Everyone makes impulsive purchases from time to time. Far from being essential to daily life, some purchases are made for what we call emotional reasons, such as celebrating a promotion, rewarding ourselves, relieving stress, or spending to make up for something missing in one’s life. However, if not controlled, this kind of impulsive buying can lead to debt and chip away at your financial health.
Did you know that November is Financial Literacy Month? Since 2011, by means of this initiative, organizations and companies are encouraged to mobilize to educate consumers and help them make responsible financial decisions. This year’s theme is “Managing Money and Debt Wisely: It Pays to Know!”
In our work as Licensed Insolvency Trustees (LIT), we often see people who are ashamed of having to resort to our services and having to reveal their financial situation. Sometimes, people hesitate to even consult a professional, fearing their judgment.
Recovering financial health is often the main concern of people who must repay a consumer debt proposal. This is why some people consider taking out a loan to pay it off more quickly. But is this solution actually advantageous?
When thinking of a consumer proposal as the solution to your debt problems, remember to choose your Licensed Insolvency Trustee (LIT) carefully.
Are you familiar with the term “Licensed Insolvency Trustee” (LIT)? This new name designates what used to be called a “Trustee in Bankruptcy” or, in French “Syndic de faillite.” The Office of the Superintendent of Bankruptcy Canada (OSB) decided to apply this change, beginning on April 1, 2016. We believe the new designation more accurately reflects the role of LITs following the evolution of the industry. Here are some reasons for this change regarding insolvency.
Good financial health can be difficult to obtain. Easy access to credit, unforeseeable events, and a lifestyle that is incompatible with your budget can create debt. If your debt is too large, it can become problematic and lead to debt overload. To avoid this scenario and financial troubles, use these methods to check whether you have too much debt.
Bankruptcy puts an end to many debts. But what becomes of your financial health after bankruptcy? Maybe you want to get out of debt but you’d like to learn more about the positive and negative impacts of your decision. In this case, here is what you should know about some of the consequences after filing for bankruptcy.
Bankruptcy and consumer proposals release you from multiple financial constraints. These solutions exist to allow you to catch your breath and start again on the right foot. However, you should know that certain debts cannot be settled by filing for bankruptcy or submitting a consumer proposal. These are called non-dischargeable debts. If you want to get out of debt, here’s what you need to know about non-dischargeable debts
Some people avoid filing their annual income tax return. Regardless of their reasons, they are exposing themselves to penalties or even fines from the Department of Justice. Here are the reasons why it is important to complete your income tax return and repay your tax liability, if you have any.