When managing unsecured debt becomes challenging, exploring the best debt consolidation options is a prudent first step. Consolidation isn’t a one-size-fits-all solution; it takes several forms depending on your financial situation. In Ontario, the main paths typically include loans, management plans, proposals, and bankruptcy. The right choice relies on a careful evaluation of your creditworthiness, […]
Francisco Remolino
Does Credit Consolidation Ruin Your Credit?
Many Canadians worry about addressing their financial challenges, often asking: Does credit consolidation ruin your credit? The reality is that your rating will change, but the outcome depends on the strategy you choose. People often wonder whether a consumer proposal or debt consolidation is better for credit. Taking out a new loan affects your profile […]
What should I look for when choosing a debt-relief firm
Selecting a professional to manage your financial struggles is a major turning point. You are opening up about your money, your stress, and your future. So, what should I look for when choosing a debt relief firm? It is an important question, as this choice will significantly impact your finances and your peace of mind […]
Can a Collection Agency Garnish My Wages?
Table of Contents If you are dealing with financial hardship and receiving constant calls from debt collectors, you might find yourself asking, “Can a collection agency garnish my wages?” The short answer is that a collection agency cannot simply take money out of your paycheque without first obtaining a court order. While laws vary by […]
How to Let Go of Credit Cards
Table of Contents Credit cards often feel like a security blanket for unexpected expenses. But they have a way of turning into a crutch for everyday expenses, too. At least, that’s true for the Canadians that saw an average of $21,131 in non-mortgage debt last year, much of that credit card debt. The solution? Stop […]
Why you should file your taxes ASAP in Canada?
Table of Contents Tax time is upon us. Did your stomach just drop? You’re not alone — a recent survey from tax accounting software Turbo Tax found that 85% of young Canadians feel anxious about filing their taxes this year. But our licensed insolvency trustees have heard this sentiment from our diverse client roster, which […]
Effects of Claiming Bankruptcy in Ontario
Table of Contents Bankruptcy is a legal proceeding that eliminates accumulated debt. With bankruptcy, individuals or business owners issue a legal declaration of their inability to pay their debts due to insufficient income. This process efficiently operates thanks to the Canadian Bankruptcy and Insolvency Act (BIA), which provides tailored guidelines for debtors, creditors and Licensed […]
The Truth About Payday Loans & High-Interest Loans
Table of Contents Many people in debt seek to alleviate their situation by requesting assistance from individuals or organizations that lend money. A borrowed sum of money which is expected to be returned along with an interest is considered a loan. This article aims to explain the functioning and showcases the truth about payday/high-interest loans. […]
Can You Keep Your Car in a Consumer Proposal?
Table of Contents Consumer proposals are legal agreements between someone in debt and their creditors, administered by Licensed Insolvency Trustees. When someone in debt works with their trustee, they draft an offer in which creditors will get paid over a period of five years. Consumer proposals are an alternative to declaring bankruptcy with benefits of […]
Consumer Proposal vs Debt Consolidation: Which is Better?
Table of Contents When it comes to consolidating their debts, more and more Canadians are turning to consumer proposals. A Consumer Proposal can be preferable to a debt consolidation loan for many people because of the lower monthly payments and greater leeway in how the debt is distributed. Read on to find out how Consumer […]
7 Tips for Rebuilding Credit After a Consumer Proposal
Table of Contents Is it possible to recover from a consumer proposal in Canada by starting from scratch? You may find yourself in a better financial position after a consumer proposal than you would have been after filing for bankruptcy. However, a consumer proposal may remain on your credit record for up to six years […]
How Long Does a Consumer Proposal Stay on a Credit Report
Table of Contents Let us first understand what exactly a consumer proposal is. It is an agreement that is legally binding and is made between a person and his creditors for paying reduced amounts of debts that a person owes, all within a period of five years. Because this consumer proposal is legally binding, it […]