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bankruptcy Canada

Make a Plan to Deal With Your Debts

by Moneyproblems TipsFri Jan 22, 2010 Budgeting

Today’s Tip: Make a plan to deal with your debts.
If you have more debt than you can handle, you need a plan. That plan will start with a household budget, so you know what you have to spend each month. You should then explore your other debt management options, including getting a debt consolidation [...]

Tagged as: bankruptcy, budget, consumer proposal

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Happy New Year: Our Top Five Tips of the Day!

by Moneyproblems TipsFri Jan 01, 2010 Budgeting

Today we take a break from our New Year’s Resolution series to wish all of our readers a Happy New Year, and give you a list of our most popular Tips of the Day from the past year.
In reverse order, here are our five most popular tips of the year; click on the links [...]

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Reduce Debt to Improve Your Credit Score

by Moneyproblems TipsFri Nov 27, 2009 Budgeting

The only permanent way to improve your credit report is to reduce your debts. Your household budget can help you determine if you can cut your expenses enough to free up the cash necessary to repay your debts and improve your credit score.
But what if you have more debt than you can handle, and [...]

Tagged as: credit report, credit score

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Bankruptcy Rate in Canada Up: Prepare Yourself

by Douglas HoyesFri Nov 20, 2009 Budgeting

The federal government announced today that the personal bankruptcy rate in Canada increased by 47% in September as compared to September last year.  That is a massive increase in the bankruptcy rate. More information is available about the massive increase in the personal bankruptcy rate in Canada.
Today’s tip: be prepared.
Most people who declare personal bankruptcy [...]

Tagged as: bankruptcy Canada

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The final bankruptcy alternative: a consumer proposal

by Moneyproblems TipsFri Nov 13, 2009 bankruptcy Canada

All week we have discussed ways to avoid bankruptcy.  We have discussed working through your problems on your own, getting a debt consolidation loan, doing a debt management plan, and doing a debt settlement.  If you can afford these options, stop reading.  If not, the final bankruptcy alternative is a consumer proposal.
(NOTE: Consumer proposals are [...]

Tagged as: consumer proposal

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Can Debt Consolidation Help You Avoid Bankruptcy?

by Moneyproblems TipsTue Nov 10, 2009 Debt Consolidation Loan

This week we are looking at tips to avoid personal bankruptcy.  Yesterday we discussed the Do It Yourself Approach to Avoiding Bankruptcy.  The next step to consider is a debt consolidation loan.
A debt consolidation loan does not reduce your debts, but it can help you save money.  If you currently owe $50,000 on five different [...]

Tagged as: Debt Consolidation Loan

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“Do it Yourself” Approach to Avoiding Bankruptcy

by Moneyproblems TipsMon Nov 09, 2009 Budgeting

This week we will discuss strategies to avoid filing bankruptcy in Canada.  Today’s tip: do it yourself.
Before you even think about filing bankruptcy, you should consider ways to deal with your financial situation on your own.  The starting point is to create a household budget. Start by writing down all of your expenses each month, [...]

Tagged as: avoid bankruptcy

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Big tax debts make your bankruptcy last longer

by Douglas HoyesFri Sep 25, 2009 bankruptcy Canada

Our final tip this week: If you have large tax debts, avoid bankruptcy.
One of the final rule changes implemented on September 18, 2009 is that if you go bankrupt, and you owe more than $200,000 in taxes, and if your tax debts are more than 75% of your total debt, the bankruptcy court must decide [...]

Tagged as: tax

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Bankruptcy in Canada is now more expensive: understand surplus income

by Douglas HoyesThu Sep 24, 2009 bankruptcy Canada

This week we are reviewing the new bankruptcy rules in Canada. We’ve talked about the rules that are good news for debtors: a consumer proposal may be a good solution to debt problems, and they are now easier to file. Yesterday the good news was that it is now easier to keep your car if [...]

Tagged as: bankruptcy rules, surplus income

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Keep your car if you go bankrupt

by Douglas HoyesWed Sep 23, 2009 bankruptcy Canada

This week we are reviewing the new bankruptcy rules in Canada. Yesterday I gave a detailed overview of the new rule allowing for greater debts to be included in consumer proposals, and as a result a consumer proposal may be a good solution to debt problems.
Today’s tip is more good news from the new rules: [...]

Tagged as: car, consumer proposal

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