Monthly Archives: January 2014

7 Options For Student Loan Debt Reduction

 29 Jan 2014
student loan debt reduction options

Student loans are discharged in a bankruptcy if they are more than 7 years old but what if you don’t want to file bankruptcy or your loans are less than 7 years old.  If you owe money on student loans, you have the following debt reduction options. Option 1 –…

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What If I Can’t Afford My Consumer Proposal Payments?

 27 Jan 2014
amend consumer proposal payments

Consumer proposals are becoming an increasingly popular alternative to bankruptcy in Canada. While there are many benefits to filing a consumer proposal there are two that stand out most: You can keep assets that you might lose if you were to file for bankruptcy, Your monthly payments may be less…

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What is an Orderly Payment of Debts or Consolidation Order?

 22 Jan 2014
orderly payment of debts OPD

Orderly Payment of Debts (OPD), often referred to as a consolidation order, is another alternative to bankruptcy that is available in a few provinces across Canada.  It is an excellent program for those who want to avoid a bankruptcy, can afford to pay everything in full but cannot qualify for…

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Debt Consolidation: Is It Your Best Option?

 20 Jan 2014
debt consolidation vs consumer proposal

I used to be an enthusiastic supporter of debt consolidation for anyone that could afford to repay their debts in full. The concept is understandable – take all of your high interest, high minimum payment debts, things like credit cards and unsecured loans and lines of credit, and pool them…

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Can Collection Agencies Call My Work or Employer?

 15 Jan 2014
collection calls to employer

Yes, if you owe money, a collection agent is permitted to call your work, or call your employer. Collection agencies are provincially regulated, so the rules are slightly different in each province in Canada.  For example, you can read the Collection Agencies Act of Ontario here. However the legislation is…

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Are Credit Card Rewards An Asset in Bankruptcy?

 13 Jan 2014
credit card rewards bankruptcy

Many cards come with some sort of “rewards” program attached to them.  There are cards that collect points that you can redeem for products and services, air miles on travel cards, there are even cards that give you a cash rebate once a year.  What happens to these credit card…

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Bankruptcy and Surplus Income Calculation For A Family

 08 Jan 2014
surplus income bankruptcy and family

*Please note this article has been updated with the 2018 numbers When you file for bankruptcy, part of the cost of filing is based on how much income you earn. Depending on your income, you may be required to pay something called Surplus Income. Where it get’s confusing for many…

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3 Things to Know about Surplus Income in Bankruptcy

 06 Jan 2014
understand surplus income threshold

Surplus Income is the name the government has given to the calculation that trustees are required to do when someone files personal bankruptcy to determine what their monthly payments are going to be.  It is a mathematical exercise based on a specific set of rules.  It is not intended to…

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