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Even if your financial situation is so overwhelming that you are filing for personal bankruptcy, you will not have to give up all your possessions. Bankruptcies are not intended to be punitive, but are instead the fairest way for the honest debtor deal with their debt and move forward.  Read More

The law protects the rights of every party in bankruptcy: the creditors, the trustee, and the debtor. As a debtor, the law protects you from undue stress caused by collection agencies which harass debtors. If you are being illegally harassed by a collection agency, you can make an official complaint.  Read More

Canadian bankruptcy rates have been abnormally high since the 2008 financial meltdown. Record consumer debt and a tight job market have made it easier than ever to get into debt. When you have reached the point that payments are only chipping away at accrued interest and you owe more than you could ever make, it may be time to call it quits.  Read More

Not all debts are erased by bankruptcy. It’s important that you know which of your debts are covered by Canada’s bankruptcy law if you are considering filing for personal bankruptcy, to ascertain if bankruptcy is the best option to solve your current financial situation. Bankruptcy law is extremely complex.  Read More

If you owe money to the Canada Revenue Agency (CRA), you must take steps to avoid late payments. Any late payments owed to the CRA are subject to interest and penalties. Payment must be made by May 1, 2015 for the 2014 tax year. Additionally, any incorrect (falsified) tax returns will be penalized.  Read More

If you owe money to the Canada Revenue Agency (CRA) but cannot pay it, you must take action immediately. Ignoring your debt will simply make your financial situation more serious. The CRA, which was formerly called Revenue Canada, expects to be paid in full, and on time.  Read More

Simply put, interest rates are the cost of borrowing money. A loan, such as a car loan or a mortgage, gives you the ability to purchase the car or home now, rather than having to save up until you can afford it. Credit cards give you the ability to purchase goods and services, such as hotels and flights.  Read More

Managing your debt is the only way to avoid financial distress. Debts include mortgage payments, car loans, and of course credit card bills. Paying your credit card bills on time will help you maintain a good credit rating. You should also pay more than just the minimum amount.  Read More

If your financial situation is becoming unbearable and you have overwhelming and mounting debts --debts which you are unable to repay despite your best efforts—you should consider consulting with a bankruptcy trustee. In some cases, you will be able to repair your financial situation without having to file for personal bankruptcy.  Read More

Overwhelming debts, loss of income, and unexpected financial demands can all contribute to a personal financial crisis. If you are unable to repay your debts, and if these debts are mounting, you will benefit from consulting a bankruptcy trustee who will explain all the financial options available.  Read More