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Bankruptcy Help Blog

How to Set Smart Financial Goals

Posted by in Financial Freedom
26
Jul 2021
Have you wanted to buy your forever home, but saving up for a down payment seems impossible right now? Perhaps you’ve wanted to be able to afford your dream car. Whatever your ultimate goal is, we are here to tell you that it is within your reach. What most people lack is a concrete goal or strategy to ...


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What to Know About Co-Signing Debts

Posted by in Debt
19
Jul 2021
Co-signing is a common phenomenon in the lending world. People use co-signing to take out a loan or line of credit that they are failing to get approved for. They do this by signing on with someone with better credit and a more solid financial history. This practice requires trust and agreement and, thus, is most commonly ...


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Explaining the Differences Between Consumer Proposals, Division 1 Proposals, and Informal Debt Management

Posted by in Consumer Proposal
14
Jun 2021
Often, those struggling with finances and debt believe that bankruptcy is the only course of action available to them. However, there are many other options that will help you on your way to the ultimate goal: discharge of the fiduciary duties after a performance of the required payments. Many Canadians are not aware of what ...


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How to Choose a Bankruptcy Trustee

Posted by in Bankruptcy
7
Jun 2021
If you’re considering filing for bankruptcy or for a consumer proposal, you will need the help of a bankruptcy trustee to guide you through the process. It is mandated by the government that a trustee help those looking for debt relief. As such, all bankruptcy trustees in Canada are licensed by the federal government. What ...


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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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