Early in July, the Bank of Canada’s first interest-rate hike in seven years set in motion a complex unwinding of a near-decade-long era of easy money via consumer debt.

People are always asking: are there options before I have to file a Consumer Proposal or a bankruptcy? The answer is YES, but like anything, it takes commitment and diligence for them to work. So what are the options?

These are some of the changes that came into force on July 7, 2008.

Financial stress has been linked to relationship troubles, depression, high blood pressure and even a decreased immune response.

As retailers across the province advertise massive discounts to woo shoppers through their doors on Black Friday, thousands of British Columbians are preparing to paint their pocketbooks red with debt.

I am on Social Security and my monthly payments to my credit cards are becoming too much to handle individually. Can I declare bankruptcy and make smaller payment to them.

Generally, when an individual becomes a bankrupt, their assets vest in the trustee and are realized for the benefit of creditors. However some assets are exempt from seizure and realization by the Trustee.

As Trustees and Proposal Administrators in Saskatchewan, one of the most frequently asked questions we hear is "can I keep my car?." In most of the situations we come across, the answer is - yes.

To the best of our knowledge, filing an assignment in bankruptcy (or a consumer proposal) under the Bankruptcy and Insolvency Act would not preclude or prevent you from becoming a citizen. However, if you are an undischarged bankrupt, you may not apply to be a sponsor for someone to come to Canada until you have been discharged.

Do you have income tax debt and are you concerned about your ability to repay it?