From the category archives:

bankruptcy Canada

Co-signers beware

by Moneyproblems TipsThu Aug 04, 2011 bankruptcy Canada

Today’s tip: only co-sign for someone if you are absolutely positive that they will be able to repay the loan in full, on time.  If they don’t make the payments, you are liable for the entire unpaid amount owing on the debt.
If it’s a small loan, or if you have lots of money, that may [...]

Tagged as: bankruptcy Canada, co-signer

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Get a copy of everything you sign

by Moneyproblems TipsWed Oct 13, 2010 Money Saving Tips

Always GET A COPY of everything you sign, as you may need to refer to it down the road for customer service inquires or to refer to the terms of conditions of your contract. Keep the copy of the contract in an easy to refer to place in the house for future reference.
Not knowing [...]

Tagged as: keep a copy

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The Disadvantages of Filing Bankruptcy

by Moneyproblems TipsWed Oct 06, 2010 bankruptcy Canada

Some of the disadvantages of filing bankruptcy are:

It has a negative impact on your credit rating (You will have to work hard to rebuild your credit after being discharged from bankruptcy; it is like starting all over again)
You may be required to surrender some of your assets to the trustee (see our article [...]

Tagged as: bankruptcy, bankruptcy trustee, consumer proposal

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The Advantages of Bankruptcy

by Moneyproblems TipsTue Oct 05, 2010 bankruptcy Canada

Some of the advantages of filing bankruptcy in Canada are:

Bankruptcy eliminates most of your unsecured debts
Bankruptcy can stop a wage garnishment and prevents creditors from taking legal action or collection action against you.
Bankruptcy is inexpensive in comparison to other options
The process is often quicker than other options to deal with debt

More information [...]

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When it hits the wall who gets splattered?

by Moneyproblems TipsFri Oct 01, 2010 bankruptcy Canada

A lot of people are afraid to take action to resolve their debt because they are worried about who will be affected. It’s important to understand that only the debt that you  sign for can directly affect you.
Even if you are married your spouse can not be made responsible for your debt unless they agreed [...]

Tagged as: bankruptcy, consumer proposal, spouse

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Understand the legal implications of your decisions

by Moneyproblems TipsThu Mar 11, 2010 bankruptcy Canada

Don’t put off dealing with your debts because you are afraid of the legal consequences.
Fact: Canada does NOT have a debtor’s prison.
Fact: you do NOT lose your passport or citizenship when you file for bankruptcy.
You do not go to jail because you owe money.  You only go to jail if you commit a crime.  If [...]

Tagged as: legal implications

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The facts and only the facts

by Moneyproblems TipsMon Mar 08, 2010 bankruptcy Canada

Before you decide what to do about your debts, do some research and know the facts. Don’t be afraid of what you do not know – be informed: certain assets such as household items and goods are exempt property and cannot be taken away if they fall below a certain allowance if you go bankrupt [...]

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Know Your Options When Dealing With Bill Collectors

by Moneyproblems TipsFri Feb 26, 2010 bankruptcy Canada

It is not uncommon for bill collectors and collection agents to threaten to “take you to court.”  Mark Silverthorn, in his book The Wolf at the Door: What to Do When Collection Agencies Come Calling, states that it is very unlikely that a collection agent will take you to court, because if they do, it [...]

Tagged as: bill collectors, collection agents

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How to Deal With Overwhelming Credit Card Debts

by Moneyproblems TipsFri Feb 19, 2010 Debt Consolidation Loan

This week we have discussed the truth about credit card costs, and how to pay off your credit cards.  But what can you do if you are carrying an overwhelming amount of credit card debt?
You probably didn’t expect to have this much debt, but perhaps you got sick, or lost your job and had to [...]

Tagged as: bankruptcy, consumer proposal, credit card

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Sometimes Filing Bankruptcy in Canada is Necessary for CMHC Debts

by Moneyproblems TipsWed Feb 03, 2010 bankruptcy Canada

Today’s Tip Courtesy of Jane Merling, Credit Counsellor
Declaring personal bankruptcy in Canada should always be considered a last resort; you only go bankrupt if you have tried all other possible solutions for your money problems. But what if you are one of the thousands of Canadians that lost their house to foreclosure, and now CMHC [...]

Tagged as: CMHC, mortgage shortfall

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