Our knowledgeable team of Licensed Insolvency Trustees provide information and expert advice to help you on your way to becoming debt free. Our blog includes podcasts, videos, articles, case studies and Industry Insights about consumer proposals and bankruptcy in Ontario as well as personal finance, credit rebuilding and other money management tips for anyone looking to get out of, or stay out of, debt.
Many more seniors are carrying substantial consumer debt into retirement. What happens when you can’t pay back that debt? What options do seniors have for debt relief? There are many reasons why people carry debt... Read more »
Consumer insolvencies in Canada are going up. Rapidly. Naturally, this is puzzling a lot of financial analysts and the media. Why would more Canadians be filing for bankruptcy when we have low interest rates, low... Read more »
A proposal to creditors is a deal you negotiate with your creditors to repay a portion of what you owe. In legal terms, a proposal is an arrangement to settle your debts for less than their full... Read more »
If you are a mortgage broker or mortgage agent in Ontario, you will not necessarily lose your license if you need to file for bankruptcy. Your bankruptcy filing also does not necessarily prevent you from... Read more »
If you’re struggling to repay debts, you can ask creditors to reduce the amount you have to repay on your debt by offering a consumer proposal. A consumer proposal is a legally binding deal between... Read more »
If your current debt carries a high-interest rate, one way to reduce your borrowing costs is to consider a debt consolidation loan. Every day I talk with someone about whether or not a debt consolidation... Read more »
In a bankruptcy the amount of money you are required to pay is based on your income. Under the surplus income guidelines, the government of Canada has set net monthly income thresholds for a person... Read more »
If your small business has run into financial trouble and you are not incorporated, bankruptcy can eliminate both personal and business debts. Personal vs Business Bankruptcy If you operate a small business as a self-employed... Read more »
A common concern for couples is what happens to their joint property when one spouse needs to declare bankruptcy. In general, bankruptcy affects a spouse financially only if there is joint debt or jointly owned... Read more »
Consumer proposals carry many potential advantages over bankruptcy, not the least of which is the ability to hold positions of trust while dealing with your debts. In Canada, a bankrupt cannot be a director of... Read more »
A consumer proposal is a formal agreement negotiated between you and your creditors to settle your debt for less than the full amount. So, what makes a consumer proposal legally binding? What say do creditors... Read more »
I’ve seen and heard many false comments about consumer proposals over the years. Despite these misconceptions, a consumer proposal has become the debt relief option of choice for people facing debt problems. Unfortunately, that doesn’t mean... Read more »
Debt problems creep up slowly. A few extra bills, an unexpected expense put on your credit card or using a payday loan to get through a cash flow shortfall starts the ball rolling. At some... Read more »
The Canada Revenue Agency has a lot of tools to use to collect unpaid tax debts, and one of the strongest they issue is a Requirement to Pay or RTP notice. What is a CRA... Read more »
Credit counselling is a program to repay your debts in full. Many people choose credit counselling because they think the program is less harmful to their credit. The problem is, in a significant number of... Read more »
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