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Pros and Cons of Mortgage Foreclosure vs. Bankruptcy

admin — Wed, 27 Mar 2024 21:07:00 +0000

Protecting Your Property: The Pros and Cons of Mortgage Foreclosure vs. Bankruptcy

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_{By Bromwich+Smith Staff | 1224 words | Reading Time: 6 minutes | Date: 2024/03/27}

The thought of overwhelming mortgage payments can be overwhelming, but for Canadians suffering from overwhelming debt, having an understanding of what could happen next is crucial for making informed decisions. If you are having trouble keeping up, foreclosure could be in the cards. Understanding both foreclosure and bankruptcy and their pros and cons is imperative.

Foreclosure is the legal process in which a lender reclaims the property from a borrower who has failed to adhere to their mortgage payment plan. The goal of the lender is to recover the outstanding balance of the loan by selling the property. Typically, once a homeowner has fallen behind on their mortgage payments, the lender will issue a notice of default and allow the homeowner the opportunity to catch up on missed payments. During this time, it is the lender's responsibility to initiate foreclosure when the homeowner has defaulted on payments.

Pros and cons of foreclosure for the borrower or homeowner

Pros:
* Provides a resolution to the lender for a potentially unstable financial situation.
* Allows for a fresh start once the process has been completed.

Cons:
* Will have a significant negative impact on their credit score which may make it challenging to secure credit at preferred rates in the future.
* Long lasting financial consequences which will affect the borrower’s ability to qualify for credit.
* Possibility of still owing a balance after the property is sold, which may include costs to foreclose on the property, make it ready, and sell it.
* Additional emotional stress to the homeowner and their family due to the challenge of finding new living accommodations.

Pros and cons of foreclosure for the lender

Pros:
* Lenders can recover some of the outstanding debt through the sale of the property.

Cons:
* There is a possibility of deficiency judgments as the homeowner may be responsible for a remaining balance even after the property is sold.

Bankruptcy is a federally regulated debt relief option that can only be administered by a Licensed Insolvency Trustee in Canada. While foreclosure is primarily a real estate process focus mainly on repossessing and reselling the property to recover the debt, bankruptcy is a legal process aimed to provide relief from a variety of debts including a mortgage. Both options will have a significant negative impact on the homeowner’s credit score which will make it challenging to secure future credit at preferred credit rates.

Pros and cons of bankruptcy for the borrower or homeowner

Pros:
* Bankruptcy provides the opportunity to discharge additional unsecured debt and provide a fresh financial start.
* The borrower or homeowner will be granted an automatic stay of proceeding which will prevent all creditors from taking further collection action including wage garnishment or legal proceedings.

Cons:
* Filing for bankruptcy is a big decision. Bankruptcy is typically seen as the last option when it comes to debt relief programs. It is important to consult with a Licensed Insolvency Trustee in your area to fully understand what is covered under bankruptcy and what is expected of you during this time.
* Not all debt may be included in bankruptcy.
* Bankruptcy will have a significant lasting impact on your credit score and will affect your ability to secure immediate credit. You will have the ability to rebuild your credit throughout and immediately after your bankruptcy has been discharged.

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What is the timeline?

A foreclosure process will vary by province but is typically done fairly quickly whereas bankruptcy will typically last nine months. It may last longer if the borrower or homeowner has filed before.

Commonly asked questions during a foreclosure or bankruptcy

Can I stop a foreclosure?

It is possible to pause a foreclosure process but timely action is important. Consider negotiating with your lender through open communication to explore all options before the foreclosure process begins. This could include a repayment plan or modification to your payment terms. Seek legal advice to identify all options available to you. Filing for bankruptcy will enforce the automatic stay of proceedings which will put a temporary halt legal actions only on unsecured debt which will to allow you time to speak to your Licensed Insolvency Trustee and create a repayment plan. All homeowners have legal rights as do your lenders. Consider speaking to your mortgage provider honestly about your situation as without their cooperation the success of negotiation will be more difficult.
Will I need to continue making mortgage payments during the foreclosure?

You may be required to continue to make your regular mortgage payments during the foreclosure process until a resolution has been reached by both parties. Options can include loan modification or forbearance which is the temporary pause or reduction of payments which allows homeowners time to address their financial challenge.
How long is the foreclosure process?

The foreclosure process will vary by province but generally involves 3 stages. Notice of default, which is issued after payment has been missed, pre foreclosure which is time for you to resolve the missed payments, and auction. This last stage can take place at public auction or through private sale and allows the lender the opportunity to sell the property in hopes of reclaiming their loss. We suggest that you consult with legal and financial professionals to understand your rights and explore all options quickly.
How does declaring bankruptcy affect foreclosure?
Declaring bankruptcy will have a significant impact on the foreclosure process and will include any shortfalls on mortgage when the property has been sold (now unsecured portion).
How does missing a payment lead to foreclosure?

Typically a foreclosure begins when a homeowner falls behind on payments and a notice of default is sent out by the lender.
Are there credit implications to missing a payment?
Each missed payment will have a negative effect on your credit score. Foreclosure can result in additional financial repercussions.
Can I still live in my house during a foreclosure?
As the homeowner you have occupancy rights to remain in the property until the foreclosure process has been completed. Once the property changes ownership the new owner may need to follow legal proceedings to apply for your eviction. You may consider a voluntary departure to avoid the eviction process.

Strategies to navigate when your lender is selling your home

Having your lender sell your home is a common outcome in both foreclosure and bankruptcy. Communicate with your lender to explore alternatives before the property has reached the sale stage this includes being proactive in addressing financial challenges to avoid the need for your lender selling the home.

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How do I make informed decisions

If you find yourself in a scenario where foreclosure or bankruptcy is an immediate option, consider seeking professional advice by both legal and financial experts. They will be able to help you understand your rights, explore your options and navigate the months ahead.

Contemplating foreclosure or bankruptcy can be an emotional and stressful time. It is important to seek support through loved ones or a professional counsellor. Develop a plan, including alternative housing options, and look at the bigger picture financial goals you would like to accomplish. Understanding where you would like to be in the future will help focus you on how best to get there.

You are not alone in this process. Many Canadians struggle with overwhelming debt and look for guidance from professionals. Schedule a call today for a free no obligation consultation with a debt relief specialist. Let's get you back on track today.

Bromwich+Smith’s Debt Relief Specialists are available by phone at  1.855.884.9243, Live Chat  or you can request a call back at contact us page. We want to see you flourish!  

