Owning your first home is an exciting milestone, but for many people, it may seem like a hopeless or impossible dream. If you want to purchase a home in the next few years, but currently find yourself in debt, a Licensed Insolvency Trustee (LIT) can help.
In a perfect world, all of your personal debts (including mortgages, credit cards, car payments, personal loans, lines of credit, etc.) would be fully paid off before you retire. This is generally considered ‘best practice’ because upon retirement, we rely on subsidized income (such as retirement savings, workplace pensions, RRSPs, CPP) for our living expenses.
Although filing for personal Bankruptcy can seem scary, it’s important to remember two things: First, Bankruptcy isn’t the only option when you’re struggling with debt. You may have other alternatives that your Licensed Insolvency Trustee can explore with you, such as debt consolidation, credit counselling, or Consumer Proposals. Second, Bankruptcy isn’t a punishment—it’s a solution,
The Bank of Canada has raised their interest rates for the second time this year, and while economists assure us that this is a sign of faith in the stability and growth of our economy, the increased rates will impact the costs of debt for residents of Toronto and Hamilton, as well as every household across
The decision to file for Personal Bankruptcy is never made lightly. For some people in serious financial distress, it is the most effective course of action to eliminate debt once and for all. Once you have decided – in consultation with a Licensed Insolvency Trustee – to file for Bankruptcy and get started on the
There are a number of reasons why people may find themselves in debt and filing for personal Bankruptcy in Toronto, including an unexpected job loss, health problems resulting in medical bills or lost wages, marital breakdown and the cost of starting over, unpaid income tax, and financial mismanagement to name a few. In this blog
Personal Bankruptcy is typically a final course of action for an individual in great financial distress. Together with your Licensed Insolvency Trustee (LIT), you will review your unique personal situation. If your debt cannot be resolved through other options like credit counselling, debt consolidation, or a Consumer Proposal, your LIT may recommend Bankruptcy. It is
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If you or a loved one are struggling with debt, just remember that there is a way out. There are many options available that can help you regain control and put an end to your financial struggles. When you are looking to reduce personal debt, your first plan of action should be to seek help