Debt Collection: Information About Your Rights. If you think that they have the wrong person or that the debt is incorrect…
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If you find yourself looking for bankruptcy advice in Toronto, turn to Harris & Partners Inc. We’re passionate about helping our clients stay informed of their rights and ways to enhance their finances. Browse our blog to see just a few topics that might help you better understand what you can do to protect yourself. If you have any questions, please call the office nearest you.
In 2009, the federal government made major amendments to the Bankruptcy and Insolvency Act (the “Act”). One of the key amendments to the Act was the protection of Registered Retirement Savings Plan’s (RRSPs) and Registered Retirement Income Funds (RRIFs) so long as the funds were not contributed in the 12 months prior to bankruptcy. The […]
Recently there has been a lot of media coverage about the potential closing of the GM plant in Oshawa and the effect this will have on the workforce. We know that the union is working hard to stop the closure of the GM plant and ensure that everyone is treated fairly if the GM plant […]
Think of debt like a hurricane. At first, you know you’re in trouble, and you try to weather the storm, doing whatever necessary to survive. When you go numb to the effects of debt, it’s like walking into the eye of the storm. Everything is calm, and you think you’re okay. But in reality, you’re right in the thick of it, and more trouble is coming.
There is no easy answer to this question; it really depends on a lot of different factors, such as how much you owe, how much of your house you own and if it has significant equity. The same is also true of your vehicle – if the value of your car is less than a […]
The first step in rebuilding, is making sure that the Credit bureaus are reporting correctly. This is not something the Licensed Insolvency Trustee can do for you, so we strongly urge debtors to take this step
If you have stopped paying your creditors, they can apply to the court to obtain something called a judgment order against you, which could lead to a garnishment. This is a legal process whereby a creditor requires a third party (i.e. your employer or bank) to turn over to the creditor a portion of your […]
Filing a Personal or Corporate Bankruptcy in Canada requires a Licensed Insolvency Trustee like Harris & Partners Inc., you can make a free consultation by filing out a form below or calling 1.800.268.8093. Do not be fooled by people offering this service that are non-licensed, they will take a fee from you and refer you to a Licensed Insolvency Trustee.
Debts that at first appear manageable can creep up slowly and steadily before you realize you are in over your head.
An extremely common question amongst our clients and those interested is how to improve your credit score. First, before improving it, it is important to review your situation and decide whether the best way to improve the score is by starting fresh through a Consumer Proposal or Personal Bankruptcy.
People often wonder, how can I consolidate my debt so I don’t pay such high interest. There are a few ways to accomplish this. The first option for a person to consolidate their debt, and the option that most people think of initially is a consolidation loan or a line of credit. This is basically taking all your debt (Credit Cards, Pay day Loans, etc.) and putting them all under one umbrella, while continuing to pay 100% of the debt plus interest.
When you don’t pay your bills for a period of time, the credit card companies or banks often pass along your debt to a collection agency. Most people are aware how nasty these agencies can be, but the question is, how much power do they have?
After rent, groceries, gasoline, and a quick trip to the movies, you discover that you have little more than nothing in your bank account. You need a little extra cash, but you have a lot of extra stuff, so the solution’s simple. You need to hold a garage sale.
For many consumers, deciding whether to lease or finance a vehicle depends on a number of personal and financial factors. Both methods enable you to acquire a vehicle for a period, with car leasing requiring less payment upfront. Leasing allows you to use the vehicle for a contracted period of time in accordance with certain stipulations, while financing allows you to put payments towards the principal of the vehicle, in order to ultimately own it. Lease payments are often significantly lower per month than financing payments, but you should be extremely cautious about the long-term effects of a lease before deciding to sign the contract.
In Canada, most young people are not getting the financial literacy training they need. They are ill-equipped to make their way in the modern financial world. Yet, everyone needs to learn how to make effective decisions about money most places they go and on a daily basis. Throughout life, we all need to learn how to earn, save, invest, spend, borrow, give, lend and generally manage money. Learning economic principles will help our youth make better personal financial decisions and help them as citizens understand and make better choices about critical issues facing the nation.
