Rising mortgage rates are top of mind for many Canadians in 2018, and if you’re already in debt, increasing interest rates can be particularly worrisome. Since July of 2017, the Bank of Canada has increased Canadian interest rates from 0.5% to 1.25%. While this is still a relatively low interest rate in historical terms, the
A common fear about using Bankruptcy services is the effect it will have on your job. If this fear is holding you back from taking action, rest assured: there is no notification sent to your employer (except to terminate existing garnishments being deducted from your wages, if applicable), and therefore, in most cases your boss
When it comes to resolving personal debt, Bankruptcy is not usually the preferred option, but at times, it may be the most prudent. It offers relief from unmanageable debt that may have been growing for years, allowing you a chance to wipe the slate clean and start fresh.
When it comes to pursuing outstanding debt, creditors are given a small amount of leeway. Unfortunately, not all collection companies respect the limitations, and some like to push the boundaries in an attempt to apply additional pressure to their debtors.
There are many reasons why a Consumer Proposal is a preferable alternative to Bankruptcy. One key distinction between the two options that we often get asked to elaborate upon is the different payment methods: Bankruptcy payments may vary, while a Consumer Proposal has fixed payments. This has the great advantage of certainty.
There are a number of reasons why people find themselves in debt, including unexpected job loss, health problems, marital breakdown, income tax, and financial mismanagement, to name a few. In a previous post, we discussed debt related to job loss. In this blog post, we will explore divorce in greater detail: what to do if
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 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