Who Does a Bankruptcy Trustee Represent?
While bankruptcies and consumer proposals are two common practices for Canadians looking to deal with problematic debts, they can also be somewhat confusing or misunderstood. One of the most common misconceptions comes with regard to who a bankruptcy trustee represents. This blog aims to clear the confusion. In the simplest terms, a personal bankruptcy in […]
Happy Canada Day from DebtCare
Happy 150th Birthday Canada! Enjoy the Canada Day celebrations with family and friends, check out some fireworks and fill up on some great food! All the best on this momentous national occasion!
Demographic Shift? Worsening Income Inequality in Ontario Leading to Higher Rates of Insolvency
Bankruptcy has, for decades, proven to be an incredibly important resource for those Canadians struggling to meet their monthly obligations, and for good reason. It provides a fresh start when things have become too difficult to handle, providing significant relief from overwhelming debts and reducing the overall amount a person is required to repay. That […]
How to Stop a CRA Wage Garnishment
With the tax season behind us, those sitting with tax debts may be concerned about payment plans and what actions the Canada Revenue Agency might take to obtain money owed. A CRA wage garnishment is a very common form of enforcement action. If you’re concerned about a possible garnishment, or are currently trying to have […]
How Much is Enough Debt to Warrant a Consumer Proposal?
Consumer Proposal 101 – How Much is Enough Debt to Warrant a Consumer Proposal? For those struggling with debt, a consumer proposal represents a very valuable debt solution. If you’ve been thinking about taking advantage of such a solution, there are a few things you may want to know, and this week our goal is […]
Paying Off OSAP: Student Loans, Consumer Proposals and You
When you’ve studied tirelessly and spent years working towards that well-earned degree or diploma, the last thing you want to think about once you graduate is the debt that accumulated in your quest to obtain it. Unfortunately, student loans are unique in their formation, particularly OSAP loans, and so today we attempt to clear the […]
On the Cheap: Free or Cheap GTA Family Activities
Summer is fast approaching and that means it is time to start planning those family activities and adventures. Yes, we know the summer can become really expensive, really quickly, when you add up all the things you want to do. If you’re looking for something to do that won’t cost an arm and a leg, […]
Will a Creditor Actually Sue You When You Default on a Debt?
We often have clients call us, when debt becomes unmanageable, asking if a creditor will actually sue if you default on a debt. While it may seem unlikely, it is, unfortunately, very common. A creditor may sue you themselves, hire a paralegal to cover it, or assign your account to collections, whereby the collection agency […]
What is a Licensed Insolvency Trustee (LIT)?
When you’re researching your options for getting control of your debt, you may find yourself confused by the vast array of terms out there – both for the options and the people who provide and manage them. This week, in an effort to clear some of the confusion, we are covering one crucial term – […]
Dealing with Income Tax Debt – What Happens if You Owe?
The income tax filing deadline is April 30th, and that means, if you owe a tax debt to the Canada Revenue Agency (CRA), you may be wondering what happens when you owe and how long you’ve got before the CRA will start asking for their money. Firstly, failing to file is never a good idea, […]