A consumer proposal is just one option for dealing with debt. As a debt relief approach it has it's own advantages and disadvantages over other programs that help you get out of debt. For example: it can be better than bankruptcy if you have enough income to trigger surplus income payments or have assets that […]
Now that the Ontario government has restricted debt advisors from charging up-front fees before completing a settlement with creditors, many debt relief companies are switching their business tactics. What they now offer is so called consumer debtor protection services, debt assistance or consumer proposal referral programs. What is consumer debtor protection and what are they […]
Just like no two individuals' debt problems are the same, no two consumer proposals will ever be exactly the same either. However the driving forces behind how a consumer proposal is negotiated do follow a similar pattern. Debt Is Different For Everyone The size of debts, types of creditors and other factors, like how and when the debt […]
No matter how careful, or how many plans we make, sometimes life just doesn't co-operate. Here is an example, based on a client we helped in Windsor Ontario who, despite her best efforts, found herself facing bankruptcy a second time. Since filing bankruptcy twice can be costly, we looked at ways to help Julie (not […]
If you are wondering if declaring bankruptcy is the right solution to eliminate your debts, read through our handy infographic to answer some key questions: Do you qualify? What does bankruptcy do for you? Is bankruptcy the right solution? What are the alternatives to bankruptcy?
Norma (not her real name) was struggling to get by on her pension. As often happens, she ended up using credit to help makes ends meet. Eventually she was ashamed to find that she had accumulated $12,000 in debts she could not repay. A neighbour in her townhouse complex gave her our number and told her to contact our […]
We receive calls every day from people asking whether they qualify for a consumer proposal and how the proposal process works. There are many factors that are taken into account when filing a consumer proposal. One of the most important factors is your budget. When you are in financial difficulty, it's hard to imagine you can create a budget […]
Whether it's because you work under contract or your business has announced some closures, being concerned about the security of your job is stressful. Combine that with extra credit card debts and you worry about whether or not you will be able to keep up.You wonder whether you should act now, or wait until your situation becomes a little more certain. Here is one person's story.
Possible Bankruptcy In Orchestra London's Future I was interviewed today by Devon Peacock on AM 980 to discuss the possible bankruptcy of Orchestra London. I’m not involved in the file and have no insider knowledge, but here’s what I do know: If your expenses are higher than your income, you have a problem. This appears […]
There are many reasons why someone would file for personal bankruptcy in Canada as a means of dealing with their debts and getting a fresh start, but there are equally good arguments not to declare bankruptcy. Here are 5 common reasons why bankruptcy may not be your best choice and why you might want to avoid bankruptcy: Bankruptcy […]