Dealing with a debt collection agency is one of the hardest things you can do as someone in debt. You are already struggling with debt – which is painful enough. The next thing you know you are getting harassing calls that prevent you from sleeping at night. The problem with the current blog posts on […]
Bankruptcy Specialist: Choose Wisely
It is hard enough navigating the traditional banking system let alone bankruptcy. RRSPs, RESPs, TFSAs, Whole Life, Universal Life, Term Life, Seg Funds, Non-Registered, Registered accounts. It all becomes extremely confusing. When you talk about bankruptcy you have equally complex terms like exempt assets, non-discretionary expenses, hypothetical bankruptcy value, proven claims, dividends, etc. Although these […]
Debt Relief Steps You Can’t Take On Your Own
And some you can! If you’re swimming in debt, you’re hardly alone. According to a report published by CBC Canada early this year, the average Canadian citizen spends approximately $1.77 in debt for every dollar of disposable income received. While this is a slight decrease, it’s still no reason to smile as a majority of Canadian […]
Bankruptcy in Nova Scotia – How To File
The process of filing for bankruptcy in Nova Scotia is no different than filing for bankruptcy in any province. If you owe at least $1,000 and are insolvent (generally defined as either having more debt than assets and/or as not being able to pay your bills as they are due) you can file bankruptcy. To […]
Filing Bankruptcy Yourself – Is it even possible?
The question of filing bankruptcy yourself or whether filing bankruptcy yourself is even possible is a question we receive from time to time. Bankruptcy is governed by the Bankruptcy and Insolvency Act which stipulates that bankruptcy must be filed through a Licensed Insolvency Trustee. Without a Licensed Insolvency Trustee you cannot file a bankruptcy. Does […]
Consumer Proposal vs Bankruptcy: A Detailed Comparison
When we assist clients in reviewing their debt consolidation options we can often tell that our clients wonder whether or not they should file bankruptcy vs consumer proposal or if other options are more viable and should be considered. We try to make this as easy as possible by visually showing them the difference in […]
How does a consumer proposal affect credit?
I wrote in my article about whether a consumer proposal can be rejected that the most frequently asked question I receive is in relation to if a proposal can be accepted. The second most frequently asked question by far is how does a consumer proposal affect credit? There is a lot to this question but […]
Credit Counselling
Credit Counselling is a form of debt consolidation. It is a very specific form of consolidation that is done by engaging the services of either a for-profit or non-profit credit counselling firm. So how does credit counselling typically work? Credit counselling typically works by signing on with a for-profit or non-profit credit counselling firm who […]
Help With CRA Debt – Your Options
Do you require help with CRA debt? You are not alone. Many of our clients suffer from overwhelming and stressful CRA debt. Unlike other creditors, CRA is not always willing to cooperate with consumer debtors and they often do not know how to engage CRA in an efficient manner. They often want any outstanding debt […]