debt settlement 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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Consumer Proposal or Debt Settlement: What’s The Difference?

20 May 2013

You’re looking for ways to reduce your debt but don’t understand the difference between a consumer proposal and a debt settlement. Are they different? Both offer to settle your debts for less than you owe so which is better? How can you tell what is the right choice? To best…

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Tightening of Rules for Debt Settlement Companies

04 Jan 2013

The Ontario government is set to introduce tighter rules surrounding debt settlement companies offering to help consumers reduce their credit card and other debts. We are all familiar with the ads by now — slick offers to reduce your credit card debt by up to 70% sometimes within a matter…

Should I do Debt Settlement on my own?

21 Nov 2012

Question: A collection agency sent me a letter advising the amount of total debt owing to a bank. Along with this letter the agency stated on the fax cover sheet they would settle for less than the full amount owing but I needed to submit a hardship letter, proof of…

Bankruptcy Canada, Debt Management & Debt Settlement

05 Apr 2012

For many, bankruptcy in Canada is a very scary and often misunderstood legal procedure. It is definitely intimidating to those that have no clear idea on what to expect and how long the procedure will last. It is important to become educated as much as possible before even beginning the…

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…

Massive Drop in Bankruptcy Canada Filings

13 Jan 2012

According to Canada bankruptcy statistics just released by the Office of the Superintendent of Bankruptcy, for the twelve months ended October 31, 2011 bankruptcy filings in Canada dropped by a massive 15%, from 94,328 in 2010 to 80,184 in 2011. The big question: why did the bankruptcy rate fall? There…

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