For married couples, bankruptcy can be a complicated matter to discuss. Most of the time, you or your partner will have many questions about how filing for bankruptcy affects both your finances. If your spouse happens to file for bankruptcy, here’s what you need to know about how it can affect you and your personal debt.

Staying on top of financial obligations has gotten to be more challenging for a lot of people, especially since the Covid-19 pandemic shook the economy in more ways than one. No one wants to be stuck in a cycle of debt, but if you happen to find yourself in financial “quicksand”, the burdens can feel heavier when money is tight and there are debt collectors making those collection calls.

When you can no longer repay all your debts in a timely manner, you need to look at all the options available to you to avoid creating a deeper debt that will be even harder to recover from. One such debt solution would be to file a consumer proposal.  Many Canadians aren’t sure what a consumer proposal is or how is it different from filing a bankruptcy.

According to Statistics Canada, approximately only 30.2% of Canadians are living debt-free. As for the remaining 69.8%, each household owes about an average of $79,000 in debts. It’s no secret that debt can be very overwhelming, especially if the accumulated debt is so high that you can’t afford the repayments.

During the pandemic, the Canadian government recognized the widespread financial difficulties suffered by its citizens due to strict lockdown restrictions. To help alleviate this, the Canada Revenue Agency (CRA) suspended some activities, including collections on some of the tax debt owed to them.

No one gets into debt by choice. However, many people can’t pay their debts on time due to unforeseen circumstances, which is becoming a more prevalent problem for Canadians. According to the Organization for Economic Co-operation and Development (OECD) report, household debt levels have reached higher levels than any other country.

Your credit score is a major factor when it comes to managing and navigating your personal finance. This is why you want to make it a point to build up your credit score as it will make things infinitely easier for you from a financial standpoint. However, this can get rather tricky as a slew of different things must be considered when it comes to increasing your credit score.

Understandably, one of the calls nobody ever wants to deal with is one from a collector. After all, collection agencies are phoning with gentle reminders or to have cordial conversations. As the name suggests, collection agencies aim to collect on  outstanding debt.

Everyone’s financial situation can get rough at times. And sometimes, it can lead to a mountain of debt that seems impossible to overcome. But with the right help, you can get past your debt problems and move toward a more financially stable future.

In Canada, it is not unusual for most people and households to have debt in many forms; personal loans, credit cards, car loans, mortgages, student loans, and the list goes on. In most cases, this is how life is for people in our society.

Acquiring possessions and property with loans and credit is easy, but when it's time to pay, it's not always as easy to meet the payment terms and obligations.