Posts tagged debt consolidation
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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Advantages of Filing a Consumer Proposal vs. a Bankruptcy
What Happens if I Default on My Consumer Proposal

Consumer proposals are administered by Licensed Insolvency Trustees (LIT) and typically allow the debtor to pay back all, or a portion of their unsecured debts, with one monthly payment, spread out over a reasonable period of time.  Proposals can also deal with debts by way of lump sum payments.

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My Bank Account Is Always In Overdraft

The interest charged by banks to those carrying an overdraft can range as high as 20% so it can be a very expensive form of credit. If you find that you are carrying an overdraft balance and running out of money between pay periods this can be an early warning sign of future financial difficulties.

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December 2014 Personal Bankruptcy & Consumer Proposal Statistics

Personal bankruptcies were down 6.3% and consumer proposal filings were up 7.6% as compared to the 12-months ended December 31, 2013.

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Does My Bankruptcy/Proposal Trustee Work For Me or My Creditors?

The Trustee’s job is to administer the BIA in relation to your bankruptcy or proposal filing.  In this role, the Trustee works for the Court, the creditors and for the bankrupt or proposal debtor and the Trustee is accountable to all parties for its administration.  The Trustee should administer your bankruptcy or proposal in a fair and even-handed manner so that your rights and those of the creditors are respected.

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Financial Warning Signs

Most of us can sense impending financial trouble but we tend to shy away from seeking professional help out of embarrassment or fear of being judged.   Licenced Insolvency Trustees and debt counsellors are there to help and should be able to provide you with financial counselling in a non-judgmental and professional manner.   The information they provide should help you better understand your financial situation and the options and resources that are in place to assist you.  This will allow you to make the best possible decision to resolve your financial concerns.

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The Cost of Credit Card Debt

If you are struggling to keep up with credit card debt and don’t see your balances decreasing this is a sign to seek professional help.  A licensed insolvency trustee can review your financial situation and help you find the best strategy to deal with your credit card debt.

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