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The Upside and the Downside of Consolidating Student Loans

As the costs of higher education have skyrocketed over the last few decades, more and more students have gone deeper into debt to finance their educations.  In Canada, the amount of government assistance for college educations has declined, forcing students to borrow even more. Typically, students borrow from multiple sources and consequently end up making monthly loan payments to several different…

How Will Bankruptcy Affect My Spouse in Canada

As you explore your debt relief options in Canada, you might be asking, "How will bankruptcy affect my spouse?"  The good news is that your partner is NOT responsible for the legal debts you have incurred when you have acted alone.  Individually contracted debt by one spouse does not obligate the other.  If however, both you and your partner’s names are on…

6 Options Worse Than Bankruptcy

Options Worse Than Bankruptcy? How Can It Be? There’s a lot of shame that comes with declaring bankruptcy. For many people, choosing this option – even when it’s the only viable one that remains – feels like failure. In the U.S. in 2006, professors Deborah Thorne and Leon Anderson of Ohio University assessed the level of shame and stigma attached…

Bankruptcy: Fresh Start or Disaster?

The problem with debt is that it often gets much worse before it gets better. If you’re in really deep, you’ll struggle to make ends meet, creditors may begin harassing you and you’ll begin to wonder if you’ll ever be able to turn things around. But no matter how bad things get, people tend to cringe at the mention of…

Press Release: F.A.I.R. Practice Announcement

Today, Personal Bankruptcy Canada announced the development of a new standard of practicing bankruptcy in Canada, called F.A.I.R. Practice.  It has been estimated that Canada's poorest have been overpaying for their bankruptcies by more than ten million dollars (or $350 per family) a year. What is it? [Tweet "F.A.I.R. Practice is designed to change the way bankruptcy is administered to Canada's…

Orderly Payment of Debts

Orderly Payment of Debts Canadians who are unsure about their financial future are doing what they can to protect themselves from personal bankruptcy. Some are able to establish personal budgets allowing them to cut expenses and use the savings to pay down debt faster.  For many others personal budgets are not enough.  Their total monthly debt repayments are simply too…

6 Reasons Why New, Low Cost Banking Fee Rules For Low Income Canadians Are Great News

We’ll just come right out and say it: Bank fees suck. But the truth is that for most of us, they are little more than an annoyance. Sure, no one likes having a few extra dollars pried away by multimillion-dollar banks, especially when those corporations are already earning interest on our life savings, our mortgages, our car loans, etc., each…

Bankruptcy Protection in Canada

Bankruptcy Protection If you are struggling financially under a crushing burden of debt, the Bankruptcy and Insolvency Act (BIA) – the federal law governing bankruptcies in Canada – offers you full legal protection from your creditors. As you may already know, the further you fall behind with your creditors, the more incessant their efforts to collect become. First, it’s a…

Bankruptcy Law

The Bankruptcy and Insolvency Act (BIA) The principal legislation governing bankruptcy in Canada was created by the Office of the Superintendent of Bankruptcy and is spelled out in the Bankruptcy and Insolvency Act (BIA) of Canada.   The Bankruptcy and Insolvency Act recognizes there are two parties in any bankruptcy filing – the debtor and his or her creditors.  Each has…

Are You Managing Your Credit Wisely?

Managing Your Credit Wisely Credit card offers that show up in your mailbox can be tempting, especially if they offer perks. But do know the real cost of using credit? Before you get that first credit card or add another card to your wallet, ask yourself these questions to determine the impact it will have on your budget and goals.…