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Addiction, Gambling and Personal Bankruptcy Where addiction is concerned, it is often difficult to break free from a vicious and destructive cycle. Take gambling, for example; those who have gambled themselves into insolvency or personal bankruptcy may breach the terms of their bankruptcy by continuing to gamble, subsequently finding...[more]
Review of Credit Counselling – Recent Trends
Who’s in the Business and Who is Best Serving Debtor Needs? This is a question that I get asked regularly. With the increasing presence of Debt Poolers and those calling themselves Credit Counselor, there seems to be many issues with respect to Credit Counselling and Debt Pooler's – as the level of Canadian debt has been ever increasing, there is also the reciprocal increase in companies who are...[more]
In the Canadian Context, what leads to the majority of personal financial issues on anecdotal basis?
As a Canadian Bankruptcy trustee dealing with both small business and personal insolvency issues, when we are approached to outline the personal options available to debtors either personal bankruptcy or settlement of debt proposal to creditors we find that:
- You’re struggling to pay your debts and you need some help; who do you go to for advice? Both Trustees in Bankruptcy and Credit Counsellors offer financial advice and debt solutions options so what is the difference between the two? Credit Counsellors offer help creating a debt...[more]
In today’s world credit is king, and you have to be careful with your credit rating. Many people damage their rating through completely preventable things. Below are five common ways that people damage their credit rating without even realising.
- Shouldering too much debt No matter what you earn, there is a cap on the total amount of debt you can be in. Even if you are making all of your payments, a large amount of unpaid debt will lower your rating and make it difficult to get more loans
Sometimes life happens, and even a diligent bill payer can find himself behind on payments. If this happens you can find yourself faced with collection agencies, which can be a very stressful time. Here are some tips for negotiating your way through such a situation
- Prioritise Your Debt – Not all debt will be treated the same. Taxes, Student Loans and secured debts like mortgages are tough to get out of. They rarely cut deals, so if you fall behind you are going to have to find a way to pay it all. ...[more]
Is credit card debt weighing you down? Do you often file away or trash your credit card statement without paying off the balance? Do you wonder about the best ways to pay off your credit card debt? If so, you’re not alone. Nearly half of all Canadian credit card holders (46%) are carrying credit card debt, and one in three don’t pay off their credit card bill every month.Over half (52%) use their credit cards to make the majority of their purchases, and yet one third don’t actually keep track of their credit card charges until they receive their bill...[more]
What Happens Once You File for Bankruptcy? Once your bankruptcy is filed, there is an immediate stay of proceedings. This means that unsecured creditors cannot begin or continue lawsuits, wage garnishees, or even contact you to request payment. Within five days of the bankruptcy starting the trustee will send a copy of the bankruptcy paperwork to creditors, so they can file a claim. The trustee will file outstanding tax returns up to the date of bankruptcy. Any outstanding...[more]