Facing Bankruptcy During COVID-19? There are Other Options too.
If you are faced with tough financial decisions, bankruptcy can seem like the option that will reduce the burden of debt. As Bankruptcy Canada puts it, in simplest terms, in personal bankruptcy, you assign everything you own to a Licensed Insolvency Trustee in exchange for the elimination of your debts. While many individuals and companies […]
Bankruptcy and Consumer Proposal Filings Decreased in March 2020… Or Did They?
Canadian insolvency statistics — the number of people who file for bankruptcy or for consumer proposal in a month or year — give us a good insight into the state of consumer and business debt in our country. The March 2020 insolvency numbers are particularly interesting as this was the first month that our national […]
Consumer Proposal vs. Bankruptcy – We Break It Down
Consumer proposal vs. bankruptcy – what is the difference, and which one is the best choice for you? If you want to find out the answer, read on! For Canadians struggling with debt, both filing for a consumer proposal and filing for bankruptcy can be a way out. But how can you tell which one […]
Bankruptcy and Consumer Proposals Rise as Consumer Debt Reaches Record Limits
Are you struggling with consumer debt? If so, you’re not alone. According to BNN Bloomberg, the average Canadian household owes $1.76 for $1 of annual disposable income. The same household devotes $0.15 of every disposable dollar to making principal and interest payments on debt, which is a record high. BNN Bloomberg also noted that when […]
Spotlight: Does a Consumer Proposal Ruin Your Credit?
Last week we went over some of the basics of a consumer proposal, and thought we’d follow up this week by clearing up a few other questions people have regarding consumer proposals. The spotlight this week: does a consumer proposal ruin your credit? Does a consumer proposal ruin your credit? This is one area where […]
When Your Trustee in Bankruptcy is Pushing a Consumer Proposal…
So you’ve finally decided to get a handle on your debt. You’ve done some research, spoken to friends and family, and have decided to get in touch with a trustee. On the first consultation, that trustee in bankruptcy suggests a consumer proposal. Then continues to suggest it, making it seem as though it is your […]
In the News: Woman Decides to File a Consumer Proposal to Conquer High Interest CitiFinancial Loan
When stuck in a financial rut, with credit that may be less than stellar, many Canadians choose to turn, often out of necessity, to the alternative lending market, or payday loan companies, to meet financial obligations. Donna Border is just one example of this – and her story has made it to the Huffington Post. […]
Need to Know: What is a Consumer Proposal?
It is no secret that many Canadians struggle with debt. The ease with which credit is granted, followed by the difficulty in trying to resist the temptation to buy what we perhaps can’t necessarily afford, means that Canadian consumer debt seems to continually grow, even when we are continually cautioned. With this consumer debt comes […]
Does a Consumer Proposal in Canada Stay on Your Credit for 7 Years?
Many people choose a consumer proposal in Canada to get finances back on track. These represent a great debt relief option because you can settle your debt, often reduce the total balance to be repaid, freeze interest and consolidate the various monthly bills into one single, monthly payment. Of course, as with any debt relief […]
Filing a Consumer Proposal in Canada – Does it Make the Most Sense for You?
The frequency with which Canadians are filing consumer proposals in order to get back on solid financial ground has increased significantly in the last few years. The reason is fairly obvious; the ability to stop collection action, halt interest, combine all payments into one, and often to negotiate for a smaller repayment amount, make filing […]