Ontario Taking Steps to Regulate Debt Settlement Companies

Ontario Taking Steps to Regulate Debt Settlement Companies

The Ontario government announced last week that it will be instituting measures to curb the abusive practices of “debt settlement” companies.  This comes in response to repeated complaints from debt-laden consumers.  Alberta, Nova Scotia and Manitoba have already taken similar steps. The following is a summary of the steps being taken by the Ontario government: prohibit…

Transfer of Assets Prior to Bankruptcy

Transfer of Assets Prior to Bankruptcy

I want to talk about a specific part of what happens when you sit down with a trustee to discuss bankruptcy as an option for dealing with a difficult financial situation. There is a variety of questions that a trustee will ask anyone in understanding his or her predicament. Most people know that there is…

Collection Calls – the good, the bad, the ugly?

Collection Calls – the good, the bad, the ugly?

If you are receiving collection calls, you likely can place each of them into three categories: the good, the bad, and the really ugly. Regardless of which type they are, they all add stress to your situation. In most cases, collection calls are being received because you do not have the funds to pay your…

Child Support and Bankruptcy

Child Support and Bankruptcy

Child support payment issues are something several readers have asked us about. The issue I hear the most is the ability to pay child support payments is often tied to the individuals ability to deal with other financial issues. If someone is behind in their debt payments, this compounds the problem for the payer. Let’s talk…

Debt Free in 30

Debt Free in 30

You’ve had sleepless nights because of your debts. You get anxious about opening your mail. You have argued with your spouse due to what you need to pay off. Your debts have continued to rise year after year. You have no reserves for emergencies. Your debts are controlling you. Imagine a day when you have…

5 Tips for Making a Budget Part of Your Financial Routine

5 Tips for Making a Budget Part of Your Financial Routine

Following a household budget is an important part of effectively managing your money and achieving your financial goals and it can be an important part of your recovery after bankruptcy. I don’t think I’m going out on a limb by saying that most people would agree with that statement. So why don’t more people do…

Reading the Signs – Do I Need To File for Bankruptcy?

Reading the Signs – Do I Need To File for Bankruptcy?

The answer to this question is not an easy yes or no.  Here is a different question to consider first:  Are you in financial difficulty?  Following are some common warning signs. Your credit cards are at their limits You are using one credit card to make payments on another credit card You missed the last…

How does bankruptcy affect divorce equalization payments

How does bankruptcy affect divorce equalization payments

Question received: I have an equalization payment owed to me. My spouse claims he will be filing bankruptcy and wants to pay the lump sum over 3 years. Will my equalization owing be included in the bankruptcy? Answer: Yes, if your ex-husband is obligated to make an equalization payment that has been ordered prior to…

Government Agency Warns About Debt Reduction Companies

Government Agency Warns About Debt Reduction Companies

It is a confusing time for people who are struggling to pay their debts. I say confusing because there is a wide assortment of people offering you advice to “deal with your debts” through advertisements on the radio and internet, myself included. The tricky part is that it’s hard to know whom you can trust….

What’s Better – Consumer Proposal or Personal Bankruptcy?

What’s Better – Consumer Proposal or Personal Bankruptcy?

Do you owe money on credit cards? How about a line of credit, income taxes or payday loans? If you have more debt than you can handle, no doubt you are looking for answers about how to deal with your debts. For people who are simply unable to pay back all of their debts, the…