Posts tagged debt settlement
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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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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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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Do I Qualify For Bankruptcy?

So basically, if you owe at least $1,000, are unable to keep up with your monthly debts payments and do not have assets such as vehicles, house, or investments that you can cash in to pay your debts in full, then you can choose to file for bankruptcy protection.  It is your choice whether or not to voluntarily put yourself into bankruptcy and no one can stop you.

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Beware of Debt Settlement Offers

The debt settlement and credit counselling companies would have you believe that they can easily have your credit balances reduced and save you hundreds if not thousands of dollars.   The problem is they cannot guarantee any results.  They will require that you pay them monthly administration fees and/or a percentage of the settlement amount as payment for their services.  But you need to read their documents very closely to find out what happens to all of those fees that you have paid if they are unable to reach agreements with some or all of your creditors.

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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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