We hear this question all the time; what is a consumer proposal, and how will it affect me?  A consumer proposal is a formal arrangement filed by a licensed insolvency trustee (LIT) under the Bankruptcy and Insolvency Act (BIA).  It is a viable alternative to bankruptcy if your debts do not exceed $250,000 (not including...Continue reading

In these unprecedented times, small businesses across Canada have relied on financial assistance to navigate the challenges brought about by the global pandemic. One significant form of support was the Canada Emergency Business Account (CEBA) loan. As we near the end of 2024, it is crucial for borrowers to stay informed about the updates surrounding...Continue reading

Debt is a common financial concept that many individuals encounter at some point in their lives. It can be overwhelming and confusing, but with the right knowledge and tools, managing debt can become more manageable and less daunting. In this blog post, we will delve into the different types of debt, the importance of wise...Continue reading

Have you ever wondered how and why people get into debt? And what really triggers the financial challenges we have all faced at some time. We know that debt can lead to disastrous consequences; it can destroy a relationship, lose our assets and everything we have worked so hard to create, and it can bring...Continue reading

Good debt versus bad debt. Is there a difference? We’ll break down the different types of debt below.  Very few people have or can earn enough money to pay cash for life’s most important purchases: a home, a car or an education. The most important consideration when buying anything on credit or taking out a...Continue reading

The time we spend thinking about money is all consuming. Whether it is how to earn more money, or the necessity to spend money, thinking and worrying about money takes up a substantial portion of our lives. We can safely say that the vast majority of people would like to earn more money, have more...Continue reading

Debt consolidation is a popular way to reduce debt. We explain the basics and show you how debt consolidation is different than consumer proposals.  Our clients always ask us: what’s the difference between debt consolidation and consumer proposals? When should you choose one over the other? What are the disadvantages of consumer proposals? Today, I’ll...Continue reading

Bankruptcy is a frightening part of debt. But while most Canadians have a good idea of how bankruptcy works, they often don’t know that there are tons of great alternatives to bankruptcy in Canada. By the end of this article, you’ll know: The best alternatives to bankruptcy plus the pros and cons of each option....Continue reading

Here’s a true story about a teacher with a 60K salary who couldn’t get ahead because of student loan debt. It’s a sad reminder that education has become a financial chain, rather than head start for many young Canadians. A few months ago, I helped a teacher drowning in student loan debt. The sad thing...Continue reading

Bankruptcy has serious consequences on an individual’s financial standing, which is why many Canadian debtors consider switching from bankruptcy to a consumer proposal instead. It is well known that a consumer proposal has less of an impact on your credit than bankruptcy, but is switching to a consumer proposal possible? In this article, we’ll explore...Continue reading