Related blog:

Seven Things to Know if You are Facing Foreclosure in Canada
When Can You Buy a House Again After Foreclosure?

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Understanding prices and fees during a consumer proposal with Bromwich+Smith

admin — Wed, 28 Feb 2024 22:27:55 +0000

Understanding prices and fees during a consumer proposal with Bromwich+Smith

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^{Bromwich+Smith staff | Reading time: 3 minutes and 37 seconds | 724 words | Date: 2024/02/28}

Across Canada, Licensed Insolvency Trustees provide debt consultations at no cost and with no obligation. During this session, they will evaluate your current financial situation including your income, expenses, assets, and all debts. If it’s appropriate, they will customize a plan to reduce or eliminate your debt, called a Consumer Proposal. You will be provided with a detailed quote outlining the proposed monthly payments and for how long these payments will need to be made.

It is vital to note that this proposed quote assumes your creditors will approve the plan. From the date you sign into the Consumer Proposal, your creditors have 45 days to review and accept it. The proposal will move forward as long as a majority of the creditors included accept it. This means that even if some creditors have voted against it, the proposal is considered approved and will move forward. If your proposal is NOT accepted, your trustee will advise you of next steps.
We are often asked how we receive payment for our services. That amount is defined by the legislation and included in your Proposal payments. There is no up-front or extra cost to you.

What can change the initial quote provided?

1. Creditor negotiations: As noted above, your creditors need to accept the proposed terms for the consumer proposal to be successfully accepted. There can be times when your Licensed Insolvency Trustee will need to negotiate with your creditors beyond the initial quote, which could result in either a lower or higher monthly cost.

2. Change in circumstances: If your financial situation changes after the initial consultation, you will need to inform your Licensed Insolvency Trustee right away. Unexpected changes to income, expenses, or assets can impact your monthly payments and the total cost.

3. New information: Sometimes the numbers you provide during your consultation are based on estimates and not precise numbers. Getting the correct information can change your total quote significantly. Some examples include, but are not limited to, an increase in the value of your house, the amount of debt owed to one or multiple creditors is higher then first thought, or one or more of your debts being ineligible for your debt relief program. For reference, ineligible debt includes student debt fewer than seven years old, debt incurred through unpaid child or spousal support, or debt tied to an asset making it secured debt.

4. Timing: If you start the process of filing a consumer proposal but do not sign right away your debt will continue to grow because fees including interest and late payment penalties will continue to accumulate. From the date that you sign your Consumer Proposal, all of these charges will stop however they will not be backdated to the initial consultation.

Starting the process of a Consumer Proposal is the first step in your journey to financial recovery, and understanding factors that influence your total debt will help you make the best-informed decision for your unique financial situation. We understand that this is a major financial decision and should not be rushed however when it comes to debt time is of the essence. By prolonging the process you will continue to see added charges grow your debt.

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1 -855-884-9243,  Live Chat  or you can request a call back at contact us page. We want to see you flourish!      

Click to Book A Free Consultation

FAQs:

1. How much does the consultation with a Licensed Insolvency Trustee cost?

The debt consultation with a Licensed Insolvency Trustee is provided at no cost and carries no obligation.

2. What happens if my creditors do not accept the Consumer Proposal?

If your proposal is not accepted by creditors, your trustee will guide you on the next steps.

3. Can the initial quote for the Consumer Proposal change?

Yes, factors like creditor negotiations, changes in circumstances, new information, and timing can alter the initial quote.

4. Are there any upfront or extra costs for Bromwich+Smith's services?

No, the fees for Bromwich+Smith's services are defined by legislation and included in your proposal payments; no upfront or extra costs to you.

5. How can a delay in signing the Consumer Proposal affect my debt?

Delaying the signing process may result in continued debt growth due to accumulating fees, including interest and late payment penalties.

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Understanding Voluntary surrender and repossession

admin — Tue, 27 Feb 2024 21:06:37 +0000

Understanding Voluntary surrender and repossession

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^{Bromwich+Smith staff | Reading time: 3 minutes and 15 seconds | 617 words | Date: 2024/02/27}

Sometimes we need to part ways with a personal belonging to lessen a financial burden or pay off debt, and this can be extremely difficult. Often there are emotions tied to the item, our experiences and our unique situation, and they’re heightened because we’re already dealing with a stressful situation. In this blog, we will help by providing some insight to the process.

There are several ways to surrender an item, each with its pros and cons. Let's explore the difference between the two most widely used options: voluntary surrender and repossession.

Voluntary surrender

Voluntary surrender is when you willingly return property or an asset. Typically, this occurs when an individual is unable to meet their financial obligations tied to the item, which could happen during financial hardships including a job loss or other unexpected event. Most commonly this happens with property or vehicles, including automobiles, recreational vehicles and boats. This property can be delivered to either the lender or, in the case of insolvency, other authority designated by the administrator (e.g. Licensed Insolvency Trustee).

What are the benefits to voluntary surrender?

1. You remain in control of the timeline in which the item is surrendered.
2. You stay in contact with the lender which allows for a positive resolution with them.
3. You avoid additional costs that would occur during a repossession.
4. While a voluntary surrender will still negatively impact your credit score it is typically have less impactful than a forced repossession. This could help you rebuild your credit faster in the long term.

What are the cons to voluntary surrender?

1. While less impactful than a repossession, a voluntary surrender will still have a negative effect on your immediate credit score.
2. Once the asset has been surrendered your lender will have control over the liquidation which could potentially result in the item being sold at a lower price. This may result in a remaining balance left after the asset is sold and in some cases you may still have outstanding financial obligations to this lender.

Repossession

A repossession occurs when the lender takes possession of the asset, without the individual’s consent, and due to nonpayment or breach of contract terms. This is usually a last resort after the lender has attempted to collect the outstanding debt from the individual.

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What are the pros to repossession?

1. Repossession allows the lender to gain control of the asset quickly which will reduce the risk of further depreciation or damage to the item.
2. Lenders have the potential to resell the asset to recover the outstanding debt with the hope of reducing the financial loss to the individual.

What are the cons to repossession?

1. Repossession will have a severe negative impact on your credit score which may make it more difficult in the future to secure credit with favourable terms.
2. Repossession may lead to legal action if the individual disputes it.
3. During a repossession, the individual will have little control over the process. This includes the timing and location of where the item is repossessed as well as how the item is repossessed. This can lead to uncomfortable or embarrassing situations for the individual.

