(Recorded LIVE on November 18, 2006 on Ask The Experts on 570 News with Douglas Hoyes and host Glenn Pelletier.)
On today's show we have assembled the top 50 questions that the professionals at Hoyes, Michalos & Associates Inc. answer; To hear the answer to a specific question, please click on the "Answer" link beside the question. For additional information on the same topic, follow the "More info" link (where applicable).
Options |
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| 1. | I have too much debt. What are my options to deal with my debt? Listen to the answer. More info: Dealing with debt guide |
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| 2. | How do I know if I have too much debt? Listen to the answer. |
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| 3. | What causes money problems? Why do people get into trouble with debt? Listen to the answer. |
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Bankruptcy |
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| 4. | What is bankruptcy? Listen to the answer.
More info: Personal bankruptcy in Ontario |
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| 5. | In the United States it's possible to go bankrupt without a lawyer. In Canada, can I handle a bankruptcy myself? Listen to the answer. | |
| 6. | What does a bankruptcy trustee do? What are their duties? Listen to the answer. | |
| 7. | What do I have to do if I go bankrupt? What are my duties? Listen to the answer.
More info: Bankruptcy - filing and the process |
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| 8. | Will I lose my car in a bankruptcy? Listen to the answer.
More info: Car in bankruptcy |
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| 9. | Will I lose my house if I go bankrupt? Listen to the answer.
More info: House in bankruptcy |
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| 10. | Can I exclude any debts from a bankruptcy? Listen to the answer. | |
| 11. | Will a bankruptcy stop wage garnishments? Listen to the answer.
More info: Wage garnishment - how to stop it |
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| 12. | If I go bankrupt, is my spouse responsible for my debts? Listen to the answer.
More info: How will bankruptcy affect spouse |
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| 13. | What happens to child support if I go bankrupt? Do I still have to pay it? Listen to the answer. | |
| 14. | If I go bankrupt, what happens to my tax return? Do I still get a tax refund? Listen to the answer.
More info: Tax refund in bankruptcy after the bankruptcy reform |
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| 15. | What happens to my GST credits and child tax credits if I go bankrupt? Listen to the answer. | |
| 16. | What are the benefits to the debtor in a bankruptcy? Listen to the answer. | |
| 17. | Does it cost me anything to go bankrupt? Listen to the answer. | |
| 18. | Can student loans be a part of a proposal or bankruptcy? Listen to the answer.
More info: Bankruptcy rules about student loans in bankruptcy after the bankruptcy reform |
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| 19. | What does the term "discharge" mean? Listen to the answer.
More info: The effects of bankruptcy discharge |
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| 20. | If I go bankrupt, will I ever get credit again? Listen to the answer.
More info: How can I repair my credit? |
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Bankruptcy and Seniors |
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| 21. | If a senior files for bankruptcy, can his/her pensions be taken away? Listen to the answer. | |
| 22. | Do you ever encourage people in their 70's or older to just "walk away" from their obligations if they have money problems? Listen to the answer. | |
Consumer Proposals |
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| 23. | What is a consumer proposal? Listen to the answer.
More info: Consumer proposal to creditors - an alternative to bankruptcy |
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| 24. | Will a consumer proposal stop wage garnishments? Listen to the answer.
More info: Advantages of consumer proposals |
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| 25. | Will a proposal work for someone with large credit card debt? Listen to the answer. | |
| 26. | Will a proposal stop collection agency calls? Listen to the answer. | |
| 27. | Who can make a consumer proposal? Listen to the answer.
More info: Who can file a proposal to creditors |
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| 28. | What is the process of filing a consumer proposal? Listen to the answer.
More info: Filing a consumer proposal and the process after filing |
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| 29. | How does a proposal get accepted? Listen to the answer.
More info: Acceptance of a consumer proposal by the creditors |
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| 30. | What happens if my proposal gets rejected? Listen to the answer.
More info: What if your consumer proposal is rejected? |
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| 31. | What happens if my proposal is accepted, and then I stop making payments on my proposal? Listen to the answer.
More info: Defaulting on your proposal's payments |
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| 32. | What does it cost to make a proposal? Listen to the answer.
More info: Cost of Filing a Proposal to Creditors |
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| 33. | In a proposal is the trustee representing the debtor or creditor? Listen to the answer. | |
Credit Reports |
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| 34. | What is a Credit Report? Listen to the answer. | |
| 35. | How can I get a copy of my Credit Report? Listen to the answer.
More info: Main credit bureaus in Canada |
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| 36. | Does it cost me to get a copy of my Credit Report? Listen to the answer.
More info: Obtaining your credit report |
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| 37. | Why is a Credit Report important? Listen to the answer.
More info: Bad credit report can prevent you from getting a loan |
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| 38. | What is the "R" scale? Listen to the answer.
More info: Bankruptcy terminology - The Nine Point Rating Scale |
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Canada Revenue Agency (CRA) - Revenue Canada |
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| 39. | If I owe money to the government, would that be included in a bankruptcy or proposal? Listen to the answer.
More info: Dealing with tax debt |
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| 40. | If I am self employed and have debt issues can I make a deal with CRA on back taxes? Listen to the answer. | |
| 41. | If I am a small business owner and it fails am I responsible personally for things like outstanding GST or provincial sales taxes? Listen to the answer. | |
| 42. | In a failed business, am I personally responsible for my staff or employees with things like wages or benefits? Listen to the answer. | |
| 43. | What about the responsibility of the business owner's spouse? Listen to the answer. | |
Collection Agents |
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| 44. | A collection agent is threatening to take my furniture, can they do that? Listen to the answer.
More info: The rules collection agencies have to follow |
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| 45. | Can I negotiate a settlement directly with collection agents? Listen to the answer. | |
| 46. | How can I make collection agents stop calling? Listen to the answer.
More info: Dealing with collection agencies |
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Making a Plan to Deal with Debts |
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| 47. | Every time you are on the show you talk about making up a budget - why is that so important? Listen to the answer.
More info: How to make a budget and how to make it work for you |
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| 48. | Should I consider borrowing against my house or re-mortgaging to help? Listen to the answer. | |
| 49. | How do I know if credit counseling a good option for me? Listen to the answer.
More info: Credit Counselling in Ontario |
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| 50. | If I have too much debt, what do I need to do to deal with my debts and get a "fresh start"? Listen to the answer.
More info: Make a Plan! |
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