Leamington
You have been contacted by a debt collector. What now? Here we set out 12 tips for dealing with a debt collector in order to best protect your legal rights. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation Note these tips apply to … Read more
How to Kick Debt For Good A lot of people in debt can sometimes feel lost…they’re not sure if it’s best to start paying it down or completely getting rid of it altogether. Like a lot of things in life, there isn’t one silver bullet that works perfectly for everyone. Need Help Reviewing Your Financial … Read more
If you find yourself in a situation where debt is overwhelming, there are a number of credit card debt solutions available. Like most things, there are upsides and detractions for each choice and not every option is available to each person. There are also different types of companies and services to help you with your … Read more
It seems so easy to become trapped in credit card debt with everything going on in the world these days. It also may seem even more difficult to rid yourself of that debt. If you are finding yourself in this position, here are some ideas about how you can handle paying off your credit card … Read more
There are a number of things that come into play with dealing with income tax debt. All too often it involves emergency spending and the next thing you know, there are more bills to pay than there is money. The CRA insists that any taxes due are paid directly or through some other legal alternative. … Read more
407 ETR Debts in Bankruptcy / Consumer Proposal The Background People with financial woes have two trains of thoughts in their minds usually. One – should they work on a formal Consumer Proposal or file for Bankruptcy? Two – even if they do choose either of these options, to what extent would they be granted … Read more
You may not be purchasing a property, but, a bad credit score can still ruin your dreams of renting a fabulous property. Landlords look at your credit history before shortlisting you as a prospective tenant. They are interested in your credit history because they want to know if you are at any financial risk and … Read more
Ontario Limitations Act and Old Debts The government of Ontario brought into force the Limitations Act, 2002, on 1st of January 2004. The Act has made significant changes with respect to limitation periods applicable in Ontario and differs dramatically from the previous legislation (Limitations Act, R.S.O. 1990). Limitation period establishes deadlines regarding the time frame … Read more
Selling Assets to Pay down Debt The decision to sell your assets to pay down debt is very difficult. Depending on the asset you’re thinking about selling, you might be faced with unexpected costs. Selling your home or cashing out your savings account may not be the best way to resolve your debt issues. There … Read more
What Happens When RBC Votes No to a Proposal? Consumer proposals are one of the options for Canadians facing crippling debt to avoid bankruptcy or insolvency declarations. Rise in insolvency The number of insolvency filings are increasing in Canada fueled by large debt burden and higher interest rates. As per Canada’s Office of the Superintendent … Read more
Stopping a Wage Garnishment in Canada Michael works in a manufacturing facility. His wife stays home with their three-year-old son. Michael takes home $2,175 every two weeks – that’s his take-home salary after tax cuts. Unfortunately, Michael has a couple of credit cards that he hasn’t paid. One evening, Michael’s boss calls him into his … Read more
Tax Debt Problems & The CRA For different reasons, more and more Canadians have fallen into the tax debt trap. There are multiple reasons for this including holding multiple jobs, receiving a pension from multiple sources and not making the right number of installments as a self-employed person. Before you end up getting entangled in … Read more
What is the Debt-to-Income Ratio? The debt-to-income ratio is an important ratio to ascertain creditworthiness. It is used by banks and lenders to find out if it is feasible to grant loans to a particular individual. A person with a low debt-to-income ratio (DTI) is an ideal client for banks and lenders. Governments, too, keep … Read more
What is the Bankruptcy Assistance Program? Bankruptcy is a legal process that frees you from all your debts (with few exceptions, such as child support, spouse support, and court fines). It is considered a last resort when dealing with debts. It offers you honest but unfortunate protection you’re your creditors and a ‘discharge’ of all … Read more
How Does Bankruptcy Impact Unsecured and Secured Debts? When an individual or business is going through the bankruptcy process, it’s important to note that their bank, debt advisor and licenced insolvency trustee will treat their secured and unsecured debts differently. Remember, a bankruptcy discharge eliminates debts, however, this doesn’t mean it eliminates liens. When it comes to Canadian … Read more
Paying Off Credit Card Debt Credit cards are an extremely popular finance choice and feature in nearly everyone’s debt makeup. Often, people acquire credit card facilities under the assumption they are receiving great deals, such as ‘interest free’ credit, or rewards points, but a failure to continually pay off your credit card debt can lead … Read more
Drowning in Debt That sinking feeling you get when you’re drowning in debt does not discriminate, it affects everyone. The important thing to remember is, you aren’t alone – we are here to help you figure out the best way to get your finances back on track. If you’re in a situation where we can’t … Read more
Foreclosure or Bankruptcy on Mortgage Debt? When it comes to Foreclosure and Mortgage Bankruptcy, there are some key differences one should be aware of. These differences include the process, timeline and most importantly, the ramifications. To learn more, please continue reading. Foreclosure What is it? When you can’t pay your mortgage, your lender may commence … Read more
Interest Charges in Ontario When you set out to borrow money, you need to consider the interest rate that will be charged. Since you are working with someone else’s money, they have the right to charge you an amount for the privilege. The higher the risk, they greater the amount the lender will charge. Different … Read more
Insolvency vs Bankruptcy Many people use the words ‘insolvency’ and ‘bankruptcy’ interchangeably when talking about a person or business that can no longer meet their debt obligations. While both terms pertain to serious debt challenges, they are actually two different conditions, which we’ll review in detail below. What Is Insolvency? To file for bankruptcy in … Read more
