As credit has continued to become more and more available, the opportunity to gamble legally has also grown, according to Toronto bankruptcy trustee Howard Landau. As a result of the above, and over the years, more and more bankruptcies and consumer proposals have been filed largely resulting from gambling debt. We have seen in our…
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Having had so much experience dealing with people with debt, we often want to hear about what it is like to not have debt. Here are some of the things that are the most noticeable about living without debt both from our research and our experience with people like you who have finally got control…
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It is very likely that if you are digging deep into finding what solutions are available to you to fix your debt problem, you have heard about the Consumer Proposal. The Consumer Proposal has become increasingly common as opposed to personal bankruptcy, and the reasons and theories as to why its use has increased are…
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Seniors filing for bankruptcy is a growing trend in Ontario. Approximately 30% of the insolvencies in the last year were filed by senior citizens. With this growing trend, it is important to know about debt and death, as morbid as that might sound. We will discuss three topics regarding debt and death in this blog….
Read MoreThe Bankruptcy and Insolvency Act (the “BIA”) is the Canadian federal statute that allows individuals and companies to get legal protection from being pursued by creditors when they are overwhelmed with debt. When you come to us to seek advice to address a financial problem, in addition to explaining less formal debt solutions that might…
Read MoreOverwhelming debt takes a toll on your physical and mental well-being. From our years of experience, we can tell you that an individual’s state of mind and outlook in general changes significantly once debt problems have been addressed. Being unable to make your monthly minimum payments or constantly figuring out how you can ‘rob Peter…
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As promised, based on our many years of experience assisting people like you wondering what to do when receiving calls from creditors looking to be paid, here are some tips to handle these calls both before you see us and after you see us, depending on what action you decide to take to address your…
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All of the following are true (not false)! 1//You normally will NOT lose your house and you will NOT lose your car- if the following applies: – real property is usually mortgaged which means that you must continue to make the mortgage payments to keep your home- an arrangement between you and the lender- if there is…
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Here are some common beliefs about tax debt and what the real story is: COMMON BELIEF: Bankruptcy law in Canada does not cover personal income tax- it can’t be “included.” CLARIFICATION: Personal income tax debt (the one we are most familiar with!) is typically an unsecured debt in a proposal or a bankruptcy and has…
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One of the prime objectives of the Bankruptcy and Insolvency Act is to enable an honest but unfortunate debtor to obtain a discharge from his debts, subject to reasonable conditions, so that the debtor can make a fresh start. There are several types of discharges available to debtors, depending on each individual’s circumstances, and…
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