Debt is a financial tool. And like any tool, it comes in many different shapes and sizes to fit its purpose.

For people struggling with debt, filing for Bankruptucy or a Consumer Proposal might be the best option.

British Columbians are becoming acutely aware of how interest rates and inflation impact their household budgets as both continue on their months-long upward trajectory.

I have a unique perspective on income tax debt among my peers, owing largely to my six years at the Canada Revenue Agency (CRA) prior to becoming a Licensed Insolvency Trustee (LIT). The experience has helped me understand common strategies and behaviors which tend to work against taxpayers’ long-term interests — especially in their interactions with the collections group.

Do you qualify for Bankruptcy? Explore the four conditions you must meet and learn why talking to an LIT can help you understand all your debt relief options.

If you’re like most Canadians, then you most likely have debt from multiple sources. These could be some combination of auto loans, credit cards, student debt, lines of credit, installment plans on retail purchases via “buy now pay later”, and the list goes on.

What happens after you file the paperwork and your Consumer Proposal goes into place? And, more importantly, how can this process help you go from overwhelmed by debt to mastering the art of credit management?

In all aspects of life, we benefit from an ability to anticipate problems before they happen. Whether it’s in your relationships, your job, your health, or simply during your daily commute to work, you know instinctively to keep your eye out for potential red flags.

What is Bankruptcy? How does it work? And what are the alternatives? Let’s investigate.