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Bankruptcy Help Blog

Why You Should Consider Debt Counselling

Posted by in Debt
31
May 2021
If you’ve ever felt exhausted by your increasing debt and are stressing out about how to repay it, you’re not alone. Over 13,000 Canadians filed for bankruptcies and proposals last October, indicating that an increasing number are struggling with personal insolvencies. However, it’s not all bad news. With debt comes ...


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Is Bankruptcy the Answer to Student Loan Debt?

Posted by in Bankruptcy
24
May 2021
With tuition fees dramatically increasing over the past couple of years, student debt has become a pressing issue for many Canadians. Students are having to take out large loans for their education, and it can take years or even decades to pay off such a huge sum: about 67% of Canadians graduated with an average debt of over ...


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Who Can File a Consumer Proposal in Ontario?

Posted by in Consumer Proposal
15
Apr 2021
If you’re exploring various debt relief options for your business, chances are that you have considered filing a consumer proposal. This proposal is a formal agreement filed between you and your creditors by a licensed insolvency trustee. It is a great debt relief option, as it can, in certain cases, result in 60% of debt ...


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Debunking 8 Common Bankruptcy Myths

Posted by in Bankruptcy
1
Apr 2021
The process of bankruptcy is a troubling time for any business or person. There’s so much information to understand and legal ramifications that come along with every step. This leads to a lot of misinformation being perpetuated, with different ideas and stigmas being associated with filing for bankruptcy. It is important ...


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5 Things You Didn’t Know About Debt Counselling

Posted by in Debt
22
Mar 2021
If you have reached a point where you feel that filing for bankruptcy is your only option, then don’t despair. Household debt in Canada is an increasingly common situation; in fact, Canadian citizens owe over $2.15 trillion in debt alone! Bankruptcy proposals have skyrocketed, so you’re not alone. If you’re weighed down ...


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Bankruptcy Counselling vs. Credit Counselling: What Is the Right Option for Me?

Posted by in Bankruptcy
8
Mar 2021
Bankruptcy is a difficult time for you or your business and can greatly affect your financial goals. Expenses and debt add up and, before you know it, you’re ready to file for bankruptcy. What most people are not aware of is that every situation is unique, and filing for insolvency immediately may not be the best ...


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A Comprehensive Guide to Resolving Tax Debt

Posted by in Tax
20
Feb 2021
Tax season will be approaching come April, and that can mean large tax bills. Tax debt is a common problem, and it is easy to get into if you’re not careful. Maybe you owe back taxes and can't afford to pay them back as yet? Perhaps you just forgot to file your taxes in time one year? Tax bills can add up if you haven't ...


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4 Reasons You Need a Licensed Insolvency Trustee if You Are in Debt

Posted by in Bankruptcy
5
Feb 2021
Bankruptcy is trading your non-exempt assets or ‘what you own’ in return for your debts being forgiven. It is a common financial trouble that many find themselves in and can be challenging to go through. If loans or debts weigh you down, it can be confusing to figure out how to handle your situation in the most ...


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5 Tips to Creating a Debt Repayment Plan

Posted by in Debt
16
Jan 2021
Whether you are over your head in credit card debt or several months behind in paying your bills, it can be overwhelming. Keeping track of multiple creditors and making many monthly payments is difficult, especially if you don’t feel like you are getting anywhere. You may not be able to see a way out. However, it doesn’t ...


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What to Do if Your Business Needs Debt Consolidation

Posted by in Debt Consolidation
1
Jan 2021
Canadian debt levels are on the rise again according to Statistics Canada. Recent numbers show that the average Canadian owes $1.71 for every dollar they spend. Things don’t look much better for Canadian businesses. About 44 percent of businesses say they have reached their borrowing limit. The average business borrowed ...


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