The decision between voluntary surrender and repossession is not an easy one to make. It is important to review all your options when facing financial difficulties and seek professional advice including that from a Licensed Insolvency Trustee who can help you make decisions that best suit your unique situation.

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1 -855-884-9243, Live Chat  or you can request a call back at contact us page. We want to see you flourish!     

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Maximizing your 2024 tax return

admin — Thu, 22 Feb 2024 22:45:55 +0000

Maximizing your 2024 tax return

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^{Bromwich+Smith staff | Reading time: 4 minutes and 28 seconds | 897 words | Date: 2024/02/22}

Tax season is fast approaching and for many it brings up many emotions. Some of us resent having to pay taxes, others find satisfaction in contributing to community services. Maybe you dread having to pull together all the necessary information, or maybe you have a professional do it for you! You may find yourself excited about a possible refund, or you may be concerned about owing money.

If you find that you owe taxes, it’s important to understand the payment requirements. If you receive a refund, how you choose to spend it can have a significant impact on your financial health. Let's explore some strategies to make the most of your tax return and what you can do if you believe you will owe money this year.

What if I am eligible for a tax refund

Before you can decide how to spend your tax refund you must first understand your current financial situation. What are your immediate financial means and requirements? Do you have outstanding debt? How about short or long term savings goals?

Debt repayment

If you have outstanding debt, consider allocating a portion of your tax refund to repayment. Prioritize paying off high interest debts as they grow the fastest. The faster that you can reduce these debts the more money you will save in the long term.

If you are currently enrolled in a debt repayment plan like a Consumer Proposal, consider allocating your tax return towards your repayment to speed up the process and ensure an earlier discharge date. Speak to your Licensed Insolvency Trustee about how to repay your proposal earlier and ask them about the positive effect that will have on your credit.

If you currently have a mortgage or car payment, extra payments from your tax refund could reduce overall interest and shorten the life of the loan. Make sure to check with your lender, to identify any fees there may be for early repayment.

Invest in your future

There are many ways to prepare for the future, and one of the most important is an emergency savings fund. We recommend keeping a minimum of three months of living expenses available in cash that you can access immediately in the case of an unexpected event like a job loss, or medical situation that may hinder your ability to work. This financial security net could also help to cover any future unexpected expenses, like an emergency car or home repair. If you do not currently have an emergency savings account, allocate a portion of your tax refund to start one.

Contributing to retirement or education savings is another good way to maximize the impact of your tax refund. Everyone plans to retire sooner or later, and when it comes to saving, earlier is always better. For those who have or plan to have children, a post-secondary education is a significant expense. Setting aside money will help support them as well.

You may want to invest your return in stocks or mutual funds with the hopes of generating long term returns. Consulting with a financial advisor will help you determine the best strategy based on your risk tolerance and your long-term financial goals. Putting money aside into your RRSP accounts will not only help you grow them you will also see a tax break on your 2024 tax return.

Investing in your home enhances its value while also improving your quality of life. You may want to upgrade to energy efficient appliances or install solar panels, both of which can result in long term savings. While you have the additional funds it is wise to take an inventory of your larger household appliances like the furnace, washer and dryer, or hot water tank. By having them serviced regularly or replacing them when you notice they are starting to age, you may save an emergency situation later on.

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What if I owe taxes

If you believe you will owe money this tax season it may be tempting to avoid filing in the first place. Filing your taxes on time will avoid additional interest and penalty charges, and the longer you put this off, the more you will end up owing. If you have not filed the current year's taxes, you may delay receiving government payments which could be essential income. Being on top of your taxes is also essential when applying for credit like a loan or mortgage.

If you believe that you will owe more than you can pay immediately, it is still important to file on time. Contact the Canada Revenue Agency immediately and directly to discuss repayment options. If you are struggling with CRA Debt, contact a Licensed Insolvency Trustee to learn about debt relief options available to you.

How you decide to allocate your 2023 tax refund can have a huge impact on your finances for 2024. Take some time to review your current financial situation and your upcoming goals to determine how to maximize your tax refund this year. Reviewing your situation with a financial advisor or Licensed Insolvency Trustee can provide individual tailored solutions to your unique financial situation.

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith ’s Debt Relief Specialists are available by phone at  1 -855-884-9243, Live Chat  or you can request a call back at contact us page. We want to see you flourish!     

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Life after Bankruptcy: Can I qualify for a mortgage

admin — Wed, 21 Feb 2024 23:45:42 +0000

Life after Bankruptcy: Can I qualify for a mortgage

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^{Bromwich+Smith staff | Reading time: 4 minutes and 31 seconds | 906 words | Date: 2024/02/21}

Are you wondering what impact filing a bankruptcy today will have on your ability to obtain a mortgage in the future? Well, we have good news: filing for bankruptcy does not mean that your credit score will be ruined for the rest of your life, or that you will never be able to qualify for a mortgage again. Canada’s Bankruptcy and Insolvency legislation is designed to provide individuals relief from collection calls and overwhelming debt, but most importantly to give them a fresh financial start- and that includes being able to get a mortgage!

MORTGAGES

Mortgage lenders will consider five criteria when they are considering your mortgage application:

Character: things like your age, employment, and credit score/rating;
Collateral: the value of the home being purchased;
Capacity: what your income is and your ability to service your debts;
Capital: how much you can pay as a down payment; and
Conditions: things like interest rate or repayment term of the loan itself.

Once you are discharged from bankruptcy you can apply for a mortgage, but it’s best to wait until you have built up some savings and reestablished your credit for at least two years. Before that, lenders may require a larger down payment or charge a higher interest rate, so taking the time to make sure you are ready is well worth it.

For the purposes of this article, we will focus on what we at Bromwich+Smith know best, your credit rating and credit score.

CREDIT RATINGS

Credit ratings in Canada go from R1 to R9. If you have an R1 credit rating, this means that you pay your bills on time every month, an R2 means you pay your bills 30 days late, an R3 means you pay your bills 60 days late, and so on and so forth until you get to R7. The R7 to R9 ratings are associated with formal insolvency filings like a consumer proposal (R7) or a bankruptcy (R9). The bad news is that an R9 credit rating will have a big impact on your mortgage application. The worse news is that you may have an R9 credit rating already if your accounts are past due and in collections.

After filing your first bankruptcy you will have an R9 credit rating for 6 years following your discharge. While your score will not change during those 6 years, you can (and should!) start to rebuild your credit. A proposal will change your credit score to an R7 and will remain on your credit report for 3 years following the completion of the proposal.

