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  • Reduce your debt by up to 70%

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  • Licensed CAIRP professionals
  • End collections and garnishment
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Recent Money Matters Articles

Bankruptcy | Excluded Debts

Debts That Can Not be Included in a Bankruptcy

Laws surrounding Bankruptcy Canada dictate that not all types of debt can be included in bankruptcy.
There are certain types of unsecured debts that are not released when you are
discharged from bankruptcy.

These are:

  • Fines or penalties imposed by a Court;
  • Debts for alimony or child support;
  • Students loans if the loan is guaranteed by the federal or provincial government
  • and you have not been out of school (part-time or full-time) for a required amount of time;
  • Debts arising from fraud or misrepresentation supported by a Court Order;
  • An award for damages against you for intentionally causing another person bodily harm or death.

If you have concerns that some of your debt would not qualify in bankruptcy talk to a local CAIRP trustee directly.

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Debt Settlement in Ontario | Bill 55 New Law to Protect Consumers

Ontario Government has finally put legal restrictions in place to protect it’s most vulnerable citizens from “shady” debt reduction solutions.

Bill 55 | How will it help Ontario Citizens?

Debt Settlement, operated by over 35 companies in Ontario should be now following a new set of rules.  Given that the industry has not been well regulated in the past, the new law should provide a solid foundation to ending rip-off companies.  However, a law is only as effective as the enforcement surrounding it.  Given that we have not seen strong enforcement to date in consumer protection, we highly recommend the buyer beware, read the fine print to prevent being another casualty to bogus debt help companies.  If you do feel that a company is providing services that contravene the new law, contact the government of Ontario.

  • Eliminating upfront fees for services
  • Regulation of fees to consumers and controlling that the service be successful before payment be made.
  • Requiring clear, transparent, and detailed contracts that include information about the effect of the contract on the consumer’s credit rating
  • Requiring credit counsellors to disclose information regarding the nature of funding of their company, non profit or otherwise.
  • Establishing a 10-day cooling-off period, providing consumers more time to consider their agreements with companies

Read the fine print, ask questions, talk to multiple professionals and the most important criteria, MEET the company in person.  A solid indication of a reputable company is that you can walk in the office and talk to the principles in the business.   Your future depends on your proper due diligence.

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Best time to File Bankruptcy in Canada

Every situation is different and there is no ABC of Bankruptcy, each person should review their entire personal situation with a trustee to determine the best course of action.  That being said, there can be strategy behind filing.  Especially if you have already determined that bankruptcy is your only viable solution.   Just when is best to do it?

best time to file bankruptcy

The best time to file bankruptcy for many Canadians can be before the end of the calendar year.

The timing has bearing on your future tax refunds, if you normally receive a refund from CRA - Revenue Canada, you will likely benefit by signing your bankruptcy papers prior to Dec. 31.    Bankruptcy law, the BIA, Bankruptcy and Insolvency Act,  dictates which tax refunds are applicable to be seized by the trustee/estate, for payment to your creditors.  The law also dictates which tax refunds normally would be returned to YOU!  There is significant gain to the consumer by filing before Dec. 31 .

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BC Debt Settlement Company Operating with Suspended License

Consumer Protection Suspends License, Freezes Accounts

Options Credit Services Canada Ltd a BC licensed debt settlement company is in the news again. On Dec 5 2013 the BC Consumer protection Agency suspended the license of the company and seized the bank accounts associated with the company.  Options Credit Services,

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