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    Canadians struggling to manage crushing debt loads have several alternative solutions available to them and one of the best is also one of the least familiar – the Consumer Proposal.           With the exception of attempting to manage your unsecured debt by making informal repayment arrangements directly with your creditors, all debt solution alternatives have varying degrees of negative impact on a credit rating.  Before we look at what a Consumer Proposal will do to your credit rating both during the life of the proposal and after it is paid off, let’s briefly review what a proposal is. In…
Learn more about How a Consumer Proposal Affects Your Credit Rating After Its Completed
 One thing uppermost in the minds of many Canadians who are in dire financial straits is finding a solution that won’t destroy their ability to get credit in the future when their situation improves.  What does it mean to have “good credit?”  You’ve read about your credit rating, your credit score, and your credit report.  What do each of these terms mean? In most cases, a credit rating and a credit score mean the same thing and the terms are used interchangeably, although there are some differences.  It’s a summary number that tells a potential creditor how “credit-worthy” you are.  A…
Learn more about Credit Rating – What Is It?
A Calgary bankruptcy is meant to provide a fresh financial start for honest debtors who find themselves insolvent.  What is insolvency?  It simply means they no longer have the resources, either in monthly income or available assets, to pay off all they owe.  The Bankruptcy and Insolvency Act (BIA) – which is the federal law governing bankruptcies in Canada as well as all Provincial legislation supporting the Act, ensures that debtors are not left with absolutely nothing with which to start over.The laws allow filers to keep most of the assets they need to live their daily lives without suffering…
Learn more about Calgary Bankruptcy Is It the End of the Line?
Hardworking people with good intentions get into debt, that’s a fact of life. If this is you, then one of your options is a consolidation loan.  If you have debt that is causing you difficulty, and no way of generating additional income to repay it in a timely fashion, then you will have you take steps to recover the situation.
Learn more about Consolidation Loans: What are they and Why Might You Need one?
Bad debt can sometimes happen to good people.  Most of us have experienced financial hardships at some point in our lives.  And there are times you need to rely on credit cards to make ends meet.
Learn more about Can I Avoid Bankruptcy with Debt Consolidation?
Times are tough and many Canadians find themselves unable to pay all their bills every month, often through no fault of their own.  Some feel bankruptcy is their only option, which is simply not true.The facts are you have several options available to you if you are in trouble, one of which is a Consumer Proposal.  This alternative has only been around for about 15 years as an amendment to the Bankruptcy and Insolvency Act.  As a consequence, many Canadians are completely unaware of its existence and its benefits.To explain what a Consumer Proposal is, let’s contrast it with another…
Learn more about What is a Consumer Proposal?