When the economy is going well and your business is humming, all seems good. But what happens, if there is a downturn? Is your business ready? Are you?

Do I Have Surplus Income in my Bankruptcy? Do I have extra payments to make?

A payday loan, also known as a payday advance or a cash advance, is a relatively small amount of money borrowed at a high rate of interest. Repayment is usually required within two weeks or on the next payday.

Anyone wishing to file for personal bankruptcy in Canada will have to go through six key steps prior to receiving their discharge from bankruptcy.

According to one industry estimate, approximately 7% to 10% of Canadians use payday loans on a fairly regular basis to get by. Payday loan companies often trap low-income earners and cash-strapped individuals. At first, payday loans might seem like a useful quick fix to cash-flow problem, however, that immediate need for cash is the first indicator of debt problem.

With the holidays just around the corner, many Canadians are starting their Christmas shopping, ready to shell out hundreds of dollars to surprise loved ones with the perfect gift.

As the holidays quickly approach, Canadians are reaching deep into their pockets to spend money on gifts for their loved ones. Unfortunately, with Canadians carrying unprecedented debt loads, many are seeking out alternative routes to funding their holiday spending. One option available that many people consider is the payday loan.

According to our recent MNP Consumer Debt Sentiment Survey, a whopping 56 per cent of Canadians are within just $200 away of being unable to keep up with their financial obligations at the end of each month.

Finally we’re through the holiday season! But now it’s time for the bills to start rolling in. How nervous are you?

Consumer proposals and bankruptcies are both government legislated options which can provide you with relief from significant debt problems.