519-646-2222Blog Articles
How to get rich in a hurry
It’s true, no one ever got rich by paying interest, in fact, no one ever got rich by working hard either. Seems that the easiest way to get rich is to be born into money, next is to find some form of exploitation such as charging people large amounts of money for a service or […]
Read moreFurniture as security
We sometimes get asked: if furniture can be used as security for debts; and, if the debtor goes bankrupt does the creditor have a right to pick up the stuff? The answer, generally, depends on the nature of the loan and if or not the creditor took the steps necessary to register a security interest. […]
Read moreDoes your budget look like this?
Does your budget look like this? We constructed a budget using the Canadian Median Income for 2015 from Statistics Canada and after deducting taxes using the CRA payroll deductions calculator. We then found the average rent for a one-bedroom unit in the City of London and calculated some simple living expenses – as you can […]
Read moreHow to reduce your debts
CBC News is reporting that more Canadians than ever are worrying about their debts. The best way to reduce your debts is always to simply pay them off, but that is not easy for most people. Take a strategic approach to debt reduction by starting with a self analysis of budgetary wants and needs. Determine […]
Read moreFamily support arrears
You cannot go bankrupt on family support payments – but if you do owe support arrears for either alimony or child support the claimant (spouse or child) may claim the arrears for the year before the date of bankruptcy, plus any lump sum amount payable, as a priority over most other creditors. Confused? Section 136 […]
Read moreDebt Management Program or Proposal
Debt Management Programs are offered by non-profit Credit Counsellors while only Licensed Insolvency Trustees can file Consumer Proposals. There are advantages and disadvantages to each option. In this blog we will discuss the differences and how each works. The parties: A Debt Management Program (“DMP”) is a voluntary arrangement between you and some of your […]
Read moreJoint Bankruptcies and Proposals
The Bankruptcy & Insolvency Act has provisions that allow for both joint bankruptcy and joint proposal filings. The filings can be between individuals who are related and financially codependent or individuals who are conjoined only by the debts they owe. Interestingly the Act does not prescribe a limit to how many people can be considered […]
Read moreCredit Re-Builder Programme
Call to learn more about our new credit re-builder programme and get your new year off to a good start. We will help you through all the steps necessary to re-establish credit and get yourself back on target for living within your means. Whether you have filed a bankruptcy or a proposal or simply need […]
Read moreUnderstanding Surplus Income and Bankruptcy
The Bankruptcy and Insolvency Act has a provision (under Section 68) requiring that individuals who make more money than the Government’s Low Income Cut Off (“LICO”) should pay half of that extra or “surplus” for an additional period of twelve months. If that thought seems a bit overwhelming it is not surprising, the whole surplus […]
Read moreRe-establishing credit during a bankruptcy
Yes, you can re-establish credit even though you are currently in a bankruptcy or a proposal. There is nothing under law that prohibits you from obtaining credit while going through a bankruptcy. Section 199 (b) of the Bankruptcy & Insolvency Act requires that you notify the lender you are an undischarged bankrupt if you are […]
Read moreDebt Solution – Your Resolution
Make your resolution a debt solution for 2018. This is the season we all make new year’s resolutions, usually for health and fitness. Gym memberships are up and everyone starts out with the very best of intentions. By summertime, that new trim bikini-bod will shaping up nicely – or so we hope. Sadly, for most […]
Read more