Dr Debt aka Mary Ann Marriott

Q. How long does filing for bankruptcy affect my credit? A. It depends (see below for explanation) How long bankruptcy is on your Credit report and how long it impacts your credit are two separate questions. ... And the answer depends on a many factors. Such as: whether or not this is a first time bankruptcy. If you file for bankruptcy more than once, you are in bankruptcy longer, and it stays on your credit report longer. generally speaking, a first time bankruptcy is in on your credit report for six years from the date you complete the bankruptcy and a subsequent bankruptcy is on your credit report for 14 years from the date you complete your bankruptcy. the term complete your bankruptcy Is also important as that time can vary. As an example, a first time bankrupt is in bankruptcy for a minimum of nine months and can go up to 21 months and even longer if everything is not completed by the individual in those time frames A person filing bankruptcy a second time is in bankruptcy for a minimum of 24 months, up to 36 months, and can be longer if everything is not completed in those time frames A person filing bankruptcy more than two times is at the mercy of the court to determine how long they are in bankruptcy. That covers ‘how long a bankruptcy is on your credit report’ but not ‘how long it impacts your ability to re-establish credit’. The last part is determined by: The steps you take to clean up your credit report while you’re in bankruptcy and once you are discharged your income situation whether or not you still have some debt that you kept outside of your bankruptcy how quickly you can get some type of new credit to start to improve your credit score This was a very big question. I covered the highlights here. Continue to watch this post for more information on this question and more. If you have a question you would like answered, post it below and I will feature it in a future post.

Continuing with the Talking Cents series What career would you choose if all jobs made the same amount of money? (An interesting question) what’s your answer?

Q. How long does filing for bankruptcy affect my credit? A. It depends (see below for explanation) How long bankruptcy is on your Credit report and how long it impacts your credit are two separate questions. ... And the answer depends on a many factors. Such as: whether or not this is a first time bankruptcy. If you file for bankruptcy more than once, you are in bankruptcy longer, and it stays on your credit report longer. generally speaking, a first time bankruptcy is in on your credit report for six years from the date you complete the bankruptcy and a subsequent bankruptcy is on your credit report for 14 years from the date you complete your bankruptcy. the term complete your bankruptcy Is also important as that time can vary. As an example, a first time bankrupt is in bankruptcy for a minimum of nine months and can go up to 21 months and even longer if everything is not completed by the individual in those time frames A person filing bankruptcy a second time is in bankruptcy for a minimum of 24 months, up to 36 months, and can be longer if everything is not completed in those time frames A person filing bankruptcy more than two times is at the mercy of the court to determine how long they are in bankruptcy. That covers ‘how long a bankruptcy is on your credit report’ but not ‘how long it impacts your ability to re-establish credit’. The last part is determined by: The steps you take to clean up your credit report while you’re in bankruptcy and once you are discharged your income situation whether or not you still have some debt that you kept outside of your bankruptcy how quickly you can get some type of new credit to start to improve your credit score This was a very big question. I covered the highlights here. Continue to watch this post for more information on this question and more. If you have a question you would like answered, post it below and I will feature it in a future post.

Money Funny Q. Where does a penguin keep its money? A. In a snow bank.

Continuing with the Talking Cents series What career would you choose if all jobs made the same amount of money? (An interesting question) what’s your answer?

Q. Are all bankruptcy fees the same? A. Yes and No. (see below for an explanation) Licensed Insolvency Trustees are regulated. This means we all follow the same rules, the same guidelines, and the amount of fees we can take in a file are exactly the same for each trustee (unless permission is obtained from the courts to change this amount with a legitimate reason) ... The difference is that each person may be required to pay a different amount. And this is because the amount you pay is based on many factors including, but not limited to, your income, certain expenses, your assets, your family size and any other relevant special circumstances. it is always advisable to talk to a Licensed Insolvency Trustee to review your personal circumstances to determine the cost to you. If you have a question you want answered in a future post, post it below

I would say I get questions about Consumer Proposals more than any other service. There is so much to know! Here is a link to our Q&A page: https://wecanhelp.ca/faq-about-proposals/ Have a question that is not answered here? Reach out to me!

Money Funny Q. Where does a penguin keep its money? A. In a snow bank.

Sharing is caring How long will it take you to pay off your debt? What if you increase your payments or reduce your interest rate?... This handy calculator can help you answer those questions. http://www.youcandealwithit.com//debt-repayment-calculator

Testimonial’s make my day! I just wanted to say thank you. The process was very fast and easy and explained to me very thoroughly and confidently. Although still stressful to know I have to go through this, I very much appreciate your help and certainly your guidance in getting this set up to move ahead. Thank you very much You’re welcome!

Q. Are all bankruptcy fees the same? A. Yes and No. (see below for an explanation) Licensed Insolvency Trustees are regulated. This means we all follow the same rules, the same guidelines, and the amount of fees we can take in a file are exactly the same for each trustee (unless permission is obtained from the courts to change this amount with a legitimate reason) ... The difference is that each person may be required to pay a different amount. And this is because the amount you pay is based on many factors including, but not limited to, your income, certain expenses, your assets, your family size and any other relevant special circumstances. it is always advisable to talk to a Licensed Insolvency Trustee to review your personal circumstances to determine the cost to you. If you have a question you want answered in a future post, post it below

An FBI agent was interviewing a bank teller after the bank had been robbed 3 times by the same bandit: Did you notice anything special about the man? asks the agent. Yes, replied the teller. He was better dressed each time.

I save money in the weirdest of ways. https://youtu.be/mYpQhs8MJC8

New Year ... new goals around paying off your debt? I like this succinct article on the steps you can take :) http://ow.ly/hWg250DbiA1

Money Funny ... "College is the opposite of kidnapping. They demand $100,000 from you or they’ll send your kid back!"... Nooooo...... ;)