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Debt Help Blog - Bankruptcy, Budgeting, Credit Counselling & More

Learn all sorts of great ways to manage your money better, solve your debt problems and use your credit more wisely. We also tackle a lot of credit myths and misconceptions.

Do you have questions about money management, budgeting or credit? Do you need debt advice or help with your debts? Email us your questions or chat with us online

Featured Article

By Julie Jaggernath

Are you looking for ways of getting rid of debt? Credit cards, car loans, consolidation loans, and bills – does it feel like all you ever do is make payments? Maybe you’ve even tried to get out of debt fast on your own with a DIY plan for…

Recent Articles

By Julie Jaggernath

Does credit counselling seem like a bit of a mystery to you? Until you or someone you know needs help with their debts, you likely don’t give credit and debt counselling much thought.

As a former banker, I granted countless personal loans, debt consolidation loans, as well as mortgages. I also had to decline my fair share of loan applications because someone just didn’t qualify. If I had known what credit counselling is in Canada when I

After months of stress from a growing pile of credit card statements and a continuous stream of aggressive collections calls, you decide that consolidating your debts is your best option for turning over a new leaf.

Debt consolidation may feel like a big relief: with a single lump sum debt to owe, you’re no longer trying to stay on top of multiple creditors, you aren’t missing deadlines and there isn’t the fear of steep interest rates compounding.

But you aren’t in the clear yet — debt consolidation loans are only the first step in the process of getting your personal

By Julie Jaggernath

Credit reporting and credit ratings are two of the most asked about topics of personal finance that we encounter. Each week we hear countless questions about the credit bureaus and how credit ratings work. Some people share their personal struggles, others just ask a few questions. We’re of course always happy to help, and provide resources and guidance as needed. However, we’re also always surprised by how many “believable” myths exist about credit ratings, credit repair, credit scores and credit reports.

To separate the good from the bad and

You’re drowning in debt and now you’re on the receiving end of a nasty, never-ending string of phone calls and threatening letters from your creditors or collection agencies. It can be a stressful situation when you can’t keep up with payments and you default on your account. Collection agencies are notorious for harassing consumers into paying up — frequent calls at work and at home about your outstanding debts can only make the situation worse.

But you can regain control of the situation with a few steps, from educating yourself about your rights to taking the initiative to facing

By Julie Jaggernath

Have you hit a brick wall trying to find the best or fast way how to pay off debt quickly? Rather than getting more and more frustrated, take bold steps that will get you moving towards your goal again. It’s like riding a bike – to keep your balance, just peddle forwards. But while we go for bike rides with friends or family, we don’t typically ask them to join us as we figure out how to budget and pay off debt. That’s where taking bold steps comes in; curious what that might mean?

It’s much easier to stay

A lot of people ask us the question, “Can you file for bankruptcy and keep your house?” The answer depends on how much equity you have in your house (except for Quebec). Your equity is how much of your house you own after your mortgage is subtracted. So if your home is valued at $250,000 and your mortgage is $200,000, then you have $50,000 in equity in your home. This is the value that a bankruptcy trustee will look at in determining if you can go bankrupt and still keep you home. The amount of equity you’re allowed to have and still go bankrupt depends on which province

By Julie Jaggernath

Are you wondering how to pay debt off with no money? You might be facing a situation where your family has no money, you might have low income, or you’re just barely living pay cheque to pay cheque. Paying debt off fast might seem like the best solution, but no matter how hard you try, it’s just not realistic.

We find a common question people ask is “Can I keep my car if I file for bankruptcy?” They want to know what happens to your vehicle if you declare bankruptcy. Will you lose your car in the process or will the bankruptcy trustee take it? What can you expect? The answer basically depends on two things: 1) is there a loan on the car, and 2) if there is not a loan, how much is the car worth?