Category: Bankruptcy Information

Why you should pay off a consumer proposal early

Pay off consumer proposal early

Why you should pay off a consumer proposal early Before you filed your consumer proposal (CP), your debts were out of control. Your CP gave you relief from your creditors, collectors and even garnishments. It was a very responsible way to deal with your debts – creditors appreciate that. How well are you balancing your income …

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Can a student line of credit be included in a proposal or bankruptcy

student debt

Can  a student line of credit be included in a proposal or bankruptcy I met a long term client today who has returned to school to upgrade his skills, and has accumulated a fair amount of debt, including a $40,000 student line of credit from a major chartered bank. He needs relief from all his …

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Secured Visa Application

home trust visa image

Secured Visa Application Each week I receive calls and emails asking me for help in rebuilding damaged credit histories. Often, s/he has come off (or is still in) a consumer proposal, or debt settlement or personal bankruptcy and is truly starting from ground zero. How to rebuild your credit history is the topic of other …

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Never give up

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Never give up If you have never had to count your pennies (literally) to live day to day, you may not be able to empathize with today’s featured clients. But believe you me, when times are desperate, it can feel like there is no way out – and people give up. Where do you think …

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This student is really good with money

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This student is really good with money James is the same age as Josh, and entered university five years ago with a similar dream. His family had always been desperately poor – he knew right from the get go there would be no financial support from his parents. His parents always lived within their means …

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This student cannot handle credit

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This student  cannot handle credit Josh was entering first year university when I first met him six years ago. His parents had recently applied for bankruptcy, and money was very tight in the family. They had still not adapted to a life without easy access to credit, and they prevailed upon their son to borrow …

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Proposal and bankruptcy consumers feel relief

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Proposal and bankruptcy consumers feel relief Over the past few months I have attended more than thirty insolvency counselling sessions with clients who have recently either declared bankruptcy or entered into consumer proposals. By law, anyone entering into one of these debt solutions MUST attend two credit counselling sessions over the next few months after …

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Bankruptcy and mortgage refinance not the answer

Credit Piggy Bank

Bankruptcy and mortgage refinance not the answer Recently I received an email from someone complaining she could not get out of debt.This perked my curiosity, but if you read on, you will also understand why. “Dear Ross I am a hard working immigrant living in my own home with my mother and my sister’s family. …

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Spouse wants to declare bankruptcy

Bankruptcy

Spouse wants to declare bankruptcy It’s not unusual for someone to get nervous when their spouse is contemplating a bankruptcy. They worry their credit history, banking relationships, even their employment maybe compromised in some way. Recently I received an email from Jocelyn, who asked these questions: “If my common-law husband were to declare bankruptcy, what …

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Eliminating your debts

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Eliminating your debts There are many ways to deal with the problem of too many debts. Your creditors don’t really care how you got to where you are – they care about how much of their money are they going to get back. If you simply stop making payments, your creditors may eventually take the …

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Mortgage Guarantor Declares Bankruptcy

loan approved

Mortgage Guarantor Declares Bankruptcy Today’s question came from a mortgage broker whose client has guaranteed his daughter’s mortgage loan, but he is now considering personal bankruptcy. Will his guarantee survive the bankruptcy, or will it be removed? If it is removed, the debtor is worried the mortgage company might wish to re-approve his daughter on …

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Second time bankruptcy

bankrupt is broke

Second time bankruptcy Hi Ross, looks like I have to do a personal bankruptcy. I owe $59,000 across several credit cards and my minimum monthly payment is over $1,700! Back in 1997 I declared bankruptcy (for only $10,000 in debts), and it went pretty smoothly. Now I am making around $70,000 per year, and I …

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