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Using Your Home Equity to Consolidate Debt

home-equity-consolidate-debt

Home values across Ontario are up, and in the GTA specifically – they are booming. With home values steadily increasing year after year and mortgage interest rates at historical low, how can you use your home equity to consolidate your consumer debt? If you’re one of many Canadians with high credit card debt, unsecured lines of credit and personal loans that are at their limit, you aren’t alone. Can my home equity help? If you own your home, and have seen its value increase over the past few years it is very possible that your path to debt relief lies…

Filing Bankruptcy With or Without Your Spouse

filing bankruptcy without your spouse

Quite often when I am meeting with people discussing their debt problems they say, “I don’t want my spouse involved in this” Or “how do I make sure my spouse won’t be affected by my bankruptcy”. Many people believe that since they are married their spouse in some way can be made responsible to pay their debt. This is simply not true. If your spouse did not agree with your lender to be responsible for the debt and sign as a co-signer or guarantor then they cannot be made to pay your debt. If you hold debt in your name…

How Do I Fix An Error On My Credit Report?

Your credit report is your first impression on a new potential lender. Your credit report needs to make a good first impression because it affects the interest rate, and amount of loan a lender is willing to give you. If you have errors on your credit report, it’s important to address them immediately. How to Check Your Credit Report The two credit reporting agencies in Canada are Equifax and TransUnion. Each company allows you to order one free copy of your credit report each year. If you want to check your credit report more than once a year you have…

Who Files My Tax Returns During Bankruptcy?

When you file an assignment in bankruptcy, you are dealing with your debts as of that date. Debts owing as of the date of bankruptcy, including tax debts, are included in your bankruptcy. Similarly assets you own as of the date of filing are to be realized on by the trustee. Those assets include any income tax refund(s) in the year you file for bankruptcy. Practically, this has an impact on how your income tax returns are filed when you claim bankruptcy. While every trustee has their own policies, the following is a common approach. Why Two Tax Returns in…

The Cost of a University Education: A Scarborough Bankruptcy Story

cost-of-university-bankruptcy-story

The cost of a university education is very expensive these days but the cost may be even more than people imagine. Often students have a difficult time finding a career that allows them to address their loans when they first start working. But other than the students, the cost of a university education can be felt by other members of the household. I met with John and Irene (not their real names) in my bankruptcy office in Scarborough at the beginning of the summer. Between them, they had ten credit cards that had reached the maximum credit and the collection…