Leamington
It is no secret that being in debt is no longer uncommon in today’s world. With ever increasing expenses catering to our needs and desires, even a person with a respectable income becomes debt laden. A desire which many harbor, is to own a home and consequently, a question arises in their minds – “Is … Read more
Understanding the Initial Consumer Proposal Assessment In your search for other alternatives to manage your financial situation – which doesn’t involve filing for bankruptcy – you have stumbled upon the option to file a consumer proposal. But, you still have questions, how does a consumer proposal work, what is an initial consumer proposal assessment, the … Read more
RRSPs & Bankruptcy What is an RRSP and how does being bankrupt affect your RRSP? We discuss this and more below. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation What Does RRSP Stand For? An RRSP or Registered Retirement Savings Plan is an … Read more
A debt collector is a person who works under a debt collection agency, and whose main purpose is to ensure creditors get the money they are owed from the people they lent that money to. If you have borrowed money but have fallen behind on paying your instalments, the creditor can approach a debt collection … Read more
I Owe Lots Of Money To Canada Revenue Agency Collections Owing “a lot” of money to the Canada Revenue Agency Collections office depends on your situation. For instance, a tax debt of $20,000 is insurmountable for a person who earns $40,000 a year and who also supports a family. This person may need to hire … Read more
A question that constantly lingers on your mind when a debt collection agency is pursuing you to collect the debt is – “Can a debt collection agency take me to court?” Many people think what they are in no way obliged to pay a debt collection agency. After all, they are not the original company … Read more
Filing for bankruptcy is often the last resort if you cannot pay your bills and dues. However, this option is not always the easy way out for you. Rather, there are various costs of bankruptcy, that can impact your life for years to come. So, it is advisable to understand the obligations which come from … Read more
If you have fallen behind on paying your rent, and are no longer in a position where you can pay off your rent arrears, then eviction may be a real concern. Your landlord has the legal authority to issue a notice of termination if your rent arrears have accumulated and has become a reason to … Read more
Debt consolidation is one of the most favoured strategies to tackle bad debts that have grown to insurmountable levels. Personal finance advisors and insolvency experts alike recommend this as an effective way to regain control of the debt situation in dire straits when the liabilities are increasing at an alarming pace, leaving no more room … Read more
Length of an Average Consumer Proposal A consumer proposal is the first go-to alternative, before considering filing for bankruptcy, for people dealing with debt issues in Canada. This method allows people to give one last shot at repaying their debts using a revised timeframe, approved by creditors, and thus be debt-free and maintain a good … Read more
Rebuilding Credit in Canada Many people find rebuilding their credit way tougher than building it from scratch. They can’t be blamed. This process is very long and tiresome. Rebuilding credit is not an overnight process and takes a lot more time than you would have ever anticipated. The most difficult part is changing your lifestyle, … Read more
By pursuing higher education, you’ve made a huge investment; not only in yourself but in the country as well. College and university graduates are more likely to get employed, pay taxes, and participate in community volunteer programs. In return, many students face an insurmountable load of student debt. Although the Canadian government allows a six … Read more
Ever heard of a person being denied being released from his/her bankruptcy status by Court Order? They are probably being held under “Conditional Discharge in Bankruptcy”. Want to know what this term means and what its implication are? Read on below. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt … Read more
Student debt has become a common concept across the world so if you are looking for student debt help you aren’t alone. With more students applying for higher studies, the need to fund their education has become increasingly important. While you can always fund a part of your education by taking up a part-time job … Read more
Debt Consolidation Advice Debt consolidation can be a most effective strategy to help you eliminate your debt burden. Even substantial financial liabilities can be made more manageable, brought more into control by means of simply consolidating them all into one easy to manage, more affordable one. However, before you consolidate your debts, it helps for … Read more
Solving Canadian Debt Problems Debt problems, no matter how small or big the debt is, can be overwhelming. Sometimes, a small debt can snowball into a major financial risk that might seem insurmountable. Life can seem to have become a big mess. You may dread looking at your bank statements. Planning for your next month’s … Read more
Canadian Receivership Consumers or businesses that are unable to pay back their debts and find themselves in an insolvency situation can either offer a Consumer Proposal to their creditors, or file for bankruptcy. In Canada, these procedures need to be filed with the Office of the Superintendent of Bankruptcy (OSB) by a Licensed Insolvency Trustee. … Read more
Many Canadians think that it’s impossible to get a mortgage renewed after bankruptcy. But luckily, that is not actually the case. A home mortgage is a type of secured debt, and these kinds of debts are not included when you file for bankruptcy. This means that you can keep your mortgage and continue making payments … Read more
What is a LIT (Licensed Insolvency Trustee)? A Licensed Insolvency Trustee (formerly known as a Bankruptcy Trustee) is the only type of professional who is licensed and regulated by the Office of the Superintendent of Bankruptcy (OSB) to help Canadians get out of debt. Licensed Insolvency Trustees (LITs) can help debtors file for bankruptcy or … Read more
Keeping a Leased Car During Bankruptcy What happens if you are currently leasing a car, but need to file for bankruptcy in Canada? Is there a way to keep your vehicle and continue making lease payments, even after you’ve declared bankruptcy? The answer is yes, although the specific rules vary from province to province. In … Read more
