Debt Relief Experts
Consumer Proposal Laws in Canada
You may already know that a consumer proposal can help you eliminate debt. In this post we explain the top laws and rules that come with a proposal filing so you have a better understanding of the process.
Consumer Proposal and Bankruptcy Blog | Debt Solution FAQs
Our knowledgeable team of Licensed Insolvency Trustees provide information and expert advice to help you on your way to becoming debt free. Our extensive debt help resource centre includes articles, videos, and podcasts on how to get out of debt including commonly asked questions about consumer proposals, bankruptcy, and debt consolidation options. Become informed about credit rebuilding and other money management tips as you search for a solution to your debt problems.
Can Your Bank Help You with Your Debt?
One option for dealing with your debt is to talk to your bank first. In this post, we outline the ways in which your bank may help you get out of debt, tips for how to approach them when asking for help, and what you can do if your bank refuses to provide debt relief.
What Happens If Your Consumer Proposal Is Annulled?
If you face an income loss, fall behind on proposal payments and the proposal becomes annulled, what are your options? We explain what a proposal annulment means for your debts, how to revive your proposal, and how to prevent a proposal annulment in the first place.
What Percentage Should I Offer To Settle Debt?
You may be overwhelmed by debt and considering a debt settlement. In this post, we walk you through how to determine an affordable offer, the dos and don'ts of settling with your creditors, how to reduce debt by up to 80% and when working with an LIT is the right option.
Consumer Proposal Examples, Client Experiences, Reviews and Stories
We explore six unique debt case studies to show you just how a consumer proposal can help you eliminate debt and regain financial freedom.
Tax Refunds: Consumer Proposal vs. Bankruptcy
Your income tax refund is treated as an asset in a bankruptcy. Learn more about what exactly happens to your refund under a consumer proposal vs. bankruptcy. We also explain how CERB tax debts are dealt with in a filing.
What Are The Common Factors That Affect A Credit Score?
In this comprehensive post, learn how your credit score is impacted, what brings a credit score up and down, and get the facts on common credit score myths. We also outline what lenders consider when approving new credit applications.
Does a Consumer Proposal Affect My Spouse?
You may be considering a consumer proposal and wondering if it will impact your spouse. To help you get a better understanding, we explain how joint debts work, how your marital assets may be affected and how your spouse may be involved in the process. Learn more.
CRA Collection Letters for CERB Ineligibility or Overpayment. Can You File Bankruptcy?
What are your options if CRA says you were ineligible and must repay CERB, CRB or other pandemic related benefits? Can you file a bankruptcy or proposal if you can't afford to pay back CERB? Doug Hoyes explains.
Do Banks Accept Consumer Proposals?
Your bank may be your biggest creditor in a consumer proposal. In this post, Doug Hoyes discusses what banks look for when reviewing proposals and Hoyes Michalos' process for ensuring consumer proposals are accepted by creditors.
Credit Cards After Bankruptcy: What You Need to Know
We know it can be hard to go without a credit card when you file a bankruptcy or consumer proposal. We explain whether it's a good idea to get a credit card during your filing or immediately after and if you do get a card, which credit card issuers are best to start with.
What Does Life After a Consumer Proposal Look Like?
If you've recently completed your consumer proposal - congratulations. Now it's time to plan for life post-proposal. We explain what you can expect, the steps you should take after completing your consumer proposal, and best practices for rebuilding your credit.
Why and How Does Someone Go Bankrupt?
There are a lot of misconceptions surrounding why someone is driven to file for bankruptcy. In this post, we share a realistic sequence of events that leads someone down a path of financial instability and into our office for debt relief. We also explain what you can expect when you declare bankruptcy.
Interest Rates and Debt – What Can You Do?
Do you know what a rise in interest rates could mean for you? Learn about the interest rate patterns in Canada, how a rise affects your finances, and what you can do to move forward confidently.
What Happens When Your Student Loan Is In Collection?
Many people struggle to repay their student debt even years after graduating due to inconsistent income or lack of gainful employment. Falling behind on student loan payments is not uncommon but it should be dealt with, especially if your loans are now in collection. We explain what creditors can do and how to get relief.
Bankruptcy or Debt Management Plan. How Do You Decide?
If you're overwhelmed with debt, this post will help you decide whether you should file a bankruptcy or deal with your debts via a debt management plan by reviewing key questions, as you would in a real debt assessment with a Licensed Insolvency Trustee. Learn which debt relief option is right for you.
GEM Debt Law Contract Review
This is yet another case of an individual struggling with debt, told to pay exorbitant fees to a debt settlement firm to deal with their debts. This time, the company was GEM Debt Law. We review the terms of the contract and explain why these debt consultants should be avoided.
What’s It Like to File Insolvency In Your 40s?
Ideally, in your 40s, you want to prepare for your transition into retirement. But being burdened with debt at this age can hold you back from building any meaningful wealth. Luckily, there are debt relief options available to help you take control of your future.
Unpaid Credit Card Debt: What Are the Consequences?
We know it can be stressful when you're unable to make your credit card payments. In this post, we help you understand the potential consequences if you fall behind on your credit card debt, as well as, options for eliminating debt.
York Credit Services Contract Review
Struggling with debt? Go directly to a Licensed Insolvency Trustee. Unlicensed debt consultants like York Credit Services will charge you extra fees just for a referral to an LIT. Here's a real story of someone who was scammed into paying an extra $800 for nothing.
Exempt vs. Non-Exempt Assets in a Bankruptcy in Canada
There is a common misconception that when you file for bankruptcy in Canada, you lose everything. But that's not true. In this post we outline exempt and non-exempt assets in a bankruptcy and how a consumer proposal actually allows you to keep everything.