debt consolidation Archives - Bankruptcy Canada

5 Options to Avoid Bankruptcy in Canada

02 Oct 2017

For most people filing bankruptcy in Canada should be a last resort, to be used only if all other options won’t work for you. So how can you avoid bankruptcy in Canada? You have five options: Try to work through your debts on your own. Perhaps you can cut your expenses…

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What To Do When You Receive a Collection Call

06 Feb 2017

Collection calls start when a debt is not being paid. It may be a first missed payment, or a forgotten debt that has now been passed off to a third party collector. Regardless of why you’re getting collection calls, it’s time to stop and take action. Understand the impact of collection…

Common Debts Included In Personal Bankruptcy

23 Mar 2015

When looking at the reasons people file bankruptcy in Canada, similarities begin to emerge. Job loss, income reduction, illness and divorce are some of the most often cited reasons. But did you know that who you owe and how you accumulate debt can be a risk factor as well? We know…

7 Options For Student Loan Debt Reduction

29 Jan 2014

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 –…

Debt Consolidation: Is It Your Best Option?

20 Jan 2014

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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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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My Consolidation Loan Is Not Working

18 Apr 2013

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: About 3-4 years ago I had applied for a consolidation loan. However since then I have gotten myself in over my head so to speak. I have over $10,000 in credit…

When a Debt Consolidation Loan is better than Filing Bankruptcy in Canada

03 Sep 2012

Question: How can I decide if it’s better to get a debt consolidation loan, or just consider filing for bankruptcy? Answer: If you qualify for a debt consolidation loan, and can afford to make the payments, a debt consolidation loan is better than bankruptcy. If you can’t, then bankruptcy may be necessary….

5 Ways to Tell You are Getting Scammed by a Debt Consultant

07 Mar 2012

You hear the debt consultant ads on the radio or television, and they sound great. “Reduce your debts by 70%” they say, and you don’t have to file bankruptcy in Canada! But is it really possible to reduce your debts by 70% without bankruptcy? Yes, it is. There are two…

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Alternatives to Bankruptcy Canada: The Top Five Bankruptcy Alternatives

29 Feb 2012

There are five alternatives to bankruptcy in Canada. It’s important to understand all alternatives to bankruptcy in Canada before you make a decision on how to deal with your debts. Your options to avoid bankruptcy in Canada are: Do nothing. If you are not working, and if you have no…

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