519-646-2222Blog Articles
WHAT IS THE DIFFERENCE BETWEEN INSOLVENCY AND BANKRUPTCY?
Many people and companies are or can be insolvent without being bankrupt. One of the criteria for becoming bankrupt is being insolvent. We might use the analogy that all apples come from trees but not all trees produce apples. Liquidity is a word that we hear bantered around – back in 2008/9 Canadian banks were […]
Read moreINTERESTING ARTICLE
The article identifies some areas of ethical concern When should we be concerned about the relationship between debt consultants and bankruptcy trustees? Posted on September 13, 2015 by Mark Silverthorn I can empathize with a bankruptcy trustee who not only has to compete for revenues with other trustees but also credit counselling agencies and debt […]
Read more407 ETR JUDGEMENT TO BE RELEASED
The Supreme Court of Canada will release judgement this week. Finally the supreme Court of Canada will be releasing its decision on the now reknowned 407 ETR appeal case this Friday the 13th of November at 9:45 a.m. stay tuned for the update.
Read moreTOP 1% EARN (AND OWN) MORE THAN 99%
Hardly news but mainstream media reports suggest it is. There is no doubt that the disparity between rich and poor has been growing steadily over the last 4-5 decades. In fact the divide between the ‘haves’ and the ‘have nots’ is worse today than it was during feudal Britain when serfs owned no property at all, this […]
Read moreSHHH! DON’T TELL THE KIDS WE WENT BANKRUPT!
NO! Don’t tell them that life is anything but a reflection of Hollywood! What a way to set your children up for future problems. Believe it or not it is very healthy for children to be educated in all sorts of real life skills and that includes knowing how to manage financial challenges. Unfortunately, our […]
Read moreCAN YOU LIVE WITHOUT USING SOME FORM OF CREDIT?
Most people cringe and get very uncomfortable about acknowledging they can’t handle money and debt! Chances are, if you’re an average Canadian, you will find it impossible to get through even one month without using a credit card, overdraft protection or a line of credit. Try it! Credit has become an insidious economic reality for […]
Read moreSURPLUS INCOME – A SOCIAL DILEMMA
The calculation of surplus income is often misunderstood even by insolvency professionals, the concept behind is even more mysterious. The notion that people these days have surplus income suggests that they are living very simple lives or making lots of money, neither of which are the case for most Canadians. Average family incomes, adjusted for […]
Read moreCREDIT CARDS SHOULD NOT REPLACE INCOMES
Here’s the test. Can you pay off – not just down but completely OFF – all of your credit cards and lines of credit over the next twelve months? If you answered “NO” then you have already started to replace your income with credit cards or “DEBT” – you are in debt so far that […]
Read moreZERO PERCENT (0%) INTEREST FOR YOUR BANKRUPTCY
That’s right, we will not charge you any interest on trustee fees and we will work out reasonable monthly payment terms. Because filing for bankruptcy is not free, some people worry about how they will make payments to the trustee for the service. Our office will do the best we can to work with you […]
Read moreCOULD YOU MAKE DO?
My mother was a young woman during WWII – she grew up in the East End of London and worked for the WRAF (Women’s Royal Air Force) hoisting barrage balloons at the Woolwich Docks during the Blitz. When WWII broke out my mother was just 15. As a young girl she dreamed of becoming a […]
Read moreF*#K THE POOR!
It is ironic that in an age of instant communication there remains a prevalent negative attitude towards the fastest growing segment of our economic population – the poor. This upworthy.com video is certainly well worth the viewing and expresses peoples’ attitudes perfectly. Oh, we all like to put on a good face, pretending that we […]
Read more407 ETR – UPDATE
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 […]
Read moreHAPPY NEW YEAR – 2014
Welcome to the year of the horse! According to Chinese mythology the horse is an energetic and spirited creature prone to indepence and willful mood swings. The predictions are for an exciting but volatile business environment. You must think fast and act fast to succeed in a horse year!
Read moreNegotiating with the CRA
Negotiating alternatives payment arrangements with the CRA is a daunting task for everyone including Insolvency Trustees. In the insolvency world things change somewhat by dealing with a formal proceeding and Insolvency Trustee’s do find the CRA is more inclined to come to the table to talk about alternative arrangements. But as a business owner or […]
Read moreIS CHRONIC INDEBTEDNESS A SIGN OF A MENTAL DISORDER?
Or is it simply a case of “you have got it all wrong, change your attitude”? The DSM (or Diagnostic and Statistical Manual for Mental Disorders) lists “cognitive dissonance” as one of the symptoms (or indicators) of mental disorders such as schizophrenia and manic depression. Cognitive dissonance plays a huge part in the way that […]
Read moreFIVE REASONS WHY YOU SHOULD WORK WITH A LOCAL TRUSTEE:
Accessibility is a very big reason. 1. Local trustees are local business people, when their business grows they hire local employees and when they make money from their business they spend money in other businesses and services in the local community. 2. You don’t have to make long distance calls to speak with your trustee’s […]
Read moreINTERESTING ROUNDTABLE BUDGET DISCUSSION
Are you earning enough to live on? This morning in a discussion involving nine professionals, with backgrounds ranging from accounting to lending and investing and small business, it was determined that by their best estimate one or two people living a modest lifestyle in London (ON) would require a take home pay of about $3,600.00. […]
Read moreHOW CAN I BECOME A BANKRUPTCY TRUSTEE?
When jobs are scarce people look to areas they believe are busy. Becoming a bankruptcy trustee is not easy. Although the course required has changed making it easier to get a license it will still take 3-4 years of self study and you must obtain practical on-the-job experience.
Read moreFEBRUARY IS PSYCHOLOGY MONTH:
February is “Psychology Month” in Canada – we have just come off another month dedicated to raising public awareness of mental health issues for children. The terms “psychology” and “mental health” carry with them a great deal of stigma, most people still prefer to avoid discussing their own mental well-being. Think about it! After all […]
Read morePaying your debts – a moral dilemma
Sadly, mounting numbers of Canadian consumers are using debt to pay for debt. There is very little doubt that lenders have become facilitators, banks now offer variety packs of credit cards (VISA ‘and’ Amex ‘and’ MasterCard – where they formerly only offered one credit card). Couple these credit cards with various lines of credit and […]
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