Leamington
Navigating the Complexities of a Deceased Bankrupt’s Debts The loss of a loved one can be an emotionally taxing ordeal, and dealing with their financial liabilities, especially if they had filed for bankruptcy, can add to the confusion and distress. This article aims to demystify the process of Dealing With Debts Of A Deceased Bankrupt, … Read more
Navigating Personal Income Taxes and Interactions with the CRA Canadian citizens often find themselves at a crossroads when it comes to comprehending the national tax system and their relationship with the Canada Revenue Agency (CRA). Unfortunately, this lack of clarity often leads to tax returns not being filed on time and tax debts not being … Read more
What Are The Consequences of Loan Deferrals When the Deferral Period Ends? The COVID-19 pandemic has posed significant financial challenges to many Canadians, leading to a substantial number of people opting for loan deferment. However, while loan deferment may provide short-term relief, it’s critical to understand the potential long-term implications on your finances. Let’s delve … Read more
Navigating Credit Card Debt: Prior to, During, and Following Bankruptcy As a Licensed Insolvency Trustee, aiding individuals and businesses in achieving financial stability is a daily affair. Quite often, the management of credit card debts becomes the focal point of concern. This article aims to guide individuals on the effective management and potential forgiveness of … Read more
Understanding Credit Cards With Zero Balances in a Bankruptcy or Consumer Proposal Credit Cards with Zero Balances are an essential topic to explore, especially for individuals navigating through financial challenges. This post aims at offering an in-depth understanding of this concept and providing practical insights on how to manage these cards. Definition of Credit Cards … Read more
Is Credit Counselling or a Consumer Proposal The Better Debt Relief Solution? As we navigate through life, managing finances can often become a challenging task. According to Statistics Canada, a significant 69.8% of Canadians are grappling with debt, with each household owing approximately $79,000. If you find yourself in such a predicament, it’s crucial to … Read more
How to Repair Credit & Get Approved For a Credit Card After Bankruptcy Bankruptcy is often seen as the end of financial freedom. However, it should be considered as a fresh start, an opportunity to rebuild your credit profile. One of the crucial steps in this process is obtaining a credit card, particularly a “secured … Read more
Understanding Your Credit Report After a Bankruptcy or Consumer Proposal Financial difficulties can lead to extreme measures such as filing for bankruptcy or a consumer proposal. The aftermath, however, might leave one wondering about the impact on their credit report. Here’s an in-depth look into your credit report after a bankruptcy or consumer proposal. Why … Read more
Nearing the end of the month, many of us have received phone calls or emails from various financial firms promoting credit repair loans or so-called ‘savings’ loans. The question that pops up in everyone’s mind is, “Are these Credit Repair Loan or ‘Savings’ Loans worth it?” Understanding the Offerings These companies, from the outset, seem … Read more
Comparing Consumer Proposal and Debt Management Plan For The Best Protection From Creditor Harassment It’s a common scenario for individuals to seek advice from us at Bankruptcy Canada to explore options to manage their financial obligations. The trigger to reach out often stems from creditor actions like relentless collection calls, wage garnishments, or an impending … Read more
Handling Debt Letters from the CRA: A Comprehensive Guide If you’ve been on the receiving end of debt letters from the Canada Revenue Agency (CRA), you know the fear and anxiety they can invoke. This guide will help you understand why you’re getting these letters and what you can do about them. Introduction It’s common … Read more
Understanding CRA Super Priority and Implications for Mortgage Lenders As a mortgage lender, you’re no stranger to the concepts of risk and trust. But when it comes to lending to a self-employed individual, a new layer of complexity is added to the mix: the CRA Super Priority. This term refers to the legal stipulation that … Read more
There is CRA Taxpayer Debt Relief: Do You Qualify For The Program? In the realm of tax obligations, the Canada Revenue Agency (CRA) holds a significant role. Nonetheless, there are instances when taxpayers, due to unforeseen events or circumstances beyond their control, find it challenging to fulfill their tax duties on time. The CRA Taxpayer … Read more
Understanding Credit Card Cash Advances: A Comprehensive Guide In today’s world, a myriad of credit instruments are at our disposal. Among them, one stands out due to its convenience and immediate availability – the Credit Card Cash Advance. However, it is crucial to comprehend how it functions and when it is prudent to utilize it. … Read more
Introduction on Consolidating Credit Card Debt Are you juggling multiple credit card payments and feeling overwhelmed by the debt? Credit Card Consolidation could be the solution you need. In simple terms, it’s a process where you combine multiple credit card debts into a single payment, making it easier to manage your finances and possibly saving … Read more
Getting Approved For a Credit Card After Bankruptcy After going through bankruptcy or a consumer proposal, it’s entirely normal to consider applying for a new credit card. After all, a credit card could be a useful tool in rebuilding your credit score and providing a certain level of financial flexibility. However, you must approach this … Read more
Getting Relief From Credit Card Debt With the mean non-mortgage debt in Canada standing at a staggering $31,531, the issue of credit card debt is a significant concern for numerous Canadians. This article outlines the various strategies available for achieving credit card debt relief, along with their advantages and disadvantages. The Growing Problem Credit card … Read more
Managing Credit Card Debt When Unemployment Strikes No job and a towering stack of credit card debt to deal with? This unfortunate circumstance can be daunting, but there are strategies to handle this predicament. Job loss, an unwelcome reality, often catches people off guard. The situation becomes even more challenging when you’re saddled with debt … Read more
How to Handle Debt Collection Letters & Calls: A Comprehensive Guide When you’re dealing with debt collection letters or calls, it’s easy to feel overwhelmed and unsure of how to proceed. The key is to stay calm, be informed, and take strategic steps to navigate the situation. This guide will provide a step-by-step process to … Read more
The Interplay of Consumer Proposals, Bankruptcy, and RECO: A Comprehensive Guide for Realtors The Real Estate Council of Ontario (RECO) is a regulatory body that oversees real estate professionals in Ontario. Its mission is to ensure that real estate agents operate within the confines of the Real Estate and Business Brokers Act (the “Act”). Although … Read more
