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Signs you are over your money woes
A lot is said about recognizing when you’re in financial trouble, with the idea being that you can fix your situation if you recognize early enough that you’re in trouble, but not much is written about how to know that you’re financially healthy or that your money...
TFSAs and bankruptcy
When contemplating drastic action to resolve your financial woes, it is important to consider what you get to keep and what you have to give up. One of the first things a trustee in bankruptcy does is figure out if you are insolvent. In other words, if you liquidate...
Putting the fun back into budgeting
If you run your own business, you’re familiar with Entertainment Expenses. That’s the category to which you can assign money you spend entertaining clients or potential new clients, with the final resolution that you drum up some business. The idea is that you spend a...
What happens to my RRSP in bankruptcy in Scarborough-North York-Ontario
One of the consequences of declaring bankruptcy is that the value of your assets is distributed among your creditors. There are some exceptions in limited amounts, such as food and heating fuel, clothing, furniture, and a vehicle you need to get to work (to name a...
Consumer proposal vs. Bankruptcy in Toronto,Ontario
If you’ve come to the decision that you simply can’t continue in your current financial state, you may be looking at another important decision — consumer proposal vs. bankruptcy. There isn’t a one-size-fits-all answer; you need to make the choice that suits you best....
Why do people file for bankruptcy
Most people look at the declaration of bankruptcy as an absolute last resort when they’re looking for a way to ease their financial problems. In many cases, it’s a simple matter of morality — most of us want to honour our commitments and feel very badly when we can’t....
How is surplus income calculated in bankruptcy
Should your financial issues result in a declaration of bankruptcy, one of the conditions to which you’ll have to adhere is to advise your bankruptcy trustee of your household’s income each month, and then remit half of any “surplus income.” Monthly net income...
Who qualifies for consumer proposal?
For many people who find themselves insolvent (unable to repay their debts), a consumer proposal provides a workable solution without necessitating filing for bankruptcy. In Ontario, anyone who is insolvent and owes between $1,000 and $250,000 (not including a...
How to declare bankruptcy in North York-Scarborough
If you’ve exhausted all options and need respite from the overwhelming stress of unpaid debts, you and your credit counsellor may decide that your best option is to declare bankruptcy. Take heart — while it is a serious matter, it isn’t the end of the world. You will...