Posts tagged as:

bankruptcy

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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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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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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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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