Monthly Archives: November 2013

Stop a Wage Garnishment. Bankruptcy or No?

27 Nov 2013

You may have been working to balance your debt payments with your living expenses for the last little while, then the worst happens. You are advised that a creditor has notified your employer to garnish your wages. Now you are facing both the embarrassment of your employer knowing you are…

4 More Paydays until Christmas. How Much Will You Be Left With?

25 Nov 2013

Do you believe it? Christmas is just around the corner and if you are anything like me, you’re not ready. It is a month away – that’s 2 paydays for those of us paid bi-weekly, 4 if you get paid every week. It hardly seems like enough time. There’s definitely…

What if you Forgot to List a Creditor on your Bankruptcy Forms?

20 Nov 2013

Filing for bankruptcy is a stressful time. As part of the process you are asked to provide your bankruptcy trustee with a list of your creditors, how much you think you owe on each debt and a list of your assets. Can you forget one or two? It happens, and…

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How To Preserve An RESP In A Bankruptcy

18 Nov 2013

When you file bankruptcy in Canada you sign over the things that you own in exchange for the elimination of your unsecured debts subject to some exemptions. The bad news is that RESPs, or Registered Education Savings Plans, are not on any of the provincial or federal bankruptcy exemption lists. …

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Is There A Debt Minimum For A Consumer Proposal?

13 Nov 2013

We are often asked, “Is there a minimum amount I can file a proposal for?” The answer depends on how you interpret the question. We’ll answer that question by looking at: Is there a minimum debt amount to be eligible to file a consumer proposal? Is there a minimum amount…

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Questions To Ask A Bankruptcy Trustee At Your Initial Interview

11 Nov 2013

If you are like most people, you never thought there might come a time when you needed to speak to someone about your debts. Something has happened that has made what used to be a manageable debt load into something overwhelming. You are not alone in this crisis. In excess…

Does Bankruptcy Discharge Payday Loans?

06 Nov 2013

The process of personal bankruptcy in Canada discharges most unsecured debt, including payday loans. If you have payday loans and you are considering claiming bankruptcy, here are the issues to consider: Do you have other debts? The average payday loan is usually $1,000 or less, so if your only debts…

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Your House Or Your Debt, Or Both?

04 Nov 2013

Question: My husband owes about $12,000 in outstanding income tax debts after having to close our business. We had to live on credit card debt for a while and we owe another $40,000 in credit card debt. I work now and my husband is looking for work. We own a…

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