Leamington
Bankruptcy might seem like a dirty word but, for many Canadians, it can be the best-case scenario. After all, unlike debt solutions with high interest and ongoing terms, bankruptcy is a fresh financial start. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation It … Read more
A survey conducted on behalf of insolvency firm MNP last year revealed that as many as 47% of Canadians foresee issues covering basic living expenses due to debt this year. Unless, of course, they take on more debt to see themselves through. This snowball effect has primarily come to the fore since announcements of upcoming … Read more
Who’s Responsible to Pay Joint Credit Card Debt After Separation or Divorce? Getting divorced can affect your finances and require the legal separation of capital and assets. Consequently, it’s not uncommon for couples in the process of getting separated to question their legal responsibility when it comes to debts. The debt accrued by one spouse … Read more
o doubt that being organized with money and finances can make a difference. The short answer to whether money organization really matters is yes. However, getting organized with your finances is a vast topic that covers more than paying your bills when they are due and making an income. Indeed, without proper organization, you can’t … Read more
Dealing with debts can be an overwhelming situation. It can be challenging for many debtors to make sense of the different options available without professional knowledge. Additionally, the stress of facing creditors’ actions can force you to make a decision that would put your assets and financial future at risk. But getting impartial debt advice … Read more
Licensed Insolvency Trustees, formerly known as trustees in bankruptcy, are people who are professionally licensed and regulated by the Office of the Superintendent of Bankruptcy Canada. This license allows them to provide a valuable service to people in Canada. By law, people who are filing for bankruptcy must work with a Licensed Insolvency Trustee. Trustees … Read more
Sometimes, the only option you have is to file for bankruptcy and clear unsecured debts. While it may not be ideal, it is an excellent way to wipe the slate clean and offer breathing space. Thankfully, it’s also an easy process that’s relatively quick and straightforward to understand. Need Help Reviewing Your Financial Situation? Contact … Read more
Debt isn’t necessarily about the amount – it’s about your ability to pay. Whether it’s the Canadian average or $70,000 or lower, your financial future will be unstable if you can’t afford to pay. With that in mind, it’s essential to spot the signs before they escalate out of control. Need Help Reviewing Your Financial … Read more
Student loan debt doesn’t discriminate. Federal student loan debt is as high as $18 million, and the average person leaves college with arrears of $20,000 to $30,000. If you think this won’t happen to you because you will do things’ properly,’ you could be mistaken. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee … Read more
How much do you know about your credit rating? It pays to know because it can make all the difference to you when you’re applying for new sources of credit or when you’re applying for a mortgage. If you have a good credit rating, the lender will look upon you favorably. If you have a … Read more
Many of us own at least one credit card. In fact, according to statistics, the average Canadian owns at least two. But while there are advantages to owning credit cards – we can build up our credit rating and earn points for travel, etc. – there are also dangers attached to them. In some cases, … Read more
If you’re reading this article, the chances are you’ve been struggling with debt for a while. That can be a lonely place. It’s easy for things to get out of control. Your stresses can stack up just as quickly as your creditors – but you do have some options available. Bankruptcy … Read more
Your credit report is a statement of information about your credit history. It lists your current credit accounts, shows how you have handled your credit in the past, and it gives lenders the opportunity to assess the level of risk attached to you when you apply to them for credit. While your credit report is … Read more
Most of the time, when it happens to you, you’re stunned and then become motivated to find an answer before any more financial damage occurs. There’s almost no one who can afford to have their wages garnished. Once it happens to you and the legal garnishment process commences, it may take forever to get your … Read more
The term ‘collection agency’ is perhaps something that no Canadian in debt wants to hear. This is because turning debt over to an agency is perhaps the worst-case scenario. But before getting into collection agencies, let’s try and understand who can legally handle debt related issues in Canada. Only first-party lenders, lawyers, authorized collection agencies … Read more
As soon as the calendar turns to April, financial anxiety in people also starts to roar. April is the time to do your taxes which is not a very scary or complicated thing. But the procedure can differ for people who may have defaulted on taxes the previous year, or for those who may not … Read more
Are you bogged down with multiple bills that are long overdue? Have no clear answer to how you will be able to pay them amid other new and existing recurring expenses? It may just be time for you to consider consolidating all your debt. Debt consolidation generally means collecting all your bills and loans into … Read more
This is a process that releases the bankrupt person from the debts they owed at the time the bankruptcy claim was filed. After the absolute discharge, the person is not bankrupt and they also don’t have outstanding dues. The only debts that this person may have are: – Court fines and penalties; – Child or spousal support … Read more
Bankruptcy records in Canada are public records, meaning they can be accessed by the public. When an individual or business declares bankruptcy, a record is created and maintained by the OSB – Office of the Superintendent of Bankruptcy Canada. Bankruptcy is a legal method that frees honest debtors from the burden of their debts, provided … Read more
What happens to my debt when I go bankrupt in Canada? Declaring bankruptcy essentially implies that you are legally informing the authorities that you are no longer in a position to repay your existing loans. However, this does not always mean that your debt will be discharged. Discharging of debt involves relieving you of your … Read more
