519-646-2222Blog Articles
NO ONE LOVES YOU MORE THAN YOUR BANKER
Well, at least as long as you are solvent Last year Locke Consulting Inc. assisted a particularly well paid professional who was having debt issues. This person had a private banker at a major Canadian bank – which means that she was paying hundreds of dollars each month to have the banker attend to her […]
Read moreWAGE DECLINES, TAX INCREASES = MORE DEBT
Is there any end in sight to a grossly unbalanced economy? Since the 1970s the so called “middle class” has been in steady decline. Incomes have been going down in real terms and taxes, since 1970, have almost doubled. Bank profits have soared to incredible numbers and the value of a dollar drops with every […]
Read moreDON’T LET DEBT DEFINE YOU
Debt is Canadian national obsession – it is costly and damages many relationships. Debt damages finaincial relationships of all kinds – spouses fight over debt, even children argue with the parents about money and ultimately debt required to fund ther lifestyle choices. The largest single industry in Canada is undoubtedly that of finance and many […]
Read moreTHINKING ABOUT BANKRUPTCY OR A PROPOSAL
If you live in or near London, Sarnia, Chatham, Woodstock or Windsor call us for a free consultation. Bankruptcies are more immediate than proposals, they come off your credit report faster and cost less money. Proposals are no panacea but they are great solutions for people with surplus income and difficulty cash flowing large monthly […]
Read moreHARPER GOVERNMENT PLAN TO ENRICH THE WEALTHY
The idea was proposed in a hotter real-estate market than we are experiencing London, Ontario, but the effect will be the same. The federal government’s latest scheme to enrich the wealthy at the expense of the poor is to encourage and facilitate the liquidation of RSP savings, in larger amounts than is currently permitted, to […]
Read moreARE YOU IN PERPETUAL DEBT?
Make no mistake, lenders make money from indebtedness – your indebtedness. When you are in debt you pay regular monthly residuals to the bank in the form of interest – which is fair enough after all you borrowed money and you should expect to not only pay it back but pay some interest on it. […]
Read moreBANKRUPTCY VERSUS PROPOSAL – WRITS TREATED DIFFERENTLY
The earlier you talk to a trustee the more options are available for you. If a creditor had registered a judicial lien on your property (writ of execution) and you filed a bankruptcy the writ is removed by the Stay of Proceedings right away. This is because your interest in the property now vests in […]
Read moreGET OUT OF DEBT
and avoid making a bad situation version worse 10 mistakes people make when they are in debt and scared of what will happen to them: Avoid meeting with a bankruptcy trustee Stress, lose sleep and act irrationally – before meeting with a trustee Make big payments to only one creditor – before meeting with a […]
Read moreYOU REALLY SHOULD PLAN FOR BANKRUPTCY
Regardless of whether you are a lender or a borrower remember the old maxim “those who fail to plan, plan to fail.” Now let’s be absolutely clear we are not making the suggesting that you should plan to go bankrupt but should be thinking about the consequences if you are exposed to a bankruptcy whether […]
Read moreONTARIO HOMESTEAD EXEMPTION
Ontario doesn’t have one – but perhaps it should. It may be long past time for Ontario to contemplate revisions to the Execution Act, which provides exemptions for property seizable by creditor, to include a homestead exemption. Other provinces do have such exemptions that provide an element of security to families faced with financial difficulty. […]
Read moreELDER ABUSE AND DEBT ISSUES;
Elder abuse is a sad reality of our time. People looking after a parent or grandparent have been known to abuse their elder in a physical or emotional manner. On occasion the abuse can be financial or even a combination of all three types of abuse. Financial abuse can take many forms: borrowing money without […]
Read moreSHOULD I GO BANKRUPT BEFORE I GET SUED?
That is a question that often comes up after people have been served with a Statement of Claim. The answer is that it really doesn’t matter, a bankruptcy will stop the action even if it has already been commenced or a judgement has been obtained. Bankruptcy and Proposal filings create an automatic Stay of Proceedings […]
Read moreBANKRUPTCY OR PROPOSAL
Bankruptcy or proposal, we have the right solution for you and your family – get good information.
Read moreREDUCE YOUR DEBT TO PENNIES ON THE DOLLAR
Reduce your debt to pennies on the dollar of the amount(s) you owe with a consumer proposal.
Read moreThe Elephant in the Room for Insolvency Trustees
A 2016 Ontario Superior Court decision could be a game changer for some people filing for bankruptcy. Those most likely to be affected are individuals residing in volatile real-estate markets such as Toronto, Vancouver or Montreal as well as individuals who are in longer term bankruptcy administrations. People filing a second or third bankruptcy and […]
Read moreBANKRUPTCY WILL RUIN MY CREDIT
Most people who file for bankruptcy have strong credit scores according to Trans Union. It is true that a bankruptcy filing will show on your credit report for a period of 6 years following discharge, for first time bankrupts. But that doesn’t necessarily mean that you will not be eligible for credit during that period […]
Read moreOntario’s “New” Debt Forgiveness Programme
Here’s how it works First of all, you must be in debt and worried about your situation or it won’t work at all. In fact the more worried you are the better the scheme, er, programme, works.Let’s assume you are getting threatening letters from collectors or from law offices – you’ll be prime for the […]
Read moreTHE PERILS OF SECOND AND THIRD MORTAGES
Thinking about adding a second or third mortgage to your house? Read this first. When you buy a house you only really have two options: 1. Pay for it in one lump sum; or 2. Obtain financing through some sort of mortgage arrangement. Before we go any further with this discussion, let’s think […]
Read moreARE YOU STRUGGLING TO DEAL WITH YOUR DEBT LOAD?
You are not alone, we can help! Stop wage garnishees and other legal actions. Get control of your income. Reduce payments to something more affordable. File a Consumer Proposal or a Bankruptcy. Receive Credit Counselling, and learn to live debt free! When you are ready for help we are ready for you. We have offices […]
Read moreFINANCIAL LITERACY
Will the government ever get it right? One of the greatest challenges in the area of financial literacy is deciding who is telling the story. There are many competing interests that have had an impact on the area of debt management during the past several decades. Filing a bankruptcy or a consumer proposal (both fall […]
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