515 – The Pros and Cons of Selling Everything to Pay off Your Debt

515 – The Pros and Cons of Selling Everything to Pay off Your Debt

Author: Doug Hoyes July 13, 2024 Duration: 35:23

Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact, have better options to eliminate your debt without losing your assets at all. Today we talk with Ted Michalos to explore how to pay off debt when you have assets.

Time Stamps:

00:00 Introduction

02:43 Are all assets treated the same?

06:31 Cashing out your RRSP to pay debt

13:50 Should you file a consumer proposal or bankruptcy?

22:39 Are RESP's protected in a bankruptcy?

25:43 Owning a house and filing bankruptcy

30:44 Final thoughts

 

Related Links:

Should I Sell My Assets to Pay Off Debt?- https://www.hoyes.com/blog/should-i-sell-my-assets-to-pay-off-debt/

Should I Use My RRSP to Pay Off Debt? – https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/

How Much Debt Does it Take to File Bankruptcy in Canada? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/

How Do I Get Out of Debt Without Losing My Home? - https://www.hoyes.com/blog/how-do-i-get-out-of-debt-without-losing-my-home/

Can't Pay Your Mortgage? Options To Keep Your Home- https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Complete Guide to Bankruptcy and Mortgage Foreclosure - https://www.hoyes.com/blog/complete-guide-to-bankruptcy-and-mortgage-foreclosure/


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 100

Debt Free in 30
Podcast Episodes
599 – What Happens When You Can't Afford to Stay in Your Home? [not-audio_url] [/not-audio_url]

Duration: 30:46
Owning a home is supposed to bring stability, but for many Canadian households, the numbers are getting harder to manage. Mortgage renewals at higher rates, unexpected repairs, and rising day-to-day costs can quietly shi…
596 – What To Do First When You're Behind On Bills [not-audio_url] [/not-audio_url]

Duration: 30:55
Behind on bills and not sure where to start? If money is tight and payments are stacking up, this episode gives you a clear starting point. Doug Hoyes and Licensed Insolvency Trustee Maureen Parent break down what to pri…
594 – Why Even High-Income Earners Struggle with Debt [not-audio_url] [/not-audio_url]

Duration: 30:17
More and more high-income Canadians are finding themselves under financial pressure. Doug Hoyes and Ted Michalos examine the shift they are seeing firsthand and challenge some common assumptions about who struggles with…
590 – Will Your Investments Survive Serious Debt? [not-audio_url] [/not-audio_url]

Duration: 29:52
If you're carrying serious debt but also have money in an RRSP, TFSA, or other investments, one of the biggest fears is this: Will I lose everything if I get help? Doug Hoyes and Ted Michalos, Licensed Insolvency Trustee…