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All Credit Solutions

If you live in Canada and have problems paying your debts, we will show you how you can pay much less than what you owe.

Many times less than 50% and you have up to 5 years to pay, interest-free. Book a Free and Confidential Consultation.

07/27/2021

✍The sooner you accept your financial struggles, the sooner you can begin your bankruptcy claim. If you have been wondering whether or not you should file for bankruptcy, here are a few signs that you might need to consider,

▪️Your credit cards are always at your limit;
▪️You are paying bills with your credit cards or cash advances;
▪️You continually fail to make one or more important payment each month;
▪️You have received letters threatening legal action against you in order to collect money owed;
▪️Loss of income in the household means there is no money to pay debts;
▪️You are making the payments but the debt isn’t going anywhere and it’s too much to maintain;
▪️You are credit reliant-the cost of the debt is to high there is no money left for everyday expenses so you need use your credit cards to buy gas and groceries;
▪️You are overwhelmed and stressed out about your finances about your finances and it’s affecting your sleep and personal wellness;and,
▪️You have reached the borrowing limit and your back will not provide you any further financial assistance.

If any of those apply to your current debt situation, declaring personal bankruptcy may be the right choice to make.

Every bankruptcy is unique but there are similarities that are good indicators you need to seek personal bankruptcy help.

07/25/2021

✍One of the most common ways to fall victim to credit card fraud is by answering the phone and talking with someone thinking it is our credit card company. They will ask you to verify your account number, card expiration date, and full name. With this information they have all they need to use your credit card fraudulently.
Do not give this info out when someone calls you, you call your credit card company back.
✅HOW TO AVOID IT
Hold onto receipts to compare to bank statements.
Track all credit card information to protect against theft or loss.
Store cards separately from pin numbers. Without pin numbers, thieves will not be able to use your credit cards at stores or ATM machines.
Keep an eye on your card when handing it to make a purchase.
Inform the credit card company of changes of address.
Be careful with storing credit cards. People often steal cards in gym lockers, the workplace, and in unattended vehicles.
Periodically check credit reports to be sure someone has not opened any fraudulent accounts under your name. You can request your credit report at www.equifax.ca
Follow these steps to avoid credit card fraud.

07/23/2021

✅If you’ve come across extra cash and have credit card debt, you may wonder whether it is a good idea to pay off the balance on your credit card right away or over time.
Paying off your credit card balance as quickly as you can save you money in interest but will also help you keep your credit score in good shape.
HOW MAKING MINIMUM PAYMENTS CAN COST YOU.
Payment history is the most important credit score factor, so making credit card payments on time every month is essential to keeping your credit score in good standing. You also avoid late fees.
If you only make the minimum payment every month, you will pay interest on the remaining balance that carries on to the next billing period. Also, some credit cards charge compounding interest (interest is added to the principal amount borrowed, then the interest rate of your credit card applies to the new principal/balance. It’s interest on interest). This makes credit card debt snowball fast and takes years to repay.
Let’s say you owe $3,000 on a credit card with an annual interest of 18%, your minimum payment is 3% of the balance or $25, whichever is greater. If you only make the minimum payment every month, it will take you almost 14 years to pay off the debt. On top of that, it will cost you almost $2,700 in interest, almost double what you initially owed.
So, it is a good idea to pay off your credit card debt as soon as you can or try to pay as much as you can every month, not just the minimum payment. This will help you save money.

07/22/2021

✍What is Canada Workers Benefit?
The Canada Workers Benefit (CWB) is a refundable tax credit to help individuals and families who are working and earning a low income.
You can claim the CWB when you file your income tax return.
Who can apply for the CWB?
Workers who are single and without children will be eligible for a tax refund or lup to almost $1,400, while workers with families will be able to get up to $2,400.
The Government of Canada describes it as a ‘sizeable’ tax refund that previously left many low-wage workers out.
What is the eligibility criteria?
The benefit is available to those with income us to:
$32,244 as single Canadians (without Children)
$42,197 as single-earner families.
$56,197 as double -earner families.
Secondary earners in couples are also now able to exclude up to $14,000 of their working income when calculating the benefit ‘allowing them to access a more generous tax refund.

07/18/2021

✍You must surrender all your credit card and non-exempt assets to the trustee.
You must attend a creditor’s meeting if one is held.
Give your trustee your T4 slips to prepare your taxes for the year you file your Bankruptcy and the previous year if it hasn’t been done.
Each month you must report your household income and living expenses and any change in your family situation.
You must attend two credit counselling sessions. They last about 20 minutes.
Keep trustee informed if you move or change phone numbers.
You cannot be the director of a company.

07/17/2021

❗Second Bankruptcy, if you have little income, lasts 24 months.
If your income is high you will be in Bankruptcy 36 months for your second Bankruptcy.

07/16/2021

✍You are only making minimum payments.
✍You have little wiggle room in your budget after bills and debt payments.
✍You are using one credit device to make payments on another.
✍You’re receiving calls and letters from creditors or collection agents.
✍Your debt troubles are getting in the way of a good night’s sleep or your ability to have fun.

07/15/2021

✍Not, forever, fortunately. Bankruptcy is a legal process which is intended to provide a new financial start.
Your bankruptcy ends when you receive a discharge, the event that actually cancels your debts.
First time bankrupts who have little income are eligible for discharge after nine months.
If you have high income you will be in bankruptcy for 21 months.

07/11/2021

✍Yes, you have to wait to get out of your bankruptcy and then you can apply for a mortgage. You will go through the same process as someone who hasn’t filed. You will need to provide employment info, banking info, have a downpayment ...etc.

07/09/2021

❗️No, you have to wait until you are out of your Bankruptcy, which can be nine or 21 months, to get a credit card. The credit you’ll be able to get is a Secured credit card.

07/08/2021

❌No, no one will stop you. Filing for Bankruptcy is not a crime. Bankruptcy is a program implemented by the Canadian Government to help Canadians who are having trouble paying your bills, as such, no one will stop you.

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Toronto, ON

Telephone

+14168808388

Website

https://allcreditsolutions.ca/

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