When you see debt piling up and struggle to repay a loan or make regular credit card payments, a critical first step is learning about debt relief options. The first thought is to try and pay it all off, but sometimes that’s impossible. In these cases, debt consolidation or a consumer proposal might be the […]
Author Archives: Ryan Zysman
25
May
May
Can a Debt Collection Agency Sue You In Canada? Yes, a debt collection agency can sue you for outstanding debt. The process is more complex than the agencies make it seem. They have the right to take you to court for unpaid debt; however, they are unlikely to act on this, especially if you don’t […]
25
May
May
When hearing the term “insolvency,” most people automatically think it means they can’t pay their debt anymore and are bankrupt. While insolvency means that you can’t repay your debt because your debts are greater than the value of your assets, and declaring bankruptcy is a legal process to help people struggling with debt, there are […]
25
May
May
If you have overdue debt and cannot meet your financial obligations, your creditors may pursue court action to obtain a Writ of Execution against your property. Such a judgment can cause problems if you try to sell your property to pay off debt. This blog will examine what a Writ of Execution is and what […]
19
Apr
Apr
I. Introduction The COVID-19 pandemic has affected millions of Canadians, some seeing their working hours and income severely reduced while others lost their employment completely. As a response, the Canadian government installed the CERB (Canada Emergency Response Benefit). The CERB was a financial support program by the federal government to support employed and self-employed Canadians […]
13
Apr
Apr
The Canada Revenue Agency uses wage garnishment to recover unpaid tax debt. If you have not paid or made arrangements to pay your outstanding taxes, a CRA garnishment means that your employer must send a portion of your salary directly to the CRA. This article will answer the questions of when the CRA can garnish […]
13
Apr
Apr
I. Introduction A credit report is a snapshot of your financial history. Depending on the credit bureau, it generally includes: Identifying information, such as your name, current and previous addresses, Social Insurance Number, phone number, date of birth and current and previous employers. Credit history, which is a history of your payments to credit grantors […]
28
Feb
Feb
I. Introduction A. Definition of a consumer proposal A consumer proposal is a legal agreement negotiated between you and your creditors. It is facilitated by a Licensed Insolvency Trustee. A Licensed Insolvency Trustee (also known as LIT) is a federally regulated professional who is licensed to provide advice and services to persons and businesses who […]
28
Feb
Feb
One very unfortunate consequence of outstanding tax debt is a frozen bank account by the CRA. It can create big problems and a lot of stress on both your finances and your life. With a frozen bank account, you cannot withdraw or transfer money. You are also not able to pay for daily essentials such […]
27
Jan
Jan
How to Repair a Bad Credit History? More often than not, bad credit is an issue many Canadians face at least once in their lifetime and are left in the dark when it comes to solving this issue. One may obtain bad credit due to inconsistent payments that result in ongoing debt, and it can […]
