No one wants to file bankruptcy, but sometimes it’s outside of your control. Understanding the causes of filing for bankruptcy and how it happens may help you prevent it from happening to you or at least help you recognize the signs so you can get the necessary help to stop it. The Top 6 Causes […]
If you’re falling behind on your bills, you might be insolvent and not know it. Talking to a certified credit counsellor can help you determine your situation and what options you might have. Not being able to pay your bills and falling behind is scary, but with the right steps and support, you can get […]
Filing for bankruptcy can give you the fresh start you need if you’re in over your head in debt, but there are things you must NOT do before filing bankruptcy to avoid ruining your chances of approval and/or putting assets at risk that would otherwise be protected. If you make any of the mistakes below, […]
If the pandemic taught us anything, it’s that we must be prepared for anything. In the blink of an eye life can change and if you don’t have an emergency fund, you could find yourself in financial distress. If you’d like to find ways to avoid personal bankruptcy or falling behind on your bills, you […]
If you’re in over your head in debt, you may wonder what you should do. Falling behind on your payments worsens your credit score and makes it hard to get ahead. Fortunately, there are Canadian debt relief options available. Two of the most common debt relief options for Canadians are the consumer proposal and bankruptcy. […]
Bankruptcy in Canada is an alternative many people turn to when overwhelmed with debt and feel like there are no other options available. Before you consider bankruptcy, it is important to know that there may be other ways for you to manage your debt. Your options may include debt consolidation, debt management, or a consumer […]
Avoiding bankruptcy is best accomplished when you understand the reasons why most people file for it in the first place. Usually, it will take several of these situations happening all together which forces someone into bankruptcy. Poor Budgeting and Spending Habits. As you might expect, living above one’s means is a contributing factor in many […]
Filing bankruptcy should be a last resort, to be used only if all other options won’t work for you. How can you avoid bankruptcy? Here are four options: Debt consolidation. This is an option if you have good credit, or if you have a friend or family member is willing to co-sign a debt consolidation […]
Bankruptcy might sound scary but often the fear of bankruptcy is brought on by misconceptions and myths. The first step is to consider your options. Which is where we come in. Here are some key benefits of filing bankruptcy: You will be released from your debts that you owe, with certain exceptions such as alimony […]
For most people filing bankruptcy in Canada should be a last resort, and to be used only if all other options won’t work for you. Here are three options to consider avoiding filing bankruptcy: Stop using the credit cards Cut the cards up, stop the bleeding, and don’t go and get more debt. Borrowing money […]
In Canada, everyone should file an income tax return every year. This obligation extends to individuals who live in Ontario and reside elsewhere in Canada. Filing your taxes should be one of your top annual to-do lists, which is an important one that can impact your financial life. If you live in Ontario, along with […]
The Canada Emergency Response Benefit or CERB helped many people in the pandemic bridge the gap between their wages and living expenses. However, some people who received support payments under CERB later got a collection letter from the CRA. You might have been one of many who received the benefit but did not meet the […]
If you’re having trouble paying your debts, you usually have two choices – a consumer proposal or bankruptcy. A proposal has many benefits over a Bankruptcy, including the fact that you can keep your assets versus having to liquidate them to pay your creditors. Do banks even accept consumer proposals or would they rather you […]
Most people dread tax season. You might think that filing your taxes is a hassle, and it’s easy to feel overwhelmed and stressed out during this time. However, it is a necessary task that we should complete each year. While most of us view filing our taxes every year as an obligation or a chore, […]