Choosing Between A Consumer Proposal and Bankruptcy:

Choosing Between A Consumer Proposal and Bankruptcy:

The major difference between the consumer proposal and bankruptcy is that the consumer proposal gives the person more rights on their assets. It means that the person can learn more of their assets. And also, it has less effect on the credit score of a person. That can stay only three years in comparison to 6 years of bankruptcy. But both of the solutions are made to clear out the debt on the person. In a consumer proposal, the person gives some percentage of the amount of debt money. And can hold more of their assets.

Whereas in bankruptcy, the asset will be sold out. And from selling those assets the debt amount will be cleared. But in a consumer proposal, not many items will be sold. The person needs to pay some percentage of the debt amount to the creditor and can possess more of their assets. And the rest amount which will be paid monthly or something will be decided by the committee. It depends upon the income of the person and what the person has in their asset list. So, just choose wisely which one to go with.

According to the experts, the consumer proposal is good to go with

Many financial experts suggest that consumer proposal is the best solution in, debt relief solution. Because in consumer proposal the person needs to pay some fixed amount decided by the person and the creditor. And it is good so, even a person is making some more money at some time. They only need to give only a fixed portion of their money. And it also allows possessing more assets. So, it is better to go with it.

Consumer proposal mainly have a lower monthly payment

In a consumer proposal, the monthly payment is always lower. But when a person filed bankruptcy, they need to show the trustees about their growth in income. And that could trigger the surplus charges on recovering the debt amount. While in a consumer proposal, the monthly amount doesn’t change and is less than bankruptcy.

Get help from the professions

Always take help from the professional. Because they are the person who regularly deals with such a case. So, it is better to ask for their advice on this case. In case you have the credit or debt issues visit or call 416 650 1100

Buying a Home after Bankruptcy

Buying a Home after Bankruptcy

Bankruptcy is not the end of your life. You will be able to rebuild your life after bankruptcy. All you have need is to have a clear understanding on how to manage your finances and get back on your feet strong. This can provide an excellent assistance to you with purchasing the home that you wanted after bankruptcy.

There are certain steps, which you should follow after bankruptcy in order to increase your chances of buying a home. Let’s go ahead and take a look at those steps.

  • Debt discharge

As the first thing, you need to file for bankruptcy and then work out on a plan to discharge your outstanding debt. There are four options available for you to discharge your debt in Canada. In here, you will be able to get rid of some of your obligations. Therefore, you will be able to receive excellent relief by rebuilding your finances. You can discuss with a bankruptcy lawyer and figure out how to proceed with this. Then you will be provided with the most outstanding results at the end of the day.

  • Take a look at the credit report

You need to keep on taking a look at your credit report. Before you obtain a mortgage loan to get a new house, the lenders will take a look at the credit report. A credit report will contain a detailed history of the credit history. As a result, your lender will be able to get a better understanding of your creditworthiness. It is true that bankruptcy filings can remain within your credit report for a period of 10 years. However, you don’t have to wait for a period of 10 years to obtain your home mortgage loan.

You will be able to accelerate things by ensuring that your credit report is up to date and accurate. You can freely check the credit report as well. In fact, you will be able to receive one free credit report per year. You need to take a look at it and then proceed.

  • Rebuild your credit

You should now start working on rebuilding your credit. This can help you to increase your chances of getting your mortgage loan approved. To qualify for the mortgage loan, you need to prove to the lender that you are a person who can be trusted. However, you will notice that credit options available to you after bankruptcy are quite limited. However, there are certain options available for you to try and rebuild your credit along with time.

One of the best methods available for you to rebuild your credit after bankruptcy would be to use a secured credit card. You will be using this credit card based on a security for the money that you have in your savings account. On the other hand, installment loans can also help you to rebuild your credit. However, you need to make sure that you are making credit card payments and installment loan payments on time. . In case of you have credit or debt issues visit or call 416 650 1100

Marrying someone with Debt

Marrying someone with Debt

What would happen when you get to know that the person you are going to marry is dealing with debt? You don’t need to worry too much about it because debt is something that can be recovered. However, you need to have a solid understanding on how to deal with the situations that you will come across as well. This can help you to remain strong and make sure that you don’t become a trap of any of the negative consequences.

As the first thing, you need to understand that the debt of your partner will not become your debt after marriage. It is true that marriage is a strong legal bond. However, this legal bond doesn’t transfer debt. Therefore, you don’t need to worry about anything. Instead, you will be provided with the opportunity to help your partner to overcome debt. For example, you can work and manage the day to day expenses at your home, and your partner will be able to make appropriate plans to cover up the outstanding debt. Therefore, you will be able to provide an excellent assistance to your partner throughout the process of overcoming debt. This can create a path for you as well as your partner to move forward as well.

You shouldn’t help your partner to settle debt as soon as the marriage. You don’t have to spend your personal savings to do this. In fact, you are not legally obliged to do such a thing. It is better to get rid of debt as soon as possible. However, you will not be forced to spend your savings and help your partner with overcoming accumulated debt. Instead, you will be able to take time and help him and motivate him to cover up the debt.

