Tag - Debt

June 2018

Can my student loan be included in a bankruptcy?

After years of study, entrance into the labour market is sometimes difficult. It is then normal to feel suffocated by our student loans that seem overwhelming. The accumulating interest and the payments that start and add to the other obligations do not allow everyone to pay as we would like our student loan debt. Is bankruptcy an option to clear one’s student loan when one is unable to make the monthly payments? (more…)

April 2018

How to prevent a Hydro-Québec service disconnection

How to prevent Hydro-Québec from disconnecting your power

Having payments past due and seeing your unpaid bills pile up is difficult for any consumer. It goes without saying that the last thing you need is to worry that Hydro‑Québec will disconnect your essential services. But did you know that, depending on your circumstances, you may be able to protect yourself from a service disconnection by Hydro-Québec with a consumer proposal or bankruptcy? (more…)

March 2018

Consequences ex-spouse declares bankruptcy

Your ex-spouse is declaring bankruptcy? Here’s how it affects you.

A separation is an incredibly difficult period for everyone, not only emotionally, but also financially. Finding yourself alone to deal with day-to-day responsibilities and daily payments can be an enormous challenge to overcome. What happens when your ex-spouse declares bankruptcy after your separation? How does this impact your finances? (more…)

November 2017

August 2017

Rising interest rates

Will rising interest rates lead to more bankruptcies?

The policy interest rate increase posted by the Bank of Canada generated a lot of talk last month. Unsurprising, since it was the first increase in nearly seven years. For a few days, it seemed everyone was holding their breath! Are Canadians in a strong enough position to absorb this increase? Will rising interest rates push people to declare bankruptcy? (more…)

July 2017

power-of-attorney-dealing-with-parents-debts

Can power of attorney help you manage your parents’ debts?

When a person struggles to manage their finances, someone else may obtain power of attorney to assist them or to manage their finances for them. This may be the case for an older person who, even though they are still lucid, are unable to manage their budget. When that person has children, power of attorney is generally granted to one of them, provided they are at least 18 years of age. (more…)

June 2017

May 2017

How to deal with collection agencies

Do you know what to do if a collection agency contacts you?

Collection agencies can be intimidating. Incessant calls can become frustrating, stressful, and exhausting. Sometimes, agencies will even use questionable methods to put pressure on debtors. Unfortunately, you may have to deal with them if you have outstanding debts. If this is the case, remember that you should not feel threatened. There are steps you can take to make the process much less painful. This will let you return to your normal activities without fear of reprisals by collection agencies. How collection agencies work If you are receiving calls from collection agencies, it’s because you owe money to one or more creditors. Collection agencies have a mandate to recover what you owe to creditors. In general, collection agencies work on commission. The more money they [...]

Which solution to pick

Choosing the right solution for you: consumer proposals vs. bankruptcy

If you are deep in debt, you are probably looking for a solution to solve your financial troubles. But how do you choose between a consumer proposal and bankruptcy? The role of the Licensed Insolvency Trustee Let’s start by making one thing clear: consumer proposals and bankruptcy are two legitimate solutions to solve debt problems. Choosing between these solutions is a personal decision that falls to the debtor. But to make an informed decision, debtors can rely on Licensed Insolvency Trustees (LIT). The LIT’s job is to assess debtor’s financial situation. They must then fully inform the debtor about each processand their benefits, and the differences between them. The LIT cannot impose the solution of their choice. The debtor must always make [...]