Understanding More About Some Common Bankruptcy and Insolvency Terms
Detailed information on some bankruptcy and insolvency terms that you may come across. There are a number of terms that most people are unfamiliar with. If you’ve never gone through a bankruptcy or insolvency process, you likely won’t know a lot of these terms. Here are a few common terms that you might come across and their meanings.
What Happens to Debt After Filing a Consumer Proposal?
This is a common question I get from clients who are filing or considering filing a consumer proposal. When filing a consumer proposal, you are effectively making an offer to the creditors to pay a specific amount or percentage of your debts over a period of time....
407 ETR Can No Longer Deny Plates to Bankrupt Drivers
In a recent ruling, the Supreme Court of Canada has ruled that amounts payable to the 407ETR will now be eliminated through the bankruptcy process and that license plate renewal can no longer be denied. The 407 issued a news release saying it “is immediately...
Helpful Money Managements Apps
5 (Mostly Free) Helpful Money Management Apps to Try In a fast-paced world whose pace is only getting faster, we're always looking for time-savers. These days, it's possible to do just about anything through an app on your smartphone or tablet-including managing your...
How to Rebuild Credit After Bankruptcy
Get a Fresh Start: How to Rebuild Credit After Bankruptcy Are you worried about your credit? Are you scared because the unpaid bills are mounting up? Are you concerned that financial ruin is around the corner. Filing for bankruptcy might help in that it is the first...
Retired Widow Drawing Down Her RRIF to Make Minimum Credit Card Payments
A widow, retired, who was collecting CPP, OAS and drawing on a small RRIF to make ends meet, came to see us. Her credit card bills were proving to be overwhelming. She had a small RRIF that was quickly dwindling. She was drawing larger sums from the plan than...
What Happens when you File for Bankruptcy?
Details on the Bankruptcy Process If you are unable to pay your debts as they become due, filing for bankruptcy may be an option for you. If you are considering bankruptcy, it is very important that you understand the process and what happens when you choose to file....
Sometimes You Just Need a Direction
I met with a young lady who had about $22,000 of debt. All of her debts but one was with the same bank. She really wasn’t sure what to do. She was finding the minimum payment of all the credit cards and the line of credit, just too much to pay. I took a look at her...
Does Your Spouse/Partner Need to Know If You File a Consumer Proposal or Bankruptcy?
“Will my spouse or significant other be affected by me filing a proposal or bankruptcy, or do they even have to know I filed a proposal or bankruptcy?” These are two separate questions that I’m often asked by people trying to resolve their debt. Not telling your...
Five Important Personal Bankruptcy Facts that you Should Know
Personal Bankruptcy Terms While many people are aware of the personal bankruptcy process, there are a number of aspects of the process that remain unfamiliar to many. If you are considering personal bankruptcy, you will want to know as much about the process as...
Where to Start: Bankruptcy in Ontario
Bankruptcy in Ontario: Where to Begin Your credit cards are maxed. You can only make minimum payments or have begun to miss payments. Collection agencies call daily or send you legal notices. If any of these instances apply to you, bankruptcy might be the only...
Your Credit & Bankruptcy | McLay & Company
The Truth about Bankruptcy and Your Credit Are you one of the many who are trying to avoid bankruptcy like the plague to spare your credit score? Are you trudging through stifling debt just because you fear your credit will never be the same again? Bankruptcy does...
Three Ways to Avoid Bankruptcy
A new start may be just what you need, but bankruptcy cannot be the only option. There are other options that will bring relief, and preserve and rebuild your credit. A bankruptcy trustee can explain the details of the following options and help you select the one...
Debt: When to Seek Out Professional Help
What with car payments, mortgages, student loans, and an overabundance of credit cards, virtually everyone has debt. While some debt is certainly manageable on your own, some can be completely overwhelming. How do you know when you can handle your debts on your own...
Managing Your Debt: Which Bills to Pay off First
Large amounts of debt can be overwhelming, particularly if you don’t know where to begin to pay it off. Before you decide how you are going to manage your debt, make sure you have the priorities straight and know which bills you need to pay first. Budget the...
5 Simple Ways to Save Here a Little, There a Little
When financial burdens come your way, it’s easy to become overwhelmed and think that there is no way out. Don’t let yourself get trapped in discouraging thoughts though. Instead, follow these five easy ways to save money and make payments. 1. Switch Your Bank If your...
Get in the Right Mindset: Master Your Money
“Money is a terrible master but an excellent servant.” –P.T. Barnum Does money seem to have a hold on you? Do you feel defeated and stuck in your less-than-ideal financial situation? You’re not alone. Many people view money as the top dog, the ultimate enemy with an...
The Bankruptcy Jargon Study Guide
Bankruptcy trustees and lawyers are specially trained in order to be good at what they do, which means they’ll probably use terms and phrases you might not be familiar with. If you need to file for bankruptcy, your trustee or lawyer will probably use a few of these...