Whether you are going through a period of financial hardship, are burdened with credit card debt or have had a significant change in your income, there are many reasons why you may be behind on payments. A consumer proposal is one of the most common debt relief options chosen by Canadians struggling with debt. This blog will examine 7 things you should know about a consumer proposal, including the pros and cons of a consumer proposal and how to file one. What Is a Consumer Proposal? A consumer proposal is a formal debt settlement arrangement regulated by the Canadian Bankruptcy and Insolvency ..read more

Many Canadians struggle with debt and are looking for options. You might have wondered if debt management or debt settlement might be the right solution for you. To many people, debt management and debt settlement are the same, but while they sound similar, they are not. This blog will examine the differences between debt management vs debt settlement and their pros and cons so you can make an informed decision on your debt relief solutions. What is Debt Management? Debt management, or credit counselling, begins with a financial assessment by a non-profit credit counsellor, who will examine yo ..read more

Nobody likes to think about death and its consequences, but it is a critical topic to be aware of when it comes to your debt. It creates several questions: Will your family inherit your outstanding debts? Who will be responsible to pay them off? Can your creditors take legal action against your family? Is there anything you can do to prepare? This article will look at what happens to debt if you die to help you prepare and plan for dealing with unpaid bills and debts. What Happens to Debt After Death As much as you may wish, your debts don’t just go away when you pass away. Your creditors can ..read more

If you have dealt with overdue bills, whether a credit card, bank loan or other debt, you may have been contacted by a collection agency demanding payment. Many lenders send overdue accounts to these agencies or sell the account for pennies on the dollar to recover at least part of the money owed. The collection agency then will contact you by phone, email or even in person, or take legal action to get the money from you as that is how they get paid. But while your first instinct may be to pay the agency what they are asking for, it might not be in your best interest to do so. This article wil ..read more

When it comes to managing and paying off debt, the process can often feel overwhelming. High interest rates and multiple balances can make it seem like you’re running on a treadmill — working hard but not making much progress. This is where the Snowball Method comes in, a strategic approach to debt repayment that not only simplifies the process but also accelerates your journey to becoming debt-free. Understanding the Snowball Method The Snowball Method is a debt repayment strategy focused on paying down debts from the smallest balance to the largest, regardless of the interest rate. This meth ..read more

For many Canadians, the first thought when thinking about bankruptcy is, “I’m going to lose everything.” However, even in bankruptcy, there are assets that you can keep, known as bankruptcy exemptions. Every province and territory has their exemptions besides the federally regulated exemptions. In Ontario, the exemptions are set out in the Execution Act of Ontario. What Assets Can I Keep in Bankruptcy in Ontario In a personal bankruptcy, the following are exempt from seizure in bankruptcy: All necessary clothing for you and your dependents with no dollar limit Household furnishing and applian ..read more

Filing for bankruptcy can be a daunting process, filled with intricate details and legal procedures. It’s a decision often arrived at after much consideration and, typically, as a last resort to manage insurmountable debt. However, the complexity of bankruptcy filings means that it’s alarmingly easy to make mistakes that can affect the outcome, or even result in the dismissal of your case. Understanding these pitfalls can be the key to a smoother bankruptcy process. Here are some critical mistakes to avoid when filing a bankruptcy petition: Not Consulting a Professional One of the foremost e ..read more

Many Canadians struggle with debt; sometimes, bankruptcy is the last option to escape the crushing burden. This journey begins with filing for bankruptcy with the assistance of a Licensed Insolvency Trustee (LIT), the only professional in Canada licensed and regulated to administer bankruptcies. Bankruptcy is a legal procedure where you surrender any non-exempt assets to the LIT as part of the process to relieve your debts. Your trustee will then sell these assets and pay the proceeds to your creditors.  Contrary to popular belief, you don’t lose everything when you file for bankruptcy ..read more

Financial difficulties can be overwhelming, and a consumer proposal might offer a workable debt relief option for many people. With a consumer proposal, you can make a manageable monthly payment to your unsecured creditors while stopping interest payments for up to five years. A consumer proposal is an effective approach to settling your debts if you cannot pay them.  off completely. But what if circumstances change that make you need to withdraw or cancel the proposal? Or worse, if the court rejects the consumer proposal? In this guide, we’ll explore an In-depth discussion of consumer p ..read more

Wage garnishment is a legal process the Canada Revenue Agency (CRA) uses to collect outstanding tax debts. A wage garnishment involves the CRA contacting the debtor’s employer to send a portion of their wage directly to the CRA. You may wonder, “How much can CRA garnish from wages?” The government has the right to garnish up to 50% of income. So, understanding how to stop wage garnishment is critical because it can result in lower take-home pay, making it difficult to afford basic living expenses and pay off debts. Chande Debt Solutions is a recognized, licensed insolvency trustee firm that as ..read more