How to Pay Off Credit Card Debt
A recent internet search for “the average number of credit cards per Canadian” provided the following interesting facts: There were 76.2 million credit cards in circulation in 2021 (Source: Statista) 78% of Canadians have a reward linked to their credit card (Source: Payments Canada) The average Canadian carries 1.4 credit cards (Source: Canadian Bankers Association) As of 2021, the lowest among Canadian credit card rates [...]
What is Debt Consolidation?
Debt consolidation is the act of borrowing a new loan to pay off two or more of your current liabilities and consumer debts, including credit cards, lines of credit, pay day loans, etc. The new loan essentially combines multiple debts into a single, larger debt that requires one monthly payment instead of juggling to pay multiple creditors on differing due dates. How Does Debt Consolidation [...]
Why Should I File for Bankruptcy with Taylor Leibow Inc.?
Making the decision to consult a Licensed Insolvency Trustee to file an assignment in bankruptcy is a difficult first step. Understanding that the Trustee is an Officer of the Court and technically acts in the best interest of your creditors even though you pay their fees may be difficult to comprehend. So, how do you select a Trustee? And why should you choose Taylor Leibow [...]
What happens if someone co-signed one of my debts?
Filing a personal assignment in bankruptcy or consumer proposal will immediately provide you relief from most creditor’s collections proceedings and ultimately eliminate your unsecured debt. A formal stay of proceedings under the Bankruptcy and Insolvency Act stops a garnishment of your wages and collection calls. Unfortunately, this protection does not extend to an individual who co-signed any of your debt. When a person co-signs or [...]
Holiday Spending Tips
Have you ever calculated exactly how much you spend over the holiday season? It may be easy to add up your gift purchases, but have you considered all the extra expenses for holiday meals and clothing, parties, hostess gifts, cards and gift wrap? If you have never added up all your expenditures in relation to the holiday season, take the time this year to track [...]
What Happens When You File for Bankruptcy?
The majority of personal bankruptcies are voluntarily filed by a debtor (the person who owes money) to provide them relief from overwhelming debt. The debtor contacts a Licensed Insolvency Trustee (found through an internet search, radio advertisement, or a direct referral from a friend or trusted professional) to discuss their financial situation and explore debt relief solutions. The following explains the basics of what happens [...]