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Category: Insolvency News

THE PROBLEM WITH DEBT SETTLEMENTS

September 5, 2017

There are actually many problems with debt settlements but let’s discuss a few. The first problem is finding someone you can trust and count on to represent your best interests, not just their own.  Neither law firms nor collection agencies work for either free or cheap. O.K. so let’s say you found a reasonably priced […]

WHAT HAPPENS IF MY TRUSTEE IS IN A DIFFERENT CITY?

September 5, 2017

Trustees are licenced Federally to act in Provincial jurisdictions. Many trustee firms have centralized processing centres as a means of cost and quality control.  There are good and bad things about such a system.  The best is that staff are specialized to deal with specific aspects of each file and can do so cost effectively […]

REGULATING CREDIT CARDS

September 5, 2017

Lenders will not regulate themselves – but they clearly need rules. The government has imposed some rules on credit card issuers for instance requiring that they inform consumers how long it will take them to pay off their balances with minimum monthly payments.  That is of little comfort to elderly borrowers on fixed incomes with […]

BANKS AND THE RIGHT OF OFFSET (OR “SET OFF”)

September 5, 2017

Talk to your trustee about the treatment of your bank account before you file a bankruptcy or proposal. In Ontario the Limitation Act prevents legal action being taken against you for debts, except mortgage debts, that are more than two years past payment. In other words if you have ceased making payments for a period […]

407 ETR – UPDATE

September 5, 2017

We have been continuing to receive enquiries about the status of the Supreme Court Decision. While our office generally shares the view expressed by the Office of the Superintendent of Bankruptcy in this matter we must await the release of the decision of the Supreme Court to see how they will rule.  Subsequently we are unable […]

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