Tag Archives: debt relief options

My Consolidation Loan Is Not Working

 18 Apr 2013
debt problem

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…

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What If My House Has Equity And I Declare Bankruptcy?

 28 Mar 2013
house bankruptcy

What happens if your house has equity and you decide to file for bankruptcy? While the bankruptcy exemption laws are slightly different in each province, the basic concept is the same. You can’t keep a house in bankruptcy if there is substantial equity in your home at the time you…

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Credit Counsellors vs. Bankruptcy Trustees: What’s the Difference?

 09 Feb 2013
Credit counselling or bankruptcy

Credit counsellors are in the news a lot these days.  The Toronto Star reported that Canada’s largest not for profit credit counselling agency, Consolidated Credit Counseling Services of Canada operates without certified counsellors. In the story they question whether or not an un-certified counsellor can give qualified advice.  I posted…

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Is Filing Bankruptcy in Canada a Good Option for Tax Debt?

 06 Feb 2013
tax debt and bankruptcy

We continue our Good Debt Relief Options series today by talking about bankruptcy and tax debt.  If you owe money to the Canada Revenue Agency, or worse have already received a Requirement to Pay or had your bank account frozen, will bankruptcy help? What other bankruptcy alternatives may be best for tax debts. Most people don’t realize…

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Is Filing Bankruptcy in Canada a Good Option for Seniors?

 27 Nov 2012

The second in our series on Good Debt Relief Options – today we will talk about seniors and bankruptcy.  We  will look at how seniors are affected by debt, whether bankruptcy is a good debt relief option and what other bankruptcy alternatives may be best for seniors. Like many Canadians,…

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Should I do Debt Settlement on my own?

 21 Nov 2012
debt settlement

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…

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Is Filing Bankruptcy In Canada A Good Option for Student Loans

 20 Nov 2012
bankruptcy and student loan debt

Student loans and bankruptcy in Canada is a confusing topic.  Will my student loans be discharged in a bankruptcy or not?  What is the 7 year rule for student loans and bankruptcy about?  Can I declare bankruptcy with student loans?  In looking at your debt relief options, we will tackle the…

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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….

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Bankruptcy Canada, Debt Management & Debt Settlement

 05 Apr 2012
debt management or debt settlement

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…

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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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