Yearly Archives: 2006

Question: Hello, thank you for taking time to read my question. My spouse and I currently have $73,000 in unsecured credit card debt. We have a 2 yr old son. We take home approximately $4500/month net pay. Once living expense are paid, I would estimate that we have about $1500/month left… Read more

Question: Our debt problem has gotten intolerable again. Our first bankruptcy was 10 years ago. Due to my husband’s health his salary has been decreased and our debt load is not manageable. How does the court look at a 2nd bankruptcy or is consumer proposal our only option? Second Time Bankruptcy… Read more

Question: I’m seriously considering filing for bankruptcy very soon. After filing for personal bankruptcy, how does this effect employment with regards to being bonded? Will being an undischarged or discharged bankrupt harm my chances of being able to be bonded? Bankruptcy, Bonding and Employment If you are in a position or applying for a… Read more

Question: I am thinking of filing either a consumer proposal or personal bankruptcy. I owe $45,000 in credit card debt and own my home. My house is worth approximately $275,000 with a first and second mortgage totalling $265,000. Can I file bankruptcy or a proposal and only include my credit… Read more

Question: I have large credit card debt and am struggling to make my payments. I am behind 3 months right now and am receiving calls from collection agencies. If I can find a way to repay this debt what is the difference between paying it to the card company or… Read more

Question: I went to college more than 10 years ago and OSAP has been after me ever since to repay my student loans. Although I would have liked to repay these loans I found it difficult to find good employment and now I am on disability and still cannot afford… Read more

Question: I realize that if I earned the money then I have to pay the tax. But what if the amount owing includes large penalties and interest, can the penalties and interest be negotiated in lieu of paying the actual tax Answer: Revenue Canada (CRA) will not negotiate on the… Read more

Question: When I filed for personal bankruptcy 4 years ago by error I forgot to add two creditors to the listing. The debt was small- two payday lenders one for $340 and the other for $400. They have both gone to collections 2 years ago and are reporting as such…. Read more

You are looking for some debt relief and have heard about both a debt management plan and a consumer proposal.  How do you know which one is the best option for you.  Will your payments be different under a debt management plan or consumer proposal? How are your creditors affected?… Read more

Question: My bank turned me down for a debt consolidation loan. I don’t understand why. I am currently paying $1,000 per month on my three credit cards. My payment on the debt consolidation loan would only be $800 per month, so if I can afford what I am paying now,… Read more