Leamington
Gordon Sands Having a good credit score means you can borrow at favourable rates. However, it goes deeper than that. If you do not have a good credit score you will not be able to get a credit card. You need a credit card, in order to rent a car, even if you are going to pay … Read more
It happens that people at times get behind in paying their debts. This is often just temporary. For example, a person can lose a job but then in about a month get a new job at the same or better salary. Creditors are quick to follow up when debts are not paid on time. They … Read more
In this article we consider the various remedies that a creditor has to recover monies owed or to collect on its debt to answer the question “How Do Creditors Collect Debt?” The action a creditor can take to recover the monies owed to him or her for goods or services supplied or for the default … Read more
What is Jingle Mail? This name arose in Alberta in the 1980’s when mortgage holders started to mail their home keys to the banks. The envelopes would jingle. Alberta and Saskatchewan are the only Canadian province where non-recourse residential mortgages are commonly available. A non-recourse mortgage is one where the mortgage holder is not responsible for … Read more
Insolvency means that you are in the state of being insolvent which means you have the inability to pay your debts as they become due and you must also owe at least $1,000 to your creditors. When you go insolvent you are either going to declare bankruptcy or make a consumer proposal to your creditors; … Read more
How Bankruptcy Canada Can Provide Filing Bankruptcy Help (or Help With a Consumer Proposal) We are the largest network of Licensed Insolvency Trustees (a bankruptcy trustee) with 426 trustee offices in every province and territory in Canada. Each of Bankruptcy Canada’s trustees offers a free, no obligation consultation so you can get the answers to your … Read more
Can One Spouse File Bankruptcy? Your spouse, whether common law or married will not be affected by your bankruptcy if he or she is not responsible for any of your debt (did not sign an agreement or contract for any of your debt). Whether your creditors will go after your spouse when you declare personal … Read more
In order to file for bankruptcy in Canada you need to use the services of a Licensed Insolvency Trustee (LIT) who is the only debt relief expert who can help you with filing bankruptcy and is the only professional who can answer the question “Where to File For Bankruptcy.” Need Help Reviewing Your Financial Situation? … Read more
The objective of the Financial Literacy Project is to provide resources to help Canadians become more financially literate. The Government is committed to working with stakeholders to develop a national strategy for financial literacy that takes into consideration ways to meet the needs of Canadians at different stages of their lives. The Government launched phase one … Read more
In many, but not all, instances consumers who are struggling with debt problems can improve their situation by taking advantage of limitation periods. A limitation period is a law that requires a creditor to sue a consumer within a certain period of time, otherwise it might be difficult for a creditor to recover any monies … Read more
Collection Agencies – Information and Advice If you owe money to a creditor and have stopped making your payments then debt collectors and collection agencies might start calling you to recover the money owed. Tips for Dealing With Collections: • If possible, your best course of action would be paying the amount you owe; • … Read more
If you have a debt that you owe that you have stopped making payments to your creditor on then your creditor may hire a debt collector to attempt to collect on the money that you owe to your creditor(s). What Debt Collector Will Contact Me? If the creditor to whom you owe money has a … Read more
How Can I Reduce Debt? There are many basic tips and tricks that you can follow that can help reduce your debt, reduce your spending and save for a rainy day. Learning how to budget and manage your finances through reducing your debt can help you get out of, and stay out of debt. Need … Read more
Using CCAA to save a business The CCAA is the Companies’ Creditors Arrangement Act which is a federal law that governs insolvent businesses that have debts in excess of $5 million. When a corporation restructures their business under the CCAA they will receive short term protection from their creditors to give the business a chance … Read more
The Federal Government and the Provinces have limitation acts which provide a limit on the time an unsecured debt survives. Speak to a bankruptcy trustee about your unsecured debts and the statute of limitations. If an unsecured debt is not collected or payments are not made on the unsecured debt then after a certain time … Read more
How to File a Complaint You have a right to basic banking services. If your bank cancels or refuses to open a bank account for you because you have been or are in bankruptcy they are breaking the laws of the land. The law is set out in Sections 3, 4 and 5 of the … Read more
One purpose of the Bankruptcy and Insolvency Act (“the Act”) is to provide for the fair and timely distribution of the belongings of a bankrupt not protected by the exemptions to his or her creditors. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation … Read more
A Short History of Consumer Bankruptcies in Canada – During the period from 1958 to 1971 the Canadian personal bankruptcy filing frequency was fairly consistent and at an extremely low level for a modern country with an industrial society. As an example, Canada had six (6) bankruptcies per 100,000 population in 1968, while by contrast, … Read more
How to Save an Insolvent Company Save an insolvent company: Jack Taylor was driving into town early one morning to keep an appointment he and his CPA, Marjorie Soo, had with the Licensed Insolvency Trustee. He dreaded the meeting. The last six months had been the worst in his working life. Not only was his business on … Read more
Many Canadians are juggling different debt payment obligations and it can often become a struggle for many. Sometimes keeping your head above water can be a real challenge, and if this is the case for you, you might be considering how does debt consolidation work? Consolidating your debts is one way for Canadians struggling with … Read more