It is common to consider downsizing as a plan that suits your long-term needs. If you are approaching retirement or already in retirement, the question of downsizing may be something you have considered. If you are experiencing financial stress, downsizing may help you to meet your expenses more comfortably. If you having financial difficulties, a Toronto licensed insolvency trustee at Harris & Partners Inc. is available to help you consider your options.
In this post we will provide you answers to frequently asked questions regarding student loans and bankruptcy.
For people with budget constraints, a full-blown vacation is probably out of reach. Luckily, Toronto residents have the option to take shorter vacations on weekends and day trips. Use these vacation ideas below to relieve the drudgery of everyday life without breaking the bank.
Have you received a call from a collection agency at an odd time of day? Are they constantly leaving you recorded messages? Are they calling you at work or calling your employer or your family? If any of these are happening to you then you will be interested to know your rights about being contacted […]
Did you know that payday loan interest rates can be 400% per year or more? Unfortunately, a lot of clients that we have met with have got themselves in pretty deep with the dreaded payday loans. If you find yourself running back and forth between pay day loan companies on pay day please give us […]
This is an interesting question that I was asked by a debtor recently. She has a disable daughter that requires a vehicle to provide special mobility services. When buying the car, she used her daughter’s money that she had earned through grants, work, gifts and savings. Due to insurance restrictions, the mother had to be […]
I have been to many new and used car dealerships and even with my substantial background in finance and debt, I remain surprised at the financial mirage that some salespeople use to make a bad deal seem okay.
Today’s credit-focused culture has made it almost the norm to owe money on a regular basis. Common thinking is that there is not much
cause for concern if you are making your payments each month. The trouble lies in falling behind on the money you owe to the point that it accumulates beyond being affordable and you become trampled by your debt.
If you find yourself missing several payments in a row—whether on your mortgage, car loan, personal loan, or credit card—it is
important to speak with a Licensed Insolvency Trustee (a “LIT”). Doing so will help you to choose a viable debt solution that suits your personal situation.
Many changes to Ontario’s labour and employment laws have recently been announced by Kathleen Wynne’s Liberal government.
According to the Canadian Real Estate Association, the average house price in Ontario in 2016 was $709,825, with an average mortgage payment of $2,927. The required income to buy an “average” 2016 home in Toronto was $128,746.
The Office of the Superintendent of Financial Institutions (OSFI) recently announced that the rules of the Bank Act will now apply to all non-bank financial service providers, including credit unions and unregulated financial service providers.
The Toronto Star reports that a Richmond Hill real estate brokerage has been fined $250,000 for mishandling its trust accounts.
We have arguably never lived in a more competitive society when it comes to landing well-paying jobs. Nor has the amount of education and experience required for some of these jobs ever been so demanding. A major component of this phenomenon is constant technological improvements and the rise of the tech sector generally.
Have a mortgage? If so, you may be affected by the Bank of Canada’s recently announced raise in lending rates.
The Miami Herald reports that Miami Marlins pitcher Livan Hernandez has filed for bankruptcy.
Simply paying exacerbated rates to have a decent home has come to interfere with Canadians’ ability to cover other basic costs of living. In addition to not even allowing any wiggle room for expenses anywhere beyond the scope of necessities, it can seem nearly impossible to avoid debt and then, more certainly, to pay off that debt over time.
Everyone should be aware by now of the huge increase in demand in Ontario’s (and particularly, Toronto’s) housing market over the years, and particularly in the past year.
Average household debt in our country from coast to coast is growing significantly. Getting a loan has become the norm for most Canadians, and while it helps the economy, we have arguably begun to borrow at the risk of our own financial stability.
If you are like most others living in Ontario, you have probably groaned to your neighbour or friend about your hydro bill on multiple occasions. If you live in even a modest-sized home, you may be facing hydro bills in the range of $150-$300 per month, amounting to thousands of dollars over the course of the year.