Be Informed about Debt Solutions in Edmonton

At some point in their lifetime, the majority of people will have to deal with a financial emergency resulting from an unexpected expense or a drop in income. Illness, injury, a layoff, home and car repairs, or vet bills can strike at any time.

Bankruptcy exemptions are a topic that not many people know about. Many people assume that once you file for bankruptcy, you lose everything. In fact, certain property and assets are protected by law from the bankruptcy process. These “bankruptcy exemptions” are intended to provide you with reasonable living expenses, support your family, allow you to work, and to rebuild your financial position.

For many people, retiring involves getting accustomed to living on a reduced income. And, for those who carry debt into their retirement years, this decrease in income can be an issue.

If you owe a debt and are not able to repay it, the court may allow the creditor to take the money owed from your paycheck. This process is known as “wage garnishment” and there are specific rules and procedures that must be followed in Alberta if a creditor is seeking to garnish your wages to satisfy a debt. If you are struggling to pay debt, garnishment of your wages can make a tough situation worse. It is important that you know your rights and you should consider debt counselling to learn about ways to avoid being subject to a wage garnishment order.

Simply put, your credit report is a summary of your financial history. Lenders require this document to help them determine whether or not they should grant you credit, funding or a loan. Understanding how credits report work is crucial, so here’s what you should know.

Did you know that nearly 80% of Millenials have a hard time planning for their financial obligations? Additionally, 30% report severe anxiety over their debt and finance.

Back in 2016, the government of Alberta passed legislation to protect consumers from predatory lending practices. The new law targeted payday loan companies and lowered the maximum fee for these loans from $23 to $15, an amount that must include any and all service fees. Despite these changes, customers should remain wary of resorting to these loans. Here’s why.

A layoff can take you by surprise. However, being prepared to deal with the possibility of one happening is the best way to avoid disastrous consequences.

Black Friday is looming, and the holidays are right around the corner. Christmas shopping and holiday debt can cause major stress. With a good budget and careful spending, it is possible to avoid the holiday debt trap. If you do overspend, it is absolutely possible to get yourself back on track. In this week’s article, our licensed insolvency trustees will discuss how to manage holiday debt and what to do if you lose control of your debts.

Have you ever signed up for a credit card to get sign-on bonus points in a reward program? Or found yourself using a credit card to make a purchase you would not have otherwise made, just to meet the requirements of a loyalty points promotion? If so, you are not alone.

Our debt counsellors are frequently asked by clients in Edmonton to explain the difference between secured debt and unsecured debt.

There are many benefits that come from owning and using credit cards. However, those who spend more than they can pay back in a month will pay. Carrying a balance on your credit card will end up costing you more in interest than the things you originally purchased. Here’s what you should know.

The thought of being laid off is a frightening one. Even a temporary layoff can have disastrous financial repercussions, particularly if you did not know the layoff was coming.

There’s nothing wrong with treating yourself from time to time. However, if you notice any of the following signs, you may be spending more than you should be.

Financial stress can take a huge toll on a marriage. Clients seeking Edmonton debt help from us often report that financial problems are the number one strain on their relationship.

If you are reading this, chances are you are struggling with debt. Financial distress can be extremely draining, particularly if creditors and debt collection agencies are calling.

Consolidating debt involves taking out a large loan to pay off a collection of smaller loans. There’s more than one way to consolidate debt but one common method involves taking out a second mortgage on your house (also known as a home equity loan). Here’s what you need to know in order to decide if this is the right option for you.

You may be worried about what you are required to give up in order to file for a consumer proposal or bankruptcy in Edmonton. Understandably, money is already tight and the idea of giving up assets you need and worked hard for seems overwhelming.

Commonly referred to as LITs, licensed insolvency trustees should be your first choice when seeking out help to overcome your debt. The role of these federally licensed experts is to provide financial advice and to administer bankruptcies and consumer proposals. They’re legally obligated to ensure that the debtor’s rights are protected throughout the process. Here’s more about why you can trust LITs to help you.

Anyone who’s borrowed money has a credit score. If you’re currently confronting a substantial amount of debt and don’t know how to start fixing your finances, one of your first steps should be to understand what your credit score means and what goes into calculating it. Here’s what you should know.