CREDIT SCORES

Your credit score is a numerical representations of your ability to manage credit and repay loans. Lenders use credit scores to assess the risk associated with lending money. Here’s how your credit score is determined:

Payment History (35%): This is the most critical factor. It reflects whether you've paid past credit accounts on time. Late payments, defaults, or bankruptcies negatively impact your score.

Amounts Owed (30%): The total amount you owe across different accounts, credit cards, loans, etc., compared to your credit limits or original loan amounts. High credit utilization can lower your score.

Length of Credit History (15%): The length of time your credit accounts have been open. A longer history can positively influence your score.

Types of Credit in Use (10%): A mix of credit types, like credit cards, installment loans, mortgages, etc., can positively impact your score if managed well.

New Credit (10%): Opening several new accounts in a short period may indicate higher risk and can lower your score temporarily.

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REBUILDING CREDIT

Lenders will use credit ratings and credit scores to evaluate how much they’re willing to lend someone, what interest rate someone can qualify for, and other loan terms. Because credit scores are based on your credit use, the best way to rebuild your score is to get any type of credit and make sure to use it responsibly. Make your payments on time and in full – never spending more than you can pay off. A low limit secured credit card, an RRSP loan, or paying your car loan are all great options for rebuilding your credit.

It also important to start a savings account and to get in the habit of putting away a little bit every paycheck. The savings account can be for a specific purchase like a house or vacation, but it will also provide a cushion for unexpected expenses and stop you from living paycheck to paycheck.

ARE YOU READY?

We suggest visiting our online webinars with Richard Moxley, credit expert, to make sure you are doing everything you can to rebuild your credit and prepare you for your mortgage application. A mortgage broker can also help you to find the right lender for you.

We promise there is life after bankruptcy and financial security and home ownership are possible. For a personalized look at your situation, we offer free, no obligation, confidential initial consultations by phone or video. Our Debt Relief Specialists are here to assist you with unbiased and nonjudgmental support, ensuring you find the right solution that will help you conquer your debt and rebuild your worth today. We are here if you need us and are excited to see you conquering your debt.

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1.855.884.9243, Live Chat  or you can request a call back at contact us page. We want to see you flourish!     

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The Importance of Canadians Filing Their Taxes: Consequences of Non-Compliance

admin — Tue, 20 Feb 2024 21:16:47 +0000

The Importance of Canadians Filing Their Taxes: Consequences of Non-Compliance

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_{By Stephen LeManne, Bromwich+Smith Staff | 1116 words | Reading Time: 5 minutes and 20 seconds| Date: 2024/02/20}

It’s time to talk about everyone’s favorite topic income taxes! Taxes are payments made to the government which help fund programs ranging from education and health care to local schools and road repairs. Paying taxes is a requirement and not something that you can opt out of doing. Through the year, and depending on where in the country you live, you could pay taxes in many forms: Goods and Services Tax (GST), Provincial Sales Tax (PST), Harmonized Sales Tax (HST), property tax, federal and provincial income tax, customs duties or tariffs or even health services taxes.

The phrases “time to do your taxes” and “tax season” refer to that time of year, generally between sometime in February and the end of April, in which you need to file your annual income tax returns. The Canada Revenue Agency (CRA) is the federal body which collects federal income taxes as well as income taxes on behalf of the provinces and territories (except for Quebec).

Besides it being an obligation, there are many benefits to filing your tax return:

You may be eligible for a refund, or to recover any taxes that you may have overpaid from your pay cheque.
If you owe money, paying your balance on time allows you to avoid any interest charges.
You may be eligible for certain benefits or credit payments such as the GST/HST credit, Canada Child Benefit (CCB) or Guaranteed Income Supplement (GIS). Filing your taxes also confirms your income level to help determine your Old Age Security payments (OAS).
Filing your taxes each year increases your RRSP contribution limit. Any contribution room you have left over each year carries over to the next year.

Once you’ve filed your annual tax return, if you have a balance owing to the government, payment is due on or before April 30. If you are unable to pay by that date, the CRA has programs in place where you can arrange to pay your debt down over a scheduled series of payments as a payment arrangement. Make sure to contact them, as otherwise you’ll be charged interest if you are unable to pay the full amount on time. It’s always best to file on time and contact them to figure out your options.

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If you don’t file your taxes before the deadline, there are consequences. If you owe a balance, you could be subject to some hefty penalties, which increase the longer you take to file. As of the 2022 tax season, the CRA will charge 5% of the balance owing, plus an additional 1% for each full month that you file after the due date, to a maximum of 12 months. These penalties could lead to a large increase to your tax bill, so please look at getting your taxes filed before the deadline. In addition, filing your taxes determines your eligibility for certain government benefits and payments, so not filing could lead to you not receiving those payments.

So what can you do to prepare yourself for tax season? Well in some ways, preparing for tax season happens all year long. First, understand the key dates so you can work backwards towards that date, and so that you don’t miss a deadline. These key dates include the first day you can file, the deadline for filing (usually the last day of April, but can change depending on weekends), and the deadline for any RRSP contributions.

Then, make sure to put aside all of your important receipts in one place. This will save you from having to remember what receipt you have and then searching for them when tax time approaches. Depending on your personal situation, these receipts could include (but are not limited to) RRSP contribution receipts, professional or union dues, charitable donations, interest paid on student loans, employment expenses, childcare receipts, or medical expenses.

Finally, when tax time rolls around, choose the best option to file. There are many options available to you.

Fill out a paper tax return if you like putting pencil to paper.
Visit a tax preparation company and have the pros do it for you. Some have a variety of options for how you can pay or how you can receive your return.
Do it yourself online. You’ll pay a fee depending on the complexity of your return. If it is simple enough, you may even be able to file for free.
For those individuals that qualify, there are free community tax clinics hosted across Canada through the Community Volunteer Income Tax Program (CVITP) and the Income Tax Assistance - Volunteer Program (ITAVP) in Quebec.

It’s never too late or too early to start collecting those receipts, making those RRSP contributions and creating an understanding about how you want to file. Once tax season finally opens, get those returns in early to speed up your return, qualify you for those government payments and ensure that you don’t pay any penalties associated with later filing. Happy taxes everyone!

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1.855.884.9243,  Live Chat  or you can request a call back at contact us page. We want to see you flourish!    

FAQs:

1: How can filing taxes benefit me, besides fulfilling my obligation to the government?

