Leamington
Gordon Sands Avoiding Bankruptcy: How to Sidestep Bankruptcy in Canada Financial hurdles can be daunting for any individual. In times of economic difficulty, it’s easy to fall into the trap of excessive borrowing and debt. While credit can be a useful tool when used responsibly, it can quickly spiral out of control, leading to dire financial situations … Read more
Shattering the Cycle of Debt: A Comprehensive Guide In an era of escalating interest rates and inflation, more people are finding it increasingly challenging to lessen their financial liabilities. If you’re persistently making payments towards your debt, but your balances remain the same or are growing, you could be trapped in a vicious debt cycle. … Read more
The financial turbulence experienced by Canadians due to the pandemic has brought numerous challenges, especially for those involved in the gig economy. Albeit, the government provides self-employed Canadians with EI (Employment Insurance) benefits, the unpredictability and economic downturn still make it hard for many gig workers to stay afloat. Before the pandemic, gig workers already … Read more
How Many Times Can I Go Bankrupt? Are you contemplating bankruptcy for the second time or more? Are you concerned about the ramifications of multiple filings? This guide will address all your queries about how many times an individual can file bankruptcy. Bankruptcy, a legal process that provides relief to individuals or businesses that can’t … Read more
Is it Possible to Declare Bankruptcy More Than Once? There are moments in life when financial hardship reaches a point of no return, causing individuals to consider bankruptcy as a viable option to reset their financial health. In Canada, such a decision is rarely made lightly, and is considered a last resort. Yet, there are … Read more
Repeat Consumer Debt Proposal Filings and The Implications When dealing with substantial debt, many Canadians turn to a legal agreement known as a consumer proposal. It’s an excellent method for reducing your debt by up to 80%. This negotiation, facilitated by a Licensed Insolvency Trustee, can be a lifeline for many, but the question persists: … Read more
Understanding the Debt Threshold for Bankruptcy A Glimpse into Bankruptcy Legislation and Related Statistics The federal legislation that administers the process of bankruptcy in Canada, the Bankruptcy & Insolvency Act, states that the minimum debt required to file for bankruptcy is $1,000. Interestingly, the number of individuals with a debt of $1,000 resorting to bankruptcy … Read more
Understanding the Norms of Debt In the contemporary economic landscape, incurring some level of debt is an almost inevitable part of life. Whether it’s credit card debt, mortgages, student loans, or car payments, most individuals find themselves navigating through some form of financial obligation. But when does this debt transgress from being a normal part … Read more
Understanding the prerequisites for different debt solutions in Canada, such as debt settlement, debt consolidation, bankruptcy, and consumer proposal, is crucial. This article focuses on demystifying the amount of debt necessary to qualify for a consumer proposal and other debt solutions. Consumer Proposal: An Overview A consumer proposal falls between debt settlement and bankruptcy in … Read more
The High Price of Low Financial Acumen: Tips and Tricks to Improve Your Money Skills Financial literacy is a crucial life skill that many of us unfortunately overlook. Without the proper understanding of financial management, we may unwittingly fall into a series of financial traps that can potentially lead to an economic downfall. Let’s explore … Read more
Bankruptcy is a legal process that provides relief to individuals or businesses that are unable to pay their debts. But, how long does bankruptcy stay on credit report in Canada? In this guide, we aim to answer this question in detail, shedding light on the influence of bankruptcy on credit reports, the duration of its … Read more
Understanding the Timeline of a Consumer Proposal Completion The duration for the completion of a consumer proposal can be influenced by various elements, particularly revolving around the volume of your unsecured debt and your payment capacity. The Maximum Limit Firstly, it’s crucial to remember that the timeline for a consumer proposal cannot surpass five years. … Read more
Rebuilding Credit Worthiness Credit is a significant factor that financial entities use to evaluate a prospective borrower’s reliability. Financial institutions, such as banks and lenders, give credit based on the perceived trustworthiness of the lender. This trustworthiness is gauged using a numerical representation known as a credit score. A high credit score signifies a positive … Read more
Determining the Ideal Number of Credit Cards to Possess In the current era, the question, “How Many Credit Cards Should I Have?” is one that echoes through the corridors of personal finance. With a wide variety of credit cards available in the marketplace, the dilemma of how many to own can be daunting. However, this … Read more
When Will Debt Collectors Come To Repossess My Car? Are you feeling overwhelmed by your car payments, perhaps even falling behind on them, and fear that your vehicle may be repossessed? Don’t fret, you’re not alone. Many people experience this worry, and it’s crucial to understand what steps you can take to prevent it from … Read more
Understanding Debt Collection: What Happens When You Miss Multiple Payments? In those challenging months where your finances are spread thin, you may find yourself pondering, “How many payments can I miss before debt collectors come calling?” In the face of mounting credit card bills and various loans, managing your debt payments can be overwhelming. But … Read more
Understanding a Consumer Proposal and Its Impact on Mortgage Acquisition A consumer proposal serves as a legal approach to debt relief for numerous Canadians. It is rapidly becoming a popular alternative to bankruptcy. Consumer proposals can shrink your total unsecured debt by as much as 80%, and condense your repayments into a single manageable monthly … Read more
Getting a Mortgage Post-Bankruptcy in Canada: A Comprehensive Guide “Bankruptcy is not the end of your financial journey. It is a fresh start.” One of the most prevailing myths about bankruptcy is that it permanently disqualifies you from securing a mortgage. However, the reality is quite different. In fact, it’s possible to secure a mortgage … Read more
Is There a Statute of Limitations on How Long a Collection Agency Can Attempt to Collect a Debt? For Canadians grappling with debt, the question often arises: How long can a collection agency collect on a debt in Canada? The answer to this question is multifaceted, contingent on several factors, and requires a comprehensive understanding … Read more
Understanding Debt Collection in Canada: A Comprehensive Guide Dealing with debt can be a source of significant stress, particularly when collection agencies are involved. If you’re in Canada and grappling with this issue, you might be wondering, “How long can debt collectors try to collect in Canada?” We delve into this question and explore the … Read more
