What is a Secured Debt?

October 12, 2011

Unlike an unsecured debt, a secured debt is a debt that is attached to something. The biggest secured debt in most people’s lives is the mortgage which financed the purchase of their house. The loan is secured by a mortgage on the house itself. The next biggest secured debt for most people is their car [...]

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Why do I need a new bank account?

October 11, 2011

If someone has decided to file a bankruptcy or consumer proposal I insist that they bank with a financial institution they don’t owe money to and I explain why. I even give them a bright yellow sheet explaining how to do that and why it is important. However, every so often someone comes back to [...]

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Bankruptcy and Joint Debts

October 4, 2011

As a Windsor and Leamington bankruptcy Trustee, I am frequently asked what happens with joint debts when someone files for bankruptcy. Simply stated, the debt would belong to the other person. For instance, lets say that John has a bank loan and his mother co-signed the loan. By being a co-signor mom is essentially agreeing [...]

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Debt Myths Exposed: Live

September 20, 2011

Live show about debt myths

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Am I Eligible for Bankruptcy?

September 14, 2011

A common email I receive at my Windsor office includes the question “Am I eligible for bankruptcy?”. In most cases, without reading any further, the answer is yes. Why is that? The answer is simple. In order to be able to file for bankruptcy, the government rules are 1. Owe at least $1,000 and 2. [...]

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