Filing taxes can make you eligible for a refund, help recover overpaid taxes, and qualify you for benefits like GST/HST credit, Canada Child Benefit, and Guaranteed Income Supplement.

2: What happens if I don't file my taxes before the deadline?

If you miss the deadline, you may face penalties. The late-filing penalty is 5% of your 2023 balance owing, plus an additional 1% for each full month that you file after the due date, to a maximum of 12 months.

3: How can I prepare for tax season throughout the year?

Understand key dates, organize important receipts (e.g., RRSP contributions, professional dues, charitable donations), and choose a filing option that suits you, whether paper, professional services, online filing with fees, or free community tax clinics.

4: What are the consequences of not paying the balance owed by the tax filing deadline?

Failure to pay the balance by April 30 may result in interest charges. The CRA offers payment arrangement programs, but it's crucial to contact them to avoid penalties and interest.

5: How does filing taxes impact my eligibility for government benefits and payments?

Filing taxes is essential for determining eligibility for government benefits and payments. Not filing could result in not receiving certain benefits, so it's crucial to file on time.

6: What receipts should I keep aside when preparing for tax season?

Save important receipts, including RRSP contribution receipts, professional/union dues, charitable donations, student loan interest, employment expenses, child care receipts, and medical expenses.

7: Can I file my taxes for free in Canada?

Yes, there are free options available. Individuals qualifying for the Community Volunteer Income Tax Program (CVITP) can utilize free community tax clinics.

8: What are the consequences of not paying the balance owed by the tax filing deadline?

Failure to pay the balance by April 30 may result in interest charges. The CRA offers payment arrangement programs, but it's crucial to contact them to avoid penalties and interest.

9: How does filing taxes impact my RRSP contribution limit?

Filing taxes increases your RRSP contribution limit. Any contribution room left over each year carries over to the next, providing an opportunity for future contributions.

10: Can I arrange a payment plan if I can't pay my tax balance by the deadline?

Yes, the CRA has programs allowing you to arrange a scheduled series of payments if you're unable to pay your tax balance by April 30. Contact them to discuss your options and avoid additional charges.

Related blogs

CRA Debt Relief: Exploring Your Options for Dealing with Tax Debt
CRA Debt Relief Can Be A Reality
What To Know about CRA and CERB Debt

About Author

Stephen LeManne
Manager of Financial Services

Stephen LeManne is the Manager of Financial Services for Bromwich+Smith. The teams which he is responsible for handle estate receipts and distributions, file and tax preparation for our clients. After leaving the office for the day, Steve flips to hockey parent mode as he and his wife spend countless hours each winter watching their two boys play the game that they love.

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Exploring Debt Relief Options in Canada

admin — Thu, 15 Feb 2024 22:12:11 +0000

Exploring Debt Relief Options in Canada

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^{Bromwich+Smith staff | Reading time: 7 minutes | 1455 words | Date: 2024/02/15}

Many Canadians are finding themselves trying to navigate through overwhelming debt. Understanding the multiple debt relief programs that are available in Canada can be difficult, even for those who are aware of the programs available. Let's demystify debt relief programs and explore the pros and cons of each.

Consumer Proposal

A Consumer Proposal is a formal debt settlement option regulated by the Bankruptcy and Insolvency Act through the office of the Superintendent of Bankruptcy. This is a legally binding settlement only available through a Licensed Insolvency Trustee (LIT) in Canada. It replaces the multiple debts you may be juggling today with one regular payment for a set period of time.

Pros:

* Debt reduction. Through this program your LIT will negotiate directly with your creditors to reduce the debt owed to better reflect what you are able to repay. Often this can mean a total reduction of up to 80% of total debt owed.
* Protection from creditors. Once a Consumer Proposal has been filed you are protected from all creditor actions, including garnishing your wages or filing a lawsuit. Any action that has begun will be halted. Your creditors must stop contacting you to ask for payment, and if you continue to receive phone calls or letters your LIT will be able to help you to end this.
* No more interest. Once you file a Consumer Proposal, the interest on your debt is frozen. As long as your Consumer Proposal is in good standing, there will be no further interest accrued.
* You keep your assets. There are provisions that allow you to retain possession of your assets, including your home and car, while your proposal is in good standing.

Cons:

* Credit impact. A Consumer Proposal will show on your credit rating and have a negative impact on your credit score. While this will make it more challenging to obtain credit at best rates and terms, your LIT and Credit Counsellor will help you find ways to rebuild it.
* Creditor approval. The majority of your creditors must vote in favor of your proposal. Working with a trusted LIT with a high creditor approval rate will help increase the likelihood of your proposal being accepted. Even if your proposal is not accepted, a good LIT will work with you to find an alternative solution.

Debt consolidation

This involves combining debts into one single manageable monthly payment, typically through a consolidation loan or a credit card balance transfer.

Pros:

* Simple payments. Being able to manage one monthly payment is easier than juggling multiple debts with multiple payment dates. Debt consolidation typically comes with a fixed repayment term providing a streamlined path to becoming debt free.
* Lower interest. Typically, a debt consolidation loan will help you secure a lower interest rate compared to the interest rates on your current debt.

Cons:

* Risk of further debt. If you do not address the underlying cause of your debt, you have a higher potential of accumulating more after you consolidate what you currently owe.
* Fees. Some consolidation options come with fees. For example, there could be balance transfer fees, missed payment fees, NSF's or others which will add to the overall cost.
* Qualification. Like any other loan, you will need to qualify for a debt consolidation loan. This will likely include a credit check and if you have been missing payments, there may be concerns. The impact of this credit check may lower your credit score even further.

Bankruptcy

As with a Consumer Proposal a Bankruptcy is a legal process regulated by the Bankruptcy and Insolvency Act through the Office of the Superintendent of Bankruptcy. It is usually shorter than a Consumer Proposal, allowing you to move on more quickly. A Licensed Insolvency Trustee (LIT) is required to fulfill the obligations of this regulated debt relief option.

Pros:

* Discharge from debt. Bankruptcy will discharge all your eligible debts and provide a clean slate and financial fresh start.
* Financial protection. As soon as you file for bankruptcy an automatic stay of proceeding is put into place which halts your creditors from taking legal action. As with a Consumer Proposal they are no longer able to contact you directly requesting repayment of the debt.