What is Personal Bankruptcy and How Does it Work?

Should I File for a Consumer Proposal or Bankruptcy? Part 2

This is part 2 of our post “Should I File for a Consumer Proposal or Bankruptcy?”. For part 1 of this most and more details about consumer proposals, use the link below.

Should I File for a Consumer Proposal or Bankruptcy?

While everyone’s personal situation is different, there are good reasons to choose a consumer proposal or bankruptcy if you wish to resolve an ongoing financial crisis. Living daily with looming financial debt can cause emotional strain and impact your relationships both at home and at work. A Licensed Insolvency Trustee (LIT – previously bankruptcy trustee) can assess your unique circumstances in making this difficult decision. In the meantime, some general guidelines are provided here about why you may prefer one option over the other.

We all would like our children to grow up to be financially independent. We would like to see our grown children earn a good living, spend and borrow wisely, plan well, and have insurance for protection. 

Is your debt overwhelming? Are collection calls getting to you? Are you making interest payments but not payments towards the principal amounts you owe? Are you thinking about filing for bankruptcy? If you are seriously considering bankruptcy, you may want to find out if you qualify for a consumer proposal. Many individuals are opting for a consumer proposal and leaving bankruptcy as an option of last resort.

Many people who consider personal bankruptcy worry that their credit will become permanently damaged, but this does not need to be the case. In fact, the process of rebuilding credit after personal bankruptcy in Edmonton can start as soon as you have been discharged. The personal bankruptcy advisors at Fox-Miles & Associates Inc. Licensed Insolvency Trustee have put together some steps to improving your credit score after bankruptcy.

When you’re still in school, it can seem like you have all the time in the world to pay of the debts you’ve been accruing. You’d be surprised how short “all the time in the world” will seem in a few years, when you’re on the job market and taking the first steps towards establishing your life.

Though most people use credit cards, some choose not to have one or are considering getting rid of theirs. But is it really a good idea not to have a credit card? At Fox-Miles & Associates Inc., our licensed insolvency trustees provide credit counselling in Edmonton for people from all walks of life. We've seen some of the troubles that credit card debt can cause for Canadians but we also recognize the importance of having and using a credit card wisely.

Canadians are big and generous holiday spenders. We love to host parties and buy gifts for our friends. Unfortunately, the holidays also leave many people in financial stress. At the end of every holiday season, the experts at Fox-Miles & Associates Inc. help many clients get their finances back in order by providing debt solutions such as credit counselling and personal bankruptcy in Edmonton. We are also happy to provide tips on how to make it through the next holiday season in better financial shape.

When deciding what course of action to take to manage your debt, it can certainly help to seek professional advice from a licensed insolvency trustee (“LIT”) in Edmonton. Two of the most common and effective solutions are obtaining a debt consolidation loan or filing for personal bankruptcy. Considering that these are vastly different options, it is important to fully understand each and weigh their pros and cons before acting.

If you face surmounting debt, you are certainly not alone in your predicament. Finding a way to overcome your debt is a challenge many people continue to struggle with.

When your day to day expenses start to become more than you can bear, it’s easy to sink into debt. You may feel like you’re in danger of being swallowed up by bill payments and interest charges. Credit counselling in Edmonton can help you get your finances back on track and improve your credit score. Keep reading to learn more.

More and more people are relying on credit to cover their monthly expenses and many people in Edmonton are feeling overextended. When debt becomes a problem for you, you need expert advice and debt solutions in Edmonton to regain control over your finances. Keep reading to learn more about the benefits of professional debt counselling services.

Finding yourself in the middle of a financial crisis can be incredibly stressful. The bills keep piling up, the collectors keep calling and you can’t see an end in sight. If you’ve gone to credit counselling, and you’ve exhausted all the debt solutions presented to you, filing for personal bankruptcy in Edmonton may be your best option. Here are six signs that it’s time to consider it.

Filing for bankruptcy is never an easy decision. There are many important things to consider and whatever decision you make, you’ll have to live with both positive and negative consequences. Keep reading to learn more about corporate bankruptcy in Edmonton and whether or not it’s right for you.