In Alberta, foreclosure is carried out under The Land Contracts Actions Act. This action allows your mortgage lender to sell or take ownership of your home when you are in default under your mortgage contract. Default may include any of the following: non-payment of property taxes, insurance expiry and arrears of mortgage payments. However, you still have limited rights and options to protect yourself even when foreclosure proceedings begin. […]
However, paying a collection agency without understanding the consequences can actually hurt your financial situation and will not improve your credit score since the damage has already been done. […]
In Canada, your debt does not disappear when you die—it is typically paid by your estate. […]
Insolvency refers to the financial state of being unable to pay one’s debts as they become due, whereas bankruptcy is a specific legal process designed to resolve this state. […]
The fastest way to pay off credit card debt is to combine strategic repayment methods, budgeting, and tools that reduce interest rates. […]
If you want to get out of debt, there is no need to take it on all at once, as you risk getting overwhelmed and discouraged. Consider these steps and how to apply them to your life:
Assess your debt situation.
Create a realistic budget.
Choose a debt repayment strategy.
Consider debt relief options.
Build better financial habits. […]
Rebuilding your financial foundation begins with a clear strategy to reassess, recover, and renew your financial habits. […]
Bankruptcy may be right for you if your debt is unmanageable, and other repayment options are no longer realistic based on your income, assets, and financial goals. […]
The key to sustainable success lies in creating and following a comprehensive financial and business plan that aligns with your personal goals. […]
Many Albertans face financial hardships, and filing for bankruptcy can seem like a tempting solution. Understanding Alberta’s bankruptcy laws and the potential pros and cons involved can help you understand the process and determine whether it might be the right path for you. Bankruptcy is a legal process designed to offer relief to individuals who […]
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