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Debt Consolidation Help
I always tell clients that declaring bankruptcy is not so difficult – relief from hounding creditors and their agents is just a few signatures away. It’s a bit harder to secure an automatic discharge from your bankruptcy though – and that, for most, is the point of the exercise. Just as CRA has a mysterious...
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Questions: Dear Ross: How come TD Bank has notes in their system about my personal bankruptcy from 2003? My credit bureau is absolutely clean; score 765; no blemishes, yet I can only get a secured visa from my own bank after all these years! Thanks, confused in North York. Answer: Dear confused: Everyone tells you a...
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In case you missed it, Emily Jackson wrote an informative piece on the changing landscape of bankruptcies and consumer proposals in the Globe and Mail on June 14, 2011. Her main point is that since the rules changed so significantly in September 0f 2009, we are seeing more people file consumer proposals, and fewer filing bankruptcies. Here...
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While bankruptcies continue to drop as economic conditions improve, they still remain above pre-recession. A longer version of the following article was published earlier this week inwww.mortgagebrokernews.ca According to data released by the federal Office of the Superintendent of Bankruptcy, insolvencies fell 11.5 per cent in Canada in 2010, with 140,234 new cases filed compared...
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As the New Year approaches, we invariably have many clients attend meetings in our office where they “confess” to having taken on significant credit card debt over the past year. It seems as if the annual ritual of Xmas shopping pushes them over the edge and they resolve to clear up the debts once and for...
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A couple of weeks ago I negotiated settlements with several creditors on behalf of a client who really did not want to do a consumer proposal. (CP) It was probably a wise decision since, the more I got into the exercise, the more equity in his house and other “grabbable assets” he seemed to have.  A CP...
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I attended a credit counselling meeting today with a lady in the late stages of a successful consumer proposal. She related a story of how she also owed $1,800 in unpaid 407  tolls at the time she entered into her proposal, and wrongly assumed this bill would be incorporated into her proposal payment. Well over...
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I read this interview of Gail Vaz-Oxlade in today’s Saturday Star – and it really resonated with me. Her mantra is simple yet practical advice for all. The part I liked best was when Gail says you should NOT pay off all your debts before you begin to save. So with thanks to the Star...
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