If you file for a consumer proposal does it mean you’re bankrupt? It’s a common question we receive, but the short answer is NO. While both programs are administered under the Insolvency Act, filing for a consumer proposal and filing for...
How do you stop a wage garnishment? If your paycheque is being targeted by creditors, it’s a critical question to ask – and we have the answer. Stopping a wage garnishment immediately is vital to your financial health: A wage garnishment...
Consumer proposal vs. bankruptcy — what’s the difference? At first glance, they can appear similar. Both clear your debt, stop collection action, and can harm your credit. But when we get into the nitty-gritty, there are several big things...
What is the best way to get out of debt fast? Unfortunately, when it comes to debt there is rarely an easy way out. You likely didn’t get into debt overnight, so it’s going to take some time to regain your financial freedom. But there are...
One of the questions we’re asked most often has to do with filing for a consumer proposal and your credit score. Many people want to know – if you file for a proposal, will your credit be ruined? The answer isn’t as simple as “yes” or “no.” To...
As Canada’s household debt continues to rise, many Canadians are looking at debt consolidation options. Rising interest rates and new mortgage rules are leaving less room for debt and those who once had a comfortable cushion may now find...
Many Canadians are struggling with debt and with the Bank of Canada interest rates increasing that struggle may become even worse as time goes on. However, there are options available for debt consolidation — particularly if you own your own...
Most people understand the concept of bankruptcy – a situation where you surrender everything you own in exchange for debt elimination – but what about a consumer proposal? Perhaps you’ve heard the commercials or done your own research. If...
Over the last few years, as Canadian consumer debt levels have risen, many Canadians have found a consumer proposal to be a very viable option for debt relief. When debt becomes overwhelming and payments are being missed, climbing out of the...
A wage garnishment is a very popular (or unpopular, depending on your experience) form of collection action. When money is owed to a creditor, obtaining a judgment for enforcement action and implementing a wage garnishment is a common method...
For many Canadians drowning in debt, a consumer proposal is a very valuable resource. The ability to reduce the amount of debt you owe, reduce interest and combine all payments into a single monthly payment you can afford, are all really...
Many of us have been there; sitting with a major tax debt with no foreseeable way to pay it off. This is a common and incredibly stressful situation to find yourself in. The Canada Revenue Agency is ruthless, and when money is owed, you can’t...