Power of Sale vs Foreclosure: What’s the Difference?
David Sklar & Associates Inc. Blog » Debt Management
by Richard Sklar
7M ago
If you fall behind on your mortgage payments, your lender can take legal action to force the sale of your home. This is because a mortgage is a form of secured debt with your property as collateral. They can recover the unpaid debt by repossessing your home and selling it on the open market. In Ontario, mortgage lenders have two options to gain control of your home: the power of sale and foreclosure. Both legal proceedings yield the same result: your lender sells the property and uses the proceeds to settle the outstanding mortgage balance. However, there are key differences between the two me ..read more
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What You Need to Know About Inheriting Debt in Canada
David Sklar & Associates Inc. Blog » Debt Management
by Richard Sklar
7M ago
worry about any debts they’ve left behind. It’s a common misconception that survivors of a family member will be responsible for their debt, but the debt does not simply disappear. Surveys have shown that two-thirds of Canadians do not understand what happens to debt after death. It can be an uncomfortable subject to talk about, but it’s an essential part of financial and estate planning. Families should be familiar with what happens to your debt when you die in Canada and what you can expect if a family member has recently passed away with debt. Let’s Talk Can You Inherit Debt? Inheriting deb ..read more
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A Guide to Bankruptcy and Mortgage Foreclosure in Canada
David Sklar & Associates Inc. Blog » Debt Management
by Richard Sklar
7M ago
Compared with most types of loans, your mortgage payment probably consumes the most significant chunk of your monthly budget. Depending on your financial situation, you may struggle to keep up with your payments, so much so that you fear defaulting on your mortgage which could result in filing for personal bankruptcy and mortgage foreclosure. Such a concern is warranted. If you fall behind on too many mortgage payments, your lender can legally take possession of your home through a legal process called foreclosure. However, what if you were to file bankruptcy? Could doing so allow you to keep ..read more
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What Is a Financial Windfall in Canada?
David Sklar & Associates Inc. Blog » Debt Management
by Richard Sklar
7M ago
Receiving a financial windfall can feel like a huge relief. It’s not often that people receive an unexpected or large amount of money all at once. It’s exciting to imagine all the things you can do with it, but you will want to be careful about how you spend and manage the funds so that you get the most financial benefit from it. There are many ways you can spend a windfall. It can help you pay back debt, make a dream purchase, or add to your savings. But you should make sure you know all of the financial implications of receiving a financial windfall, including the tax consequences and what w ..read more
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What Happens To Your Debt When You Die In Canada?
David Sklar & Associates Inc. Blog » Debt Management
by Richard Sklar
8M ago
Can I Inherit Debt After Someone’s Death? Many questions arise when a loved one passes away, you may be concerned that the debts of your loved one will be passed along to you. So, it’s important to know that debts cannot be inherited. You cannot leave your debt to someone You cannot be liable for someone’s debt due to death, unless you are a joint debtor, or you are a guarantor. Let’s Talk What happens to your mortgage when you die? With a Mortgage, typically in a marriage, the married couple are both usually on the mortgage agreement, so in this case when one of the spouses dies, then the oth ..read more
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Debt Settlement in Canada: What You Should Know
David Sklar & Associates Inc. Blog » Debt Management
by Rhiannon
8M ago
When you’re deeply in debt, you can wind up looking for answers anywhere. One of the many options you’re likely to come across is debt settlement. Debt settlement companies promise a way of dealing with high debt levels. However, they may not necessarily offer everything that they promise. It’s worth exploring all of your options and finding the one that fits your financial situation. Depending on your income, assets, and the size of your debt, you may find that a consumer proposal or personal bankruptcy is a more reliable way of dealing with that debt. That said, debt settlement may ..read more
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How Inflation Impacts Your Debt
David Sklar & Associates Inc. Blog » Debt Management
by Richard Sklar
8M ago
Photo by Pixabay There’s no doubt that high inflation can put a strain on your budget as it makes day-to-day spending more expensive. But what impact does inflation have on the debt you owe, be it a mortgage, student loan, or credit card? If prices rise during inflationary periods, does the value of your debt increase as well? Will you end up paying more each month to service your debt? In Canada, the annual inflation rate in May was 7.7%, the highest in nearly 40 years. As a result, the cost of goods and services has spiked, especially for housing, food, and energy, causing severe financ ..read more
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Debt & Divorce in Canada
David Sklar & Associates Inc. Blog » Debt Management
by Richard Sklar
8M ago
Credit: yanalya via Freepik Am I Responsible for My Spouse’s Debt After Divorce? What happens to debt in divorce is an important question when your relationship comes to an end. The financial fallout can be a surprise and a challenge. Upon discovering the true cost of divorce, many wonder how they will be able to pay for it all. In any marriage, debt can be a significant part of the life you build together. People take out mortgages, lines of credit, car loans, and may still be dealing with student loans when they start their lives together. It’s normal, but too much debt and incompatible fina ..read more
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Statute Barred Debt in Ontario: How to Identify and How to Deal with Collection Calls
David Sklar & Associates Inc. Blog » Debt Management
by Richard Sklar
9M ago
Getting debt collection calls and letters can be frustrating, to say the least. When you’re getting calls and threatened with legal action to collect, all you want to know is when will debt collectors stop calling you? There are time limits regarding what debt collection actions creditors can take, but it can be a complicated question to answer. It depends on what type of debt you’re worried about, the actions you take, and which actions you hope will have to stop. We’re going to take a look at how debt becomes statute barred debt, what that means for you, and all of the options available to y ..read more
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When Your Student Loan Is in Collection
David Sklar & Associates Inc. Blog » Debt Management
by Richard Sklar
9M ago
Student loans can be a significant burden long after you graduate. Keeping up with your repayments can make it feel like getting ahead is simply impossible, especially as the cost of living rises rapidly across Canada. According to the most recent survey conducted by StatsCan, the average student debt owed at the time of graduating with a Bachelor’s was $28,000 in 2015, a number that has almost certainly increased as students face higher living expenses and tuition. Keeping up is no easy task, but giving up on your payments can lead to even more devastating consequences. As with other unsecure ..read more
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