Relief in Sight?
We are in the eye of the hurricane and experts project that things will get worse before they start to improve.
But there is some cautious optimism that the rate of new infection from Covid-19 has begun to slow in some countries.
By contrast, the financial impact will likely be significant for some time.
The banks and other lenders in Ontario are open to the idea of payment deferral if you’re struggling to make payment.
It is probably a good idea to have a chat with your creditors to see if they will temporarily stop the interest on your debts, or if they will permit you to skip payment without penalty.
The big 6 banks have banded together to help personal banking customers and small business owners to defer payment on loans and mortgages; however, it remains to be seen if they will waive the interest or if it will be tagged on to the balance outstanding.
For renters having trouble making rent, the Ontario government has brought a temporary halt to evictions for unpaid rent during the pandemic crisis. We are not sure for how long this freeze will continue, but we can help if you face eviction in the future.
Filing a consumer proposal or bankruptcy will stop a landlord from taking action to evict for rent arrears.
About The Author
Jacques Rusinek
Dr Jacques (Jojo) Rusinek successfully challenged the National Insolvency Exams in 1998 and was licensed as a trustee in bankruptcy (now known as Licensed Insolvency Trustee) in 1999. Prior to becoming a bankruptcy trustee, he practiced in the health care field where he helped people to become pain-free. Now he helps people to become debt-free.