Cons:

* Credit impact. You will see an impact on your credit score. While you will have the ability to obtain credit during your bankruptcy, you will likely have less favorable terms. You may find that you quality for a lower amount of credit, higher interest rates, or other requirements. Your LIT and Credit Counsellor can work with you to find ways to rebuild your credit.
*Assets. You may be required to hand over some of your assets to repay some of the debt owed. Exemptions exist to protect specific assets, like retirement savings or work tools, and are regulated by each province.

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Understanding which debt relief program may be best for you takes careful consideration. If you are considering insolvency, start with a review of your individual circumstance and future financial goals. Every option comes with its own sets of pros and cons and not all options will be available to every Canadian. Seek professional advice from a reputable Licence Insolvency Trustee, who will take the time to understand .your individual situation and recommend the best debt relief plan for you.

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1.855.884.9243, Live Chat  or you can request a call back at contact us page. We want to see you flourish!     

Navigate overwhelming debt in Canada with insights on Consumer Proposal, Debt Consolidation, and Bankruptcy. Bromwich+Smith offers personalized solutions.

FAQs

1: What is a Consumer Proposal, and how does it work in Canada?

A Consumer Proposal in Canada is a formal debt settlement option governed by the Bankruptcy and Insolvency Act. It involves negotiating with creditors through a Licensed Insolvency Trustee(LIT) to reduce debt, offering one regular payment for a set period. Pros include debt reduction (up to 80%), creditor protection, no more interest, and asset retention. Cons include credit impact and the need for creditor approval.

2: What is debt consolidation, and how does it differ from a Consumer Proposal?

Debt consolidation in Canada combines multiple debts into one manageable monthly payment, often through a loan or credit card transfer. Pros include simplified payments and lower interest rates. However, there's a risk of accumulating more debt if the underlying cause isn't addressed. Fees may apply, and qualification involves a credit check, potentially lowering your credit score.

3: What is the process and impact of filing for bankruptcy in Canada?

Bankruptcy in Canada, regulated by the Bankruptcy and Insolvency Act, discharges eligible debts, providing a fresh financial start. Pros include debt discharge and an automatic stay of legal proceedings. Cons involve a credit score impact, potential asset surrender, and less favorable credit terms during bankruptcy. Exemptions protect specific assets, and the process is shorter than a Consumer Proposal.

4: How does a Consumer Proposal affect credit scores, and can it be rebuilt?

A Consumer Proposal in Canada negatively impacts your credit score. While it may make obtaining credit challenging, a Licensed Insolvency Trustee (LIT) and Credit Counsellor can assist in finding ways to rebuild your credit.

5: What steps should I take to determine the best debt relief option for my situation in Canada?

To find the best debt relief option in Canada, start by reviewing your individual circumstances and financial goals. Seek professional advice from a reputable Licensed Insolvency Trustee who will consider your situation and recommend a suitable debt relief plan.

6: How does debt consolidation impact credit scores compared to a Consumer Proposal?

Debt consolidation in Canada, while simplifying payments, may still affect your credit score due to the credit check during qualification. However, the impact is generally less severe than a Consumer Proposal. Working with a Credit Counsellor can aid in credit rebuilding strategies.

7: What assets may be at risk during bankruptcy in Canada?

In Canadian bankruptcy, some assets may be required for repayment, regulated by exemptions in each province. Specific assets like retirement savings or work tools may be protected, but others may need to be surrendered to settle debts.

8: How long does it take to complete a Consumer Proposal in Canada?

The duration of a Consumer Proposal in Canada depends on the negotiated terms, typically ranging from a few months to five years. Working with a trusted Licensed Insolvency Trustee can help determine an appropriate timeframe based on your financial situation.

9: Can I obtain credit during bankruptcy in Canada?

Yes, you can obtain credit during bankruptcy, but the terms may be less favorable. Creditors may offer lower amounts, higher interest rates, or impose additional requirements. Collaborating with a Licensed Insolvency Trustee and Credit Counsellor can guide you in navigating credit options during this period.

Related blogs:

1. Should you file for Bankruptcy?
2. Consumer Proposal vs. Bankruptcy: What's the Difference?
3. The Pros and Cons of Filing Bankruptcy in Canada
4. Is Bankruptcy Right For Me
5. Consumer Proposal: An Alternative to Bankruptcy
6. What is a Consumer Proposal

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Loud Budgeting or Quiet Planning?

admin — Wed, 14 Feb 2024 22:45:06 +0000

Loud Budgeting or Quiet Planning?

rebuild your worth, book a free consultation todayBook Now

^{Bromwich+Smith staff | Reading time: 3 minutes | 600 words | Date: 2024/02/14}

Social media trends come and go, and now we’ve found one we can get behind! “Loud Budgeting” appears to be a new fad, but those who have followed Bromwich+Smith know that we have talked about loud budgeting for years. The act of verbally prioritizing your finances is something we can support!

What is loud budgeting?

Loud budgeting is openly talking about how you are choosing to save money, and even your budget plans. This is a significant contrast to other recent trends like quiet luxury.

How can loud budgeting help me?

Loud budgeting allows you to take back power by finally saying no. It permits you to say ‘this is not how I want to spend my money’ or ‘I don't have the financial means right now’. Think about how often you have gone out with friends with the best intended spending plan in place. Then, someone suggests trying a new restaurant one that you know comes with a higher price tag. Everyone else quickly agrees and now you feel pressured into agreeing. By the time the bill comes, you are stuck paying for something beyond your budget.

Canadians today live in a world of instant gratification, with credit cards constantly at our disposal. Loud budgeting is a way for us to stand up for our financial future today.

How can I start loud budgeting?

An important step for loud budgeting is to know what your short term and long-term goals are. Share your goals with your inner circle and ask them for support. This will help others understand why you may be saying no to invitations or activities.

Next, look at your spending habits. Look closely to determine if how you are spending your hard-earned money today, is truly serving your long-term goals. Perhaps the $250 a month you spend on takeout could better serve your long-term goal of paying off your student loans. Loud budgeting isn't about denying yourself treats, but rather giving you the power to determine if this is how you want to spend your money. Feel comfortable changing your habits, and sharing with your friends the changes you’re making, and why.

The more we talk about our finances the easier it is for others to join the conversation. We understand that you might not be comfortable discussing your current situation, but we encourage you listen to other people share their stories. This might encourage you to feel comfortable sharing your money story with those around you. Chances are you know someone who is struggling financially and by sharing that you are prioritizing your budget you may be helping them do the same.

