How to Budget While Repaying a Student Loan
We all know that funding an education is expensive. The costs of tuition, books, a laptop, residence and food are significant. Luckily, student loans are available in Canada to assist students to fund their education. Unfortunately, student loans over a three or four-year program can leave a new graduate with a significant level of debt to repay. Student loans provide a six-month non-repayment period once [...]
Tips on How to Create a Family Budget
Wouldn’t it be nice to have a plan in place of where you will spend your monthly income and how much you will put aside in savings? A budget provides you with guidance on how much you will spend monthly on rent, food, gas, etc. to ensure you meet your basic needs. A family budget should be created with input from the whole family to [...]
Steps to Filing Bankruptcy
Only a Licensed Insolvency Trustee can file a voluntary assignment in bankruptcy for you. You do not need a referral to a trustee; you can contact a bankruptcy trustee directly. To provide you with some comfort, I have laid out the following steps to filing bankruptcy: Contact a local Licensed Insolvency Trustee to arrange an initial consultation. Most trustees have websites that you can review [...]
What Assets are Exempt from Bankruptcy in Ontario?
When a person considers filing an assignment in bankruptcy, they are typically concerned with what assets they will lose. They need a fresh start from their debt, but they also may need their vehicle to be able to earn a living and provide for their family. In order for a debtor to retain the basic necessities of life, there are certain assets that are exempt [...]
How much does it cost to claim bankruptcy in Canada?
The minimum fee Taylor Leibow typically charges for a first-time bankruptcy is $1,800 payable in 9 monthly payments of $200.00 each. In addition, your income tax refunds and quarterly GST credits will be forwarded directly to the trustee by Canada Revenue Agency for a specified time period. The actual amount that a trustee can draw as fees for a summary administration is set by tariff [...]
How does bankruptcy affect my spouse in Canada?
An insolvent debtor can file an assignment in bankruptcy to obtain relief from their debt. Many debtors that I consult with at a free, initial assessment are concerned about how their bankruptcy will affect their spouse. The act of you filing a personal assignment in bankruptcy will affect your spouse in the following circumstances: Filing a bankruptcy will only provide relief to you. If your [...]