Bankruptcy and Consumer Proposal for High Income Earners

Home / Blog / Bankruptcy, Consumer Proposal Bankruptcy and Consumer Proposals for High Income Earners Contrary to what you might think, financial difficulties are not limited to low or middle income earners. In fact, many professionals with high incomes find themselves in financial hot water because their high incomes blind them to the need to […]

Can one spouse file bankruptcy without damaging the other’s credit?

Home / Blog / Bankruptcy, Credit Whether or not you can file for bankruptcy without affecting your spouse will depend on the debts that are owed. If you’re the only one who signed for the debts, then your spouse is not responsible for them (despite what any collection agencies may have told you). He/she will not […]

Does Debt Consolidation Work?

Home / Blog / Debt A debt consolidation loan is intended to pay off your other debts so that you have a single monthly payment to make rather than many. It’s usually used in order to consolidate credit card debt. Under the right circumstances, it can be an effective way of making your financial situation […]

4 Things You Should Know About Consolidating Credit Card Debt

Home / Blog / Credit, Debt If you’re carrying a high number of credit card debts, you might want to consider a consolidation loan to pay off your balances. Such a loan leaves you with just one payment (the loan) instead of several (to your various credit card companies). This has the obvious bonus of […]

How to Get Help with Student Loan Debt

Home / Blog / Student Loans, Debt It’s no secret that post-secondary education is expensive. No matter how many corners you try to cut, chances are pretty good that you’ll have at least some student loan debt by the time you graduate. But what if you find that you can’t repay that debt? Or that […]

Alternatives to Filing for Bankruptcy

Home / Blog / Bankruptcy If you find yourself overwhelmed by your debts (and perhaps even fending off calls from creditors and their collection agencies), you may think bankruptcy is your only hope of getting out of financial difficulty.  In reality, however, bankruptcy should always be your last resort—and you may have other alternatives before […]

What is Credit Counselling and How Can It Help?

Home / Blog / Credit One of the sad facts of life is that very few people are actually taught how to manage their finances. Worse, many people think of money as being a private matter and won’t discuss it even when they know they need help. Small wonder then, that so many of us […]

How will my bankruptcy or consumer proposal affect my children’s bank accounts?

Home / Blog / Bankruptcy, Consumer Proposal If you’re facing either bankruptcy or a consumer proposal, you may be concerned about what will happen to savings set aside for your children either by you or someone else. In the case of a proposal, the answer will most likely be ‘nothing’. As with most assets in […]

What Happens to RRSPs, RESPs & Pension Plans in Bankruptcy or a Consumer Proposal?

Home / Blog / RRSP, RESP, Pension Plan If you’re in financial trouble and considering either a consumer proposal or bankruptcy, you may be wondering what will happen to your RRSPs/RRIFs, your pension, and/or your RESPs. When it comes to insolvency law in Canada, each of these investments is treated differently, so let’s break it […]

Income Tax Debt in a Bankruptcy or Consumer Proposal

Home / Blog / Debt, Bankruptcy, Consumer Proposal It’s not uncommon for people in financial difficulty to owe taxes to Canada Revenue Agency (CRA)—sometimes a significant amount of taxes. Many of these people are under the impression that nothing can be done about it, because tax debt is different from other debt and the CRA […]