Posts tagged debt
The New Debtor Prison

These tactics can leave a person feeling afraid to answer their own phone and for some it can cause undue stress and anxiety which can negatively affect their everyday life and ability to function at work.

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How to Avoid Bankruptcy

Simply said, you can’t go bankrupt if you have no debt.  Bankruptcy is a relief valve for people and companies who find themselves unable to cope with overwhelming debts.  Bankruptcy is not necessarily the only option for resolving debts but the availability of other options is dependent upon individual circumstances.  Generally speaking, the sooner you identify and seek to address significant debts, the more options will be available to you.

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January 2015 Personal Bankruptcy & Consumer Proposal Statistics

Personal bankruptcies were down 6% and consumer proposal filings were up 8% as compared to the 12-months ended January 31, 2014.

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Caught in the Pay Day Loan Cycle?

The problem with this type of borrowing is that it is very expensive and can often leave the borrower, who is already in a tight financial position, unable to repay the loan.  So they end up re-borrowing or getting a “roll-over” loan by paying off the current loan and immediately getting another one from the payday lender.

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Will My Separation Agreement Protect Me If My Ex Goes Bankrupt?

When a relationship ends it is not uncommon to have a formal separation agreement drawn up by a lawyer to spell out the responsibilities of each party.  Even though both parties may have agreed to assume responsibility for certain debts, it does not absolve the parties should one of them default on credit that was granted jointly such as joint credit cards or lines of credit.  

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Financial Literacy - Understanding Collateral Mortgages

The mortgage process is changing and many banks have are now using collateral mortgages when you purchase or refinance your home.  A collateral mortgage typically designed to secure all obligations that you have to the bank and there is no dollar limit on the mortgage.

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Am I Responsible For Business Debts If I File For Bankruptcy?

Commonly, shareholders provide personal guarantees for bank debt and equipment or vehicles financing or leases.  In addition, some suppliers may require personal guarantees. If you are a director of an incorporated business, you may be jointly and severally liable with the Company for certain debts. 

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Will My Bankruptcy Affect My Spouse?

When you file for bankruptcy it does not directly affect your spouse or reflect on their credit report.  Your bankruptcy is between you and your creditors.  Your spouse is not liable for your debts simply because he/she is your spouse.  However, your bankruptcy can have an impact on the other person in the following ways:

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Good Debt vs. Bad Debt

Good debt is for purchases that appreciate in value or significantly improve your quality of life.  Bad debts on the other hand typically do not provide you with any long-term benefit.  If you carry a heavy amount of bad debt and only able to make minimum payments then it’s time to look for help.

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What You Need to Know Before Co-signing A Loan?

When you sign for a student loan, line of credit or any type of loan for a third party you are legally responsible if that person fails to meet the terms of that credit agreement.  If the other party misses payments the creditor will expect you to make the payments and demand that you pay out the account in full.

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