Tax time and your tax debt

It’s tax time again and you’re dreading filing your tax return because you still owe taxes from last year. On top of that, your debts continue to increase and it’s getting harder to make ends meet. You’ve considered bankruptcy but are unsure if it will clear your tax debt. Similar to your other debts, taxes are generally dischargeable debts.  That means the tax debt [...]

Tax time and your tax debt 2017-12-05T20:01:45+00:00

Should I borrow from family or friends to pay my debts?

Overwhelming debt creates enormous stress in a household. Collection agencies may be continually harassing you by repeatedly calling your home and place of work. You may be using one credit card to pay the minimum of another card. Perhaps payday loans are just getting you deeper in debt. Where do you turn? You may be considering asking a family member for a loan. Before [...]

Should I borrow from family or friends to pay my debts? 2017-12-05T20:01:56+00:00

Beware of payday loans

It seems like a quick, easy fix. You’ve found yourself short of cash until your next paycheque, so why not get a payday loan to carry you over?  These loans provide short-term funds or payday advances in small amounts. Typically, this type of loan is $1,500 or less for a maximum term of 62 days.   Money is advanced in exchange for a post-dated cheque [...]

Beware of payday loans 2017-12-05T20:02:09+00:00

Stopping a Wage Garnishment

It can be embarrassing to hear from your employer that your wages have been garnisheed. Nobody wants their employer to know their personal business, especially if you are having financial problems. A wage garnishment could also have a devastating effect on your current household budget, making it more difficult to make ends meet. A garnishment order means that one of your creditors has taken [...]

Stopping a Wage Garnishment 2017-12-05T20:02:17+00:00

Your credit bureau reports

When applying for any type of credit, the lender will request a copy of your credit bureau report. This gives them a picture of how you pay your outstanding debts. The two major credit reporting agencies in Canada are Equifax Canada and Trans Union of Canada. Both these agencies obtain their information directly from the institutions that you owe. As you can probably guess, [...]

Your credit bureau reports 2017-12-05T20:02:34+00:00

Bankruptcy and your spouse

We often get asked – what happens to my spouse if I file for bankruptcy?  Marital status and debt are two separate issues. However, one can have an impact on the other.  If you are considering filing for bankruptcy, your spouse or common-law partner is not responsible for your debt unless the debt is registered in both names, or they guaranteed/co-signed your debt. By [...]

Bankruptcy and your spouse 2017-12-05T20:02:41+00:00

What happens to my student loan in a bankruptcy?

This is a common question with a relatively simple answer. If you have been out of school for more than seven years, then the student loan debt will be discharged in your bankruptcy. As an illustration; if you graduated from school in June 2006, then a bankruptcy filed after July 2013 will discharge the student loan debt. During those seven years, if you returned [...]

What happens to my student loan in a bankruptcy? 2017-12-05T20:02:49+00:00

Is there life after bankruptcy?

Filing for bankruptcy is not a life sentence –you will have your financial life back once the bankruptcy is discharged if you develop a new strategy for dealing with debt. The decision to file can be difficult and emotional since you are likely feeling embarrassed and disappointed in yourself. However, there may be a number of contributing factors such as job loss, divorce, or [...]

Is there life after bankruptcy? 2017-12-05T20:02:56+00:00

Will I lose my house in a bankruptcy?

As stressful as the decision to file bankruptcy is, it’s even more so if you own a home. Consumers who are having trouble meeting their monthly financial obligations may also start missing mortgage payments and then worry about losing their home.  The advice they keep getting is to NOT file for bankruptcy because they will lose everything. They may hesitate to contact a Trustee [...]

Will I lose my house in a bankruptcy? 2017-12-05T20:03:17+00:00

Warning Signs of Financial Difficulty

You may have been struggling with your debt for a while hoping things would get better – but are you at the point where you should seek professional advice? Take a minute to answer the following questions: Are you borrowing money to make it from one payday to the next? Do you take cash advances from one credit card to pay another credit card? [...]

Warning Signs of Financial Difficulty 2017-12-05T20:03:30+00:00