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It's OK to say no

We want to empower you to feel confident in your choices. No, I am not going to attend brunch. No, I will not be joining for that large family function. No, I will not be participating in the extravagant family vacation this year. You need to be accountable to yourself and prioritize you over the feelings of others.

At the end of the day, you are responsible for your own budget. Only you can determine what is worth spending today or saving for the future. While it can be hard to cut back and say no looking at the long-term plan will help you to reach your goal.

If you find yourself struggling to overcome debt that may be holding you back from reaching these goals, reach out today for a free, confidential, no obligation consultation with a Debt Relief Specialist. Bromwich+Smith’s team is available by phone at   1.855.884.9243 ,  Live Chat  or you can request a call back at contact us page. We want to see you flourish!    

Related blogs:

Finding Joy in Budgeting

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Navigating Financial Freedom: A Guide to Debt Consolidation

admin — Tue, 13 Feb 2024 22:17:50 +0000

Navigating Financial Freedom: A Guide to Debt Consolidation

rebuild your worth, book a free consultation todayBook Now

_{By Bromwich+Smith Staff | 1116 words | Reading Time: 5 minutes | Date: 2024/02/13}

As financial obligations pile up, finding a strategy to manage debt becomes more important. There are many options to consider, and today we hope to shed some light on debt consolidation.

What is Debt Consolidation?

Debt consolidation Is a form of refinancing your debt. It entails paying off all current debt and rolling all payments into one easy to manage monthly bill. This can be a strong option for those who can pay off their debt in full but just require additional time to do so. Debt consolidation can involve a variety of methods including a consolidation loan, balance transfers, a line of credit or enrolling in a debt management program. In all of these ways the goal is to consolidate and simplify the repayment process.

Is debt consolidation an option for me?

To understand if debt consolidation is an option for you, first take a thorough look at your financial situation. Start with a list of all your debts, including the outstanding balance, minimum monthly payment, interest rate and due date. Understanding the full extent of your debt is the first step to determine the best option for you moving forward.

Now itemize your monthly income and expenses, including the exact amounts and dates due. Add to this information payments that you make less frequently, like annual fees for credit cards or maybe a condo association. Once you have all this information in one place, you will have a realistic idea of what your financial capability. You’ll see what you owe, and all the resources you have each month for debt repayment.

Know your credit score

You will need to understand your credit score as a higher credit score will increase the chance of securing favorable terms including lower interest rates. You may be declined for debt consolidation options if your credit score is on the lower side. Review your credit report for accuracy and take steps to improve your credit score if required.

What are the options?

Consolidation loan: will typically offers a lower interest rate emerges all payments into a single monthly payment.

Balance transfer credit cards: if you have a high interest credit card, transferring the balance to a lower interest rate card might be an option for you. This will consolidate your credit card debt, reduce your interest rate, and simplify your payments.

Debt management program: you may be able to enroll in a debt management program to negotiate directly with your creditors and create a consolidated repayment plan.

Are there any negatives to debt consolidation?

With debt consolidation there is the potential for future debt challenges. These could include accumulating new debt which will lead to a significant financial burden. To avoid, this refrain from using credit unnecessarily until your consolidation has been repaid in full. It’s important to review the terms and conditions of your consolidation loan or credit card as some agreements will include hidden fees or variable interest rates that could change over time. By ensuring that you understand the fine print before you sign will help you make an informed decision and avoid unforeseen financial pitfalls. Debt consolidation is not a permanent fix to any underlining challenges.

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When should I ask for help?

Debt consolidation can be challenging and seeking professional guidance is never a bad idea. A Licensed Insolvency Trustee will provide a no obligation, no-cost consultation to help you understand all your debt relief options. This can include debt consolidation, how to negotiate with your creditors or developing a tailored debt repayment plan. A Licensed Insolvency Trustee may suggest enrolling in a debt relief program like a bankruptcy or consumer proposal and will be able to outline the pros and cons to all the options.

Debt consolidation is a great first step but to be successful you need to stay committed to the plan. By making timely payments, avoiding accumulating new debt and maintaining consistency you will gradually be able to chip away at outstanding balances. As you work towards paying off your debt it's essential to build an emergency fund. As unexpected expenses will arise having this safety net will prevent you from resorting to using credit or loans in the time of emergency.

Celebrate the wins

The journey to financial freedom will not be resolved overnight, so it’s important to celebrate the small wins along the way. This could include reaching a specific debt reduction, paying off a specific debt or achieving a set amount in your savings account. Acknowledging the process reinforces positive financial habits it helps push you towards at the finish line.

If you do find yourself struggling with overwhelming debt, Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1.855.884.9243, Live Chat  or you can request a call back at contact us page. We want to see you flourish!     

FAQs:

1: What is debt consolidation?

Debt consolidation is a form of refinancing where you pay off all current debts and combine them into one manageable monthly payment. This can involve methods like consolidation loans, balance transfers, lines of credit, or debt management programs, aiming to simplify the repayment process.

2: Is debt consolidation an option for me?

To determine if debt consolidation is suitable, assess your financial situation. List all debts, income, and expenses. Understanding your financial capability, including credit score analysis, is the first step in deciding if debt consolidation is a viable option for you.

3: What are the options for debt consolidation?

There are several options:

Consolidation loan: Offers a lower interest rate and combines payments into a single monthly payment.
Balance transfer credit cards: Transfers high-interest credit card balances to lower-rate cards, consolidating debt.
Debt management program: Enroll to negotiate with creditors and create a consolidated repayment plan.

4: Are there any negatives to debt consolidation?

Yes, potential challenges include accumulating new debt and hidden fees or variable interest rates. It's crucial to review terms, avoid unnecessary credit use, and understand the fine print to prevent unforeseen financial pitfalls.

5: When should I ask for help with debt consolidation?

Seek professional guidance if debt consolidation becomes challenging. A Licensed Insolvency Trustee can offer a no-cost consultation to explore debt relief options including debt consolidation, negotiation with creditors, or tailored repayment plans.

6: Can debt consolidation lead to future financial challenges?

Yes, there is potential for future challenges, such as accumulating new debt. It's crucial to refrain from unnecessary credit use until consolidation is fully repaid. Reviewing and understanding the terms and conditions is vital to avoid unforeseen financial difficulties.

7: How do I ensure success with debt consolidation?

To succeed, stay committed to the plan by making timely payments, avoiding new debt, and maintaining consistency. Building an emergency fund is essential to handle unexpected expenses, preventing the need for credit or loans during emergencies.

