How To Declare Personal Bankruptcy In Canada

 
Personal debt  and bankruptcy is on the rise in Canada. Here’s a brief overview of the personal bankruptcy process.
Between 1990 and 2006 business bankruptcies declined by 42 per cent – but consumer, or personal, bankruptcies increased by 85 per cent, according to Industry Canada statistics. And with Canadian household debt loads continuing to rise, it’s [...]

Why You Should Avoid Bankruptcy

 
At first glance, this may seem a pointless topic for an article. Who would want, after all, to declare bankruptcy? Most Americans are well aware of the far-reaching financial consequences of bankruptcy protection. Bankruptcy can immediately and significantly lower FICO scores, darken credit reports for up to a decade and, depending upon the situation, forever [...]

Top Five Ways To $ave Hundreds Monthly

 
North Americans are a collection of spenders who must learn the hard way to practice what our grandparents have always known: A penny saved is a penny earned. [...]

RRSP’s: What Happens To Them When You Go Bankrupt?

 
I came across this fantastic news today in the Toronto Sun newspaper that will give investors some peace of mind:
If you find yourself in financial trouble and have to declare bankruptcy, your registered retirement savings are now safe from your creditors.
Recent amendments to Canada’s Bankruptcy and Insolvency Act now rule that for bankruptcies occurring after [...]

Debt Collection Agency: Know Your Rights!

I came across this very sad Toronto Sun story about an abusive collection agency that took harassment to a new level, phoning a debtors 81-year-old dad and a neighbour, telling them he owed money and he better pay up.
When the man’s 14-year-old daughter got a harassing call and was so overcome with fear she decided [...]

How To Improve Your Credit Score

There are no quick fixes for improving your credit score. But you can raise your score over time by demonstrating that you consistently manage your finances responsibly. Any of the following ten tips can help you to improve your credit score:

1. Pay your bills on time.
This is the best way to improve your score, and [...]

What is a Debt Consolidation loan?

A Debt Consolidation loan is a personal loan that allows you to consolidate many other debts into one. For example, if you have three credit cards, you may be able to eliminate your credit card debt (see details below) by getting a Debt Consolidation loan to pay off the credit cards, so that you only [...]

Types of Loans & Credit

Consolidation Loan:
A consolidation loan should pay off all of your existing unsecured debts. This would be loans from credit cards, retail store cards, bank overdrafts and personal loans.
Essentially, a consolidation loan combines all of your unsecured loans and uses your home equity to secure them.
But be careful of what looks to be a [...]

Top 10 Steps to Credit Repair

 
When it comes to repairing your credit, you’re the only person for the job.
What should you do if you have bad credit? Here are 10 tips that are designed to improve your credit history and raise your credit score:
1. Get a copy of your credit history:  Equifax Canada is a great place you can go [...]

Cost of Bankruptcy

The cost of bankruptcy in Toronto, Ontario is largely dependent on your personal situation – although not completely since there are some common expenses that you should certainly take into the account when trying to determine the cost of filing bankruptcy in your case.
Below we provide a summary of some of the costs [...]