When you filed an assignment in bankruptcy the first time, you swore you would never get yourself into a position where you couldn’t pay your debt again. Then the credit card offers started to come in and it made sense to utilize them for convenience and to rebuild your credit. A large car repair was maybe charged to a credit card; monthly living expenses increased; [...]
Quick answer – there isn’t a standard percentage that debts are reduced by in a consumer proposal. Like most days, I received a telephone call this morning asking what percentage of debt a consumer proposal must offer to creditors. Many websites promote that you can reduce your debt by up to 80 percent but don’t fully explain that there are other factors to consider in [...]
You’ve been bankrupt once due to life circumstances – a job loss, a divorce, lack of knowledge about managing debt, or other issues. Once discharged from bankruptcy, you started to claim your life back, re-built your credit rating and acquired debt. Life is full of reoccurring challenges and you may find yourself dealing with serious financial issues again. You may consider filing for bankruptcy [...]
You make a decent income and own your own home but can’t seem to reduce your total debt load even though you make your monthly payments on time. The 29% interest charged on some credit cards makes it difficult to reduce the principal debt owing. A consumer proposal may be the solution that will finally provide you a plan to eliminate your debt. A [...]
Finding a Trustee in bankruptcy is easy – just Google “bankruptcy” or flip through your phone book. Selecting a Trustee may be more difficult. Why? Taking the step to even explore the idea of bankruptcy is an emotional decision. No one wants to feel as if they failed. No one wants to let someone else know they’ve had trouble managing their finances. Yet, however [...]
Statistics published by the Office of the Superintendent of Bankruptcy report insolvency filings by debtors aged 45 – 64 makes up 43.6% of the total filings for the year 2012. On Saturday, October 16, 2013 I appeared on CHML Ask the Expert with host Shiona Thompson to discuss how a Trustee in Bankruptcy can help provide relief of a significant debt burden. Listen to the [...]
There are nearly 1.2 million small businesses in Canada – employing 5.1 million people and accounting for 48.3 per cent of Canada’s total workforce. Small businesses contribute slightly more than 30 per cent to Canada’s GDP. That makes small business, big business. Most small businesses rely on accounts receivables to maintain their cash flow. Sometimes customers get into a habit of paying late, which [...]
It’s a daunting task – to decide whether to file for bankruptcy. This is exaggerated if you have no idea what to expect and what options are available to you. Furthermore you might be embarrassed by your financial situation. Initiating contact with a Trustee can be a difficult decision, however, it may be the best decision you have made in years. The balance of [...]
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 [...]
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 [...]
