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Thank you for your compassion, kindness, guidance, support, professionalism and friendship through all this.

- individual we've assisted

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Debt Help and Bankruptcy in Thunder Bay & NW Ontario

Is there anything I can do to avoid debt?

Budget planning is the most effective way to prevent debt. Making a budget will help you control your spending and meet your goals.

You should put money aside each month for fixed expenses that are due over the course of the year. That way you will have the funds available when you receive a bill that must be paid in short order (e.g., car registration and repairs, clothing, insurance, etc.).

How can I determine how much debt I have?

The easiest way is to make an expense budget. There are on-line tools available that will allow you to see if you can pay your everyday expenses and debts without using a credit card.

What are the warning signs of a debt problem?

There are many warning signs:

  • A financial institution refusing to honour cheques you have written. In this case, you can make an agreement with your creditors and ask that they delay cashing your cheques

  • Trouble paying for everyday expenses such as electricity, phone, cable, rent, etc.

  • Having to use a credit card to pay for necessities

  • Paying the minimum balance on credit cards or using one credit card to pay the balance on another

These warning signs often lead to marital discord. If any of these warning signs describe you — take strategic action now. Our trained professionals will help you make the right choices for your situation.

Is there a typical profile of people who declare bankruptcy in Thunder Bay and NW Ontario?

There is no typical profile that applies to all bankruptcy victims. People of any age or social status may face bankruptcy as a result of difficult personal situations such as illness, job loss, or marital problems.

How can I improve my credit score quickly?

Hold a steady job, make a budget and stick to it, pay in cash as soon as possible, and save money to build up your assets. This will help improve your credit score. Taking out new loans from your financial institution and making your payments consistently will also show that you have recovered from your financial troubles. Learn more about credit.

Contact us

979 Alloy Drive, 3rd Floor
Thunder Bay,Ontario   P7B 5Z8

T +1 807 346 7300
F +1 807 346 7304
TF 310 8888

These answers to frequently asked questions are provided as general information only. Each individual's situation is unique. To speak to someone now call us toll free in Ontario at 310-8888 for a free, no obligation, confidential consultation. We are Licensed Insolvency Trustees for Thunder Bay & NW Ontario

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