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 […]
Pros and Cons of Refinancing Your Mortgage to Get Out of Debt
Mortgage refinancing is a popular way to get out of debt, but is it the right option for you? During the ongoing COVID-19 pandemic, you may be looking for ways to reduce your debt load. If you own a home, you can use available equity to pay down your debts. Read on for the pros […]
Get Debt Help Without Leaving the House – Here’s How
In the past, before the novel coronavirus (COVID-19) people might have gone to see a financial consultant in person for debt help or otherwise, but with social distancing in effect, that is not advised right now unless absolutely essential. However, debt help is more necessary than ever right now. The impact of COVID-19 has left […]
COVID-19 Income and Debt Help for Canadians
The past two weeks have been a non-stop train of breaking news as Canada copes with the novel coronavirus, COVID-19. This public health pandemic is affecting many across the country — both medically and financially. In order to “flatten the curve” and reduce the risk of infection, many businesses and public services have been suspended, […]
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 […]
Rebuild Your Credit in 2020 Using These Simple Steps
Happy 2020! We’re just over a month into the new year. How are your resolutions going? If you’re anything like the majority of Canadians, they might have fallen by the wayside… A 2018 survey from Strava found that most New Year’s resolutions only last until the second Friday in January… In 2020, that was January […]
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 […]
2020 Plan to Fix Your Credit and Finances
The new year is around the corner. It’s the perfect time to make a plan to fix your credit, finances, and get out of debt for good! 2020 isn’t only a new year — it’s also a new decade. Start the next 10 years off on the right financial footing with these tips. Here’s how […]
2 Ways to be Out of Debt Within 5 Years
When you’re in financial trouble, you want to get out of debt quickly. But finding out how to pay off debt fast can depend on many factors: The amount of debt. If you are carrying a lot of debt, the time to pay it off in full may be longer. How much debt and interest […]
Protecting Your Home Through Financial Restructuring
Having financial troubles can be stressful no matter where you are in life – but it’s doubly so if you own a house. There’s a common fear that financial restructuring will mean losing your home. Fortunately, there are ways to protect against this. The first thing to do is to make sure that you stay […]