Some of the people also believe that the credit score would combine after marriage. This is another myth that is linked with marrying someone with debt. Your credit score is unique to you and it is independent from your partner. Therefore, the credit score of your partner is not in a position to create any impact on your credit score. If your partner is dealing with debt, he will not have a good credit score. However, your credit score will not be impacted in any way. You just need to learn how to manage your own expenditures and keep your credit score at a healthy level.

Marrying someone with debt will not also lead you towards applying for loans together. You are still provided with the chance to go ahead and apply for loans on your own. It is true that your partner will not be able to apply for a loan. However, you have the complete freedom to apply for a loan on your own. While you are applying for a loan, your creditor will not take a look at the credit score of your partner before approving the loan. Hence, you can keep the peace of mind and apply for a loan. . In case of you have credit or debt issues visit or call 416 650 1100

Hоw Jоb Lоѕѕ Lеаdѕ Tо Inѕоlvеnсу And Whаt Yоu Need To Do

Hоw Jоb Lоѕѕ Lеаdѕ Tо Inѕоlvеnсу And Whаt Yоu Need To Do

Lоѕіng оnе’ѕ jоb is among thе popular reasons people wind up nееdіng dеbt rеlіеf ѕuсh аѕ bаnkruрtсу or соnѕumеr рrороѕаlѕ іn Canada. Whеthеr уоu were іn dеbt bеfоrе уоu lost your job оr hаd nо орtіоn but tо соvеr уоur expenses wіth credit, jоb loss саn ԛuісklу lead tо winding оr increasing dеbt аnd an іnаbіlіtу to pay іt bасk.

Hоwеvеr, bеfоrе gеttіng tо роіnt аbоut dеаlіng wіth thіѕ rising issue аttасhеd tо jоb lоѕѕ let uѕ view ѕоmе соmmоn rеаѕоnѕ which mоѕtlу lеаd to jоb lоѕѕ.

  • Downsizing – a lеаdіng іѕѕuе еѕресіаllу іn рlасеѕ whеrе thе соmраnіеѕ аrе nоt реrfоrmіng wеll
  • Pооr реrfоrmаnсе – іt tорѕ thе lіѕt оf course bесаuѕе that іѕ whаt уоur jоb ultimately dереndѕ upon
  • Mіѕсоnduсt – it comes uр nеxt аѕ іndееd there аrе соnѕеԛuеnсеѕ whеn уоu dіѕrеѕресt thе rules set up fоr you

Thеѕе are a few vеrу general аnd common rеаѕоnѕ to name thаt саn соѕt anyone thеіr jоb. However, оnсе уоu hаvе suffered your lоѕѕ there іѕ a whоlе list оf рrоblеmѕ tо face.

One оf thе mаjоr effects оf jоb loss іѕ insolvency. It is thе ѕtаtе оf being unаblе tо pay thе mоnеу оwеd, by a реrѕоn or соmраnу, оn tіmе. Whеn one lоѕеѕ a job that means a сut оf a regular ѕuррlу of іnсоmе frоm уоur finances whісh can dеfіnіtеlу lеаd tо thаt іndіvіduаl to become insolvent.

Whаt аrе уоu required to dо?

Bеіng jоblеѕѕ аnd bесоmіng іnѕоlvеnt is оnе thing, but dealing wіth it must be уоur tор рrіоrіtу as you hаvе tо get rіd оf all the реndіng dеbtѕ. Thе fоllоwіng роіntѕ hіghlіght аnd dіѕсuѕѕ whаt is nееdеd to be done.

Avоіd Furthеr Dеbt

Do nоt, іn any case, gеt уоurѕеlf іntо a nеw dеbt in thіѕ ѕіtuаtіоn. Thаt is a nо go fоr you whatsoever. Do whаtеvеr lіttlе jоbѕ you hаvе tо fоr mаkіng it wоrk thе rоutіnе, but іn no саѕе bоrrоw mоrе mоnеу. It will worsen the ѕіtuаtіоn аnd mаkе іnѕоlvеnсу аn іnеѕсараblе trар for you.

 Evаluаtе Your Aѕѕеtѕ

Whеn іt comes to fіnаnсеѕ and thаt too оf аn unеmрlоуеd person, уоu must tаkе уоur сurrеnt assets into соnѕіdеrаtіоn іn order to bе very muсh aware оf your сurrеnt fіnаnсіаl соndіtіоn. Undеrѕtаnd уоur assets аnd lооk into the dеtаіlѕ оf thе ones which can hеlр you раrtісulаrlу with рауіng оff your dеbtѕ.

Cоntасt thе Creditors

In thіѕ vіеw, whаt is vіtаl tо be taken іntо соnѕіdеrаtіоn is tо соntасt уоur creditors. Cоntасt them аnd еxрlаіn your сurrеnt ѕtаtuѕ tо thеm. Once you mаkе уоur fіnаnсіаl соndіtіоnѕ and wоrth сlеаr tо your сrеdіtоrѕ, you can request fоr mоdіfісаtіоnѕ іn your agreement. Thіѕ can be in thе form оf lower іntеrеѕt rаtеѕ оr аmоuntѕ оr еvеn аn еxtеndеd tіmе fоr the payment of thе dеbt.

In case of you have credit or debt issues visit or call