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 […]
Debt can be a tricky arena to navigate, especially with the complex legal implications attached to it in Canada. Whether you have recently found yourself in debt or you are trying to understand the legal landscape better, knowing the legal implications of debt can help you protect yourself. Failure to repay your debts can lead […]
Dealing with overwhelming financial responsibilities can be a significant cause of stress and hardship. When you have significant debt and do not know where to turn, you may have considered bankruptcy. This is the legal proceeding where most, or all, of a person’s debts are dissolved with the help of a Licensed Insolvency Trustee, allowing […]
Losing a loved one is always difficult, and it can be even harder when you have to handle their finances. If you are their power of attorney (POA) while they are still alive, you could be responsible for managing various debts such as utility bills, subscriptions, taxes (personal and property), credit cards, loans, and mortgages. As the […]
Credit cards help cover costs in advance—they do not provide free money. They are a loan that requires repayment within the credit agency timelines, which many people can struggle with. If you are struggling to pull yourself out of credit card debt, there are strategies you can use to take control of your situation, including […]
Your credit score can be a significant factor when you are seeking a loan, mortgage, or even rental accommodation. Your credit score is essentially a rating of your creditworthiness. It is important to know how different types of debt can impact your credit score so you can responsibly manage it. A credit score is not […]
So, you are set to start searching for a home but feel overwhelmed with all the nitty-gritty details that come with it? You have to understand mortgages, amortization periods, and fees before you even get your hands on the keys. We get it. It can be a lot to take in. While there are many […]
Wage garnishment in Alberta is slightly different from other provinces. In this article, we’ll review some frequently asked questions and facts around wage garnishment, including: The factors leading to wage garnishment vary from person to person, from unpaid credit card debt to outstanding personal loans or mortgage balances. We may only be able to answer […]
While some people know Licensed Insolvency Trustees (LIT) by their previous title, Trustee in Bankruptcy, LITs are dedicated professionals specializing in consumer and commercial insolvency in Canada. LITs are federally regulated professionals you can trust to provide advice, services, and solutions for your personal or business debt problems. With the help of experts, you can […]
Credit card debt, given their high interest rates, can quickly become a financial burden if not managed properly. Plus, other debt can pile up and cause your credit score to take a hit. For some, refinancing this situation, if left in arrears, becomes a major hurdle to overcome. Seeking the help of a licensed insolvency […]
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