Related blog:

What exactly is debt consolidation?
Pros and Cons of Debt Consolidation
Debt Forgiveness vs Consolidation Loans

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Credit Counselling During Insolvency

admin — Fri, 09 Feb 2024 21:06:18 +0000

Credit Counselling During Insolvency

rebuild your worth, book a free consultation todayBook Now

_{By Bromwich+Smith Staff | 841 words | Reading Time: 4 minutes | Date: 2024/02/09}

Insolvency is a reality for many Canadians. As the cost of living has increased faster than our paycheques, Consumer Proposal and Bankruptcy have become more common. Canadians are seeking a way to deal with their overwhelming debt, and filing for insolvency is a strong option for many. One valuable resource included in both Bankruptcy and Consumer Proposal is credit counselling.

What is credit counselling?

Two sessions of credit counselling are included as part of the insolvency process. These sessions help clients regain their financial independence through tools and education.

Budgeting. The primary focus of the first credit counselling session is a review of the client’s current budget. The counsellor will make realistic and proven suggestions to ensure the budget is sustainable and will work for our client. Together, the counsellor and client will create an updated budget that allows for debt repayment and the cost of living.
Financial Education. Insolvency is often the result of several financial disruptions, many of which are unforeseen. Credit Counsellors will help our client understand the combination of circumstances that affected them, and equip them with the tools and education needed to avoid the same situation in the future. Having a strong foundation will prevent future financial disturbances from becoming unmanageable.
Planning for the future. The primary focus of the second session is planning. We all have goals and dreams, and this is where we’ll build plans to achieve them. This includes healthy shopping habits, the importance of savings, and setting financial goals.

What should I expect during credit counselling?

During a debt relief program, our client will have 2 sessions with a Credit Counsellor. This time together helps ensure they have the support and tools needed to make strong financial decisions. As mentioned earlier, the first session will focus on reviewing the current financial situation and budget. This allows time to look into the issues that led to insolvency and find supports to ensure it does not happen again. This time together really sets the foundation needed to allow our client the information going forward to make informed decisions.

The second session will focus on financial management. Building on the first session, together the Counsellor and client will talk about financial disruptions that could take place, and work through the scenarios. Having already thought about such situations sets up our client for success going forward, armed with knowledge they need to avoid common issues such as overspending, under budgeting, building emergency savings, and more.

These sessions are very easy to complete. With Bromwich+Smith, both sessions take place over video conferencing, which means you can book a time and place that works for you. The idea of counselling can be intimidating, so our Counsellors work hard to ensure you are as comfortable as possible. Our team is here for you to openly discuss your financial challenges, free of judgment and shame, so that we can support you on your journey. Our Counsellors have years of experience and will provide you with a variety of tools and resources.

The time you spend with your Credit Counsellor is precious. We all have a deep-rooted money story that affects how we handle it, and this time will help to adjust that. We want to share our knowledge with you so you can thrive like so many we have helped before. Come with an open mind and we will bring all our knowledge and tools, and together we’ll help you rebuild your worth.

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1.855.884.9243, Live Chat  or you can request a call back at contact us page. We want to see you flourish!     

Click to Book A Free Consultation

FAQs:

1: What is credit counselling in the context of insolvency?

Credit counselling during insolvency involves two sessions aimed at helping clients regain financial independence through budgeting and financial education. The first session focuses on reviewing and adjusting the client's budget, while the second session involves planning for the future.

2: What does the first credit counselling session primarily address?

The first session concentrates on reviewing the client's current budget. The Credit Counsellor makes realistic suggestions to ensure sustainability, creating an updated budget that allows for debt repayment and the cost of living.

3: What is the main focus of the second credit counselling session?

The second session centers around planning for the future. It involves discussing goals, healthy shopping habits, the importance of savings, and setting financial objectives to help clients avoid financial disruptions in the future.

4: What should I expect during credit counselling sessions?

During two video conferencing sessions, the first focuses on reviewing the client's financial situation and budget, addressing issues leading to insolvency. The second session concentrates on financial management, discussing potential disruptions and preparing the client for informed decision-making.

5: What topics are covered in the financial education aspect of credit counselling?

Credit Counsellors help clients understand the circumstances leading to insolvency and equip them with tools to prevent future financial issues. The focus includes building a strong foundation to manage unforeseen disruptions and avoid financial challenges.

Related Blog:

Financial Counselling: The Importance of Credit Counselling Session

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Bromwich+Smith - Rebuild Your Worth

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Consumer Proposal

Pros:

Cons:

Debt consolidation

Pros:

Cons:

Bankruptcy

Pros:

Cons:

FAQs

Related blogs:

1. Should you file for Bankruptcy?2. Consumer Proposal vs. Bankruptcy: What's the Difference?3. The Pros and Cons of Filing Bankruptcy in Canada 4. Is Bankruptcy Right For Me5. Consumer Proposal: An Alternative to Bankruptcy6. What is a Consumer Proposal

Loud Budgeting or Quiet Planning?

Loud Budgeting or Quiet Planning?

What is loud budgeting?

How can loud budgeting help me?

How can I start loud budgeting?

It's OK to say no

Related blogs:

Finding Joy in Budgeting

Navigating Financial Freedom: A Guide to Debt Consolidation

Navigating Financial Freedom: A Guide to Debt Consolidation

What is Debt Consolidation?

Is debt consolidation an option for me?

Know your credit score

What are the options?

Are there any negatives to debt consolidation?

When should I ask for help?

Celebrate the wins

FAQs:

Related blog:

What exactly is debt consolidation?Pros and Cons of Debt ConsolidationDebt Forgiveness vs Consolidation Loans

Credit Counselling During Insolvency

Credit Counselling During Insolvency

What is credit counselling?

What should I expect during credit counselling?

Seven Things to Know if You are Facing Foreclosure in Canada
When Can You Buy a House Again After Foreclosure?

CRA Debt Relief: Exploring Your Options for Dealing with Tax Debt
CRA Debt Relief Can Be A Reality
What To Know about CRA and CERB Debt

1. Should you file for Bankruptcy?
2. Consumer Proposal vs. Bankruptcy: What's the Difference?
3. The Pros and Cons of Filing Bankruptcy in Canada
4. Is Bankruptcy Right For Me
5. Consumer Proposal: An Alternative to Bankruptcy
6. What is a Consumer Proposal

What exactly is debt consolidation?
Pros and Cons of Debt Consolidation
Debt Forgiveness vs Consolidation Loans