Our knowledgeable team of Licensed Insolvency Trustees provide information and expert advice to help you on your way to becoming debt free. Our extensive debt help resource centre includes articles, videos, and podcasts on how to get out of debt including commonly asked questions about consumer proposals, bankruptcy, and debt consolidation options. Become informed about credit rebuilding and other money management tips as you search for a solution to your debt problems.
One option for dealing with your debt is to talk to your bank first. In this post, we outline the ways in which your bank may help you get out of debt, tips for how to approach them when asking for help, and what you can do if your bank refuses to provide debt relief.
Category: Dealing with Debt
If you fall behind on proposal payments and the proposal becomes annulled, what are your options? We explain what a proposal annulment means for your debts, how to revive your proposal, and how to prevent a proposal annulment in the first place.
Category: Consumer Proposals
Considering a debt settlement. In this post, we walk you through how to determine an affordable offer, the dos and don'ts of settling with your creditors, how to reduce debt by up to 80% and when working with an LIT is the right option.
Category: Debt Relief
We explore six unique debt case studies to show you just how a consumer proposal can help you eliminate debt and regain financial freedom.
Category: Consumer Proposals
In this comprehensive post, learn how your credit score is impacted, what brings a credit score up and down, and get the facts on common credit score myths. We also outline what lenders consider when approving new credit applications.
Category: Credit Repair
You may be considering a consumer proposal and wondering if it will impact your spouse. To help you get a better understanding, we explain how joint debts work, how your marital assets may be affected and how your spouse may be involved in the process. Learn more.
Category: Consumer Proposals
What are your options if CRA says you were ineligible and must repay CERB, CRB or other pandemic related benefits? Can you file a bankruptcy or proposal if you can't afford to pay back CERB? Doug Hoyes explains.
Category: Creditor Actions
Your bank may be your biggest creditor in a consumer proposal. In this post, Doug Hoyes discusses what banks look for when reviewing proposals and Hoyes Michalos' process for ensuring consumer proposals are accepted by creditors.
Category: Consumer Proposals
We know it can be hard to go without a credit card when you file a bankruptcy or consumer proposal. We explain whether it's a good idea to get a credit card during your filing or immediately after and if you do get a card, which credit card issuers are best to start with.
Category: Credit Repair
If you've recently completed your consumer proposal - congratulations. Now it's time to plan for life post-proposal. We explain what you can expect, the steps you should take after completing your consumer proposal, and best practices for rebuilding your credit.
Category: Consumer Proposals
There are a lot of misconceptions surrounding why someone is driven to file for bankruptcy. In this post, we share a realistic sequence of events that leads someone down a path of financial instability and into our office for debt relief. We also explain what you can expect when you declare bankruptcy.
Category: Bankruptcy Process
When a student loan goes into collection, consequences can escalate quickly. Learn who collects student loans, how collections affect your credit, government collection powers, ways to resolve arrears, and where to get help managing student loan debt.
Category: Creditor Actions
Choosing between bankruptcy and a debt management plan depends on more than credit score impact. This overview compares key differences, affordability, creditor protection, excluded debts, and when debt levels may make a management plan unrealistic.
Category: Dealing with Debt
This is yet another case of an individual struggling with debt, told to pay exorbitant fees to a debt settlement firm to deal with their debts. This time, the company was GEM Debt Law. We review the terms of the contract and explain why these debt consultants should be avoided.
Category: Debt Relief
Ideally, in your 40s, you want to prepare for your transition into retirement. But being burdened with debt at this age can hold you back from building any meaningful wealth. Luckily, there are debt relief options available to help you take control of your future.
Category: Bankruptcy Process
We know it can be stressful when you're unable to make your credit card payments. In this post, we help you understand the potential consequences if you fall behind on your credit card debt, as well as, options for eliminating debt.
Category: Dealing with Debt
Struggling with debt? Go directly to a Licensed Insolvency Trustee. Unlicensed debt consultants like York Credit Services will charge you extra fees just for a referral to an LIT. Here's a real story of someone who was scammed into paying an extra $800 for nothing.
Category: Debt Relief
There is a common misconception that when you file for bankruptcy in Canada, you lose everything. But that's not true. In this post we outline exempt and non-exempt assets in a bankruptcy and how a consumer proposal actually allows you to keep everything.
Category: Assets & Property
Ever wanted a budgeting plan where you get to spend guilt-free? Look no further than zero-based budgeting, where every dollar is accounted for so you can rest knowing your money is well-managed.
Category: Money Management
Struggling to pay your mortgage or have you already fallen behind? Don't worry, you have options available, including refinancing problem debt, selling your home, or filing a consumer proposal to get rid of unsecured debt to allow for more comfortable payment of your mortgage.
Category: Dealing with Debt
If you decide you want to file for bankruptcy, that doesn't necessarily mean you can stop making debt payments. It'll depend on the debt and when you plan to file. Also, some debts can't be included in a bankruptcy. Learn which debts you can and can't stop paying before filing.
Category: Bankruptcy Basics
