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Writ of Execution: Will I have to surrender my home?
Question: I’ve just received a writ of execution for the $7000 in credit card debt I’ve incurred. I’d like to know if filing for bankruptcy would stop the interest from accumulating, and whether they...
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Stuck with ex-husband’s business debt
Question: I have been divorced for 5 years now and my ex-husband declared bankruptcy in June. He has a business and let the credit line go to $30,000.00. Since he declared bankruptcy they are now...
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Too Much Debt and Low Income
Question: I am dating a lady who is unable to pursue her chosen profession as a massage therapist due to a medical condition. Her employment provides an income of approx $1200 per month, and after...
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Surplus Income Calculations and Bankruptcy in Ontario, But Should You Go...
Question: I am preparing to file for personal bankrupsy in Ontario, in January, 2011. I have approx. $55,000 in unsecured debt, which includes student loans and credit cards. I have been a stay at home...
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In proposal now wondering if bankruptcy is an option
Question: My wife and I are in the second year of a consumer proposal. She has recently lost her her job and acquired further debt over 40,000. Debt is in her name can she file bankruptcy in Ontario...
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Loan While in a Consumer Proposal
Question: If you are in a consumer proposal are you still able to get a loan? Thanks Answer: Legally, yes. Practically, it’s difficult. Once you file a consumer proposal there is a note that goes on...
View ArticleDebt Settlement Company vrs Trustee?
Question: My Husband and I are considering going through a consumer proposal. We originally went to a Debt Settlement company. Although the rep has been very helpful, there is a fee of $900.00 for...
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Bankruptcy in Ontario while living in USA
Question: My wife and I are both canadian citizens both living in the USA for 10 years now. We filed bankruptcy chapter 13 last year in the state of Michigan. My wife and I still have an old loan and...
View ArticleOntario Statute of Limitations, how does THAT work?
Question: I have old credit card/bank debt that went in to collections around 2008 I think. So far as I can see, the file keeps getting sold off to various agencies. I do not answer their calls because...
View ArticleBankruptcy Aftermath: Can’t Pay for Bankruptcy
Question: My husband declared a second bankruptcy last year. The first one, over 15 years ago, was being young and stupid and there were no assets to deal with. Now this time he decided to keep the...
View ArticleDoes Surplus Income Affect Consumer Proposal Payments
Question: We are looking at filing either bankruptcy or a consumer proposal. Will our surplus income effect the amount we should/could offer in the proposal? To accept a consumer proposal your...
View ArticleNew Debt Settlement Rules Proposed by Ontario Government
The Ontario government has announced proposed legislation to prevent debt settlement companies from charging consumers huge up front fees for doing nothing. According to the government press release:...
View ArticleHow Can Budgeting Help Me Deal With My Debt?
As part of your bankruptcy process in Ontario, you will be required to attend two credit counselling sessions. During one of those sessions you will learn about how to use a budget to balance your...
View Article10 Reasons Why a Consumer Proposal May Be Better Than Bankruptcy
Both a consumer proposal and a bankruptcy in Ontario provide immediate relief from creditors and provide a legal method to eliminate your debts. For a creditor to accept a consumer proposal however,...
View ArticleShould I Ignore Creditor Collection Calls?
If a collection agency is calling you it is because someone (or some business) has hired the collector to try and recover money that they think you owe them. Unlike sales calls, the collection agency...
View ArticleWhat If I Don’t Want To File Bankruptcy?
Filing for bankruptcy is a voluntary act so no one can make you file for bankruptcy. But we know for most it is the last option they want to consider when looking for solutions to dealing with their...
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