Ignoring debt issues as a senior can worsen financial problems, leading to creditor actions, asset seizure, and damage to credit ratings. Upon passing away, debt is handled by the executors, burdening them with settling outstanding debts using estate assets. Failure to address debt before death can possibly result in creditors denying debt write-offs, leaving heirs liable for balances, or needing to refuse an inheritance. Seniors can mitigate...

Seniors burdened by debt can find relief through a Free Confidential Consultation with a Licensed Insolvency Trustee. During this session, tailored solutions such as Bankruptcy or a Consumer Proposal are explored, offering the potential for debt freedom in as little as nine months. Additionally, financial counselling services are available to assist seniors in better managing their finances, ensuring their golden years are financially secure.

Filing for Bankruptcy on behalf of your business doesn't directly impact your personal credit score or appear on your personal credit report. However, if you've signed personal guarantees for business debts, you could be personally liable for those debts, even if the business files for Bankruptcy. Additionally, your personal liability may vary depending on the structure of your business. For more detailed information on this topic, you can read...

Debt can be a valuable tool for business growth when managed wisely. It can fund essential investments like new equipment and hiring, boosting revenue and credibility. However, it's crucial to assess debt carefully to ensure it aligns with your goals and doesn't pose undue risk. By working closely with lenders and planning strategically, you can leverage debt effectively to support your business's success. Read our blog post here for more information....

If your small business is grappling with debt, you have options to explore, including Bankruptcy and Consumer Proposals. These solutions offer pathways to address financial challenges and regain control of your business's future. Speaking with a Licensed Insolvency Trustee from MNP can provide invaluable guidance tailored to your unique situation. During a free, confidential consultation, they can assess your finances, discuss available options,...

If spousal overspending is causing financial strain, exploring legal options may be necessary to protect your interests. Legal separation, divorce , or establishing legal agreements such as prenuptial or postnuptial agreements could provide a framework for managing debts and assets.