruptcy in Canada is a drastic measure, but it enables you to start afresh without the burden of your past debts. However, if this moment is to signal the beginning of a brighter financial future, you will need to put the right after bankruptcy care plan in place. Credit … Read more
If you’re faced with significant financial difficulties and have spent any amount of time researching debt relief options, Debt Management Programs (DMPs) will have surfaced as one of the best alternatives to filing for bankruptcy. Before entering any DMP scheme, however, it’s crucial to analyze whether it’s right for you. The financial implications should naturally … Read more
Statistics show that over 125,000 (1) Canadians file for bankruptcy each year. Furthermore, it will be a very attractive prospect for anyone that is faced with significant debt while thousands will find that it is the best way to draw a line under their past mistakes and start again from the bottom. Nonetheless, declaring bankruptcy … Read more
Late Tax Returns & Bankruptcy in Canada Filing for personal bankruptcy in Canada isn’t a straightforward process in which you have unsecured debts discharged from your record. It is a significant legal procedure that impacts your financial status and prospect for several years. Consequently, you will need to satisfy several requirements before entering the bankruptcy … Read more
Surplus Income FAQs Have you ever had a burning question about surplus income and how it works? This post will help you find out everything you need to know about this often tricky and confusing subject. What Is Surplus Income? If you file for bankruptcy, you must make contributions to your past debts from your … Read more
Watch Out For These Signs You Are Heading for Bankruptcy Every year, thousands of people across Canada file for bankruptcy. Rarely, though, does it happen randomly. You can almost always see it coming. So what are the signs? How do you know for sure that you’re heading for a bankruptcy filing? Need Help Reviewing Your … Read more
Watch Out For These Signs You’re Heading Towards Being Broke Some people who lose all their money are just unfortunate. Life deals them a bad hand, and that’s the end of the matter. Most, though, fritter away their wealth by making basic errors and financial mistakes. Here are the top five culprits. Need Help Reviewing … Read more
What You Don’t Know About Bankruptcy Laws Could Hurt You If you’re investigating bankruptcy in BC, you will naturally have questions about how the process works. After all, filing is a significant financial decision. Unfortunately, there’s a lot of misinformation out there about bankruptcy. People associate the process with stigma instead of seeing it as … Read more
Filing Taxes When Going Bankrupt When you go through bankruptcy, your primary concern is to stop debt collectors harassing you with phone calls and letters. The matter of filing taxes for the year, however, doesn’t automatically go away. You still have to report to the CRA (Canada Revenue Agency). But how does it work in … Read more
Can Creditors Seize My Car, Furniture or Other Assets? If you owe creditors money, it is only natural to ask whether they can force you to pay it back. In short, they can, and they will unless you find some other way to deal with the debt. Need Help Reviewing Your Financial Situation? Contact a … Read more
CRA Penalties: What Tax Penalties Could I Face? CRA, or the Canada Revenue Agency, imposes penalties on individuals and businesses who do not adhere to the tax filing and payment rules. Where possible, you would like to avoid having to pay these. If, however, you have tax debt problems, it is also helpful to know … Read more
Consolidating Debt With a Line of Credit If you owe a lot of money to a bunch of different people, it can be stressful, especially if you make late payments. Each creditor wants to know when you will repay them, and so they all correspond with you independently. Thus, you continually have to juggle letters, … Read more
Is a Consumer Proposal or Bankruptcy “The Easy Way Out”? If creditors are chasing you for money you don’t have, it can be stressful. Fortunately, there are two legal mechanisms that you can use to free yourself from endless phone calls, letters and threats of legal action: bankruptcy and consumer proposals. Both these facilities provide … Read more
