519-646-2222Blog Articles
Proposals can be varied
Did you know that the terms of consumer proposals can be varied? That’s right consumer proposals can be varied to allow for an adjusted payment schedule. It does not serve either your interests, or the interests of your creditors to sabotage your proposal by forcing you to continue to make payments that you can’t afford. […]
Read moreHow proposals work
LIT Files Proposal: Proposals can only be made to your creditors through a Licensed Insolvency Trustee. Understanding how proposals work is quite simple. Assessment: The trustee assesses your situation too determine how much you can afford to pay to your creditors and suggests a payment arrangement based on your capacity to pay. Voting on Proposal: […]
Read moreRemoving a garnishee of wages
We can help you with removing garnishees of wages or salary. Creditors will not usually voluntarily remove garnishes of wages. Some people are afraid of losing their jobs if they are garnisheed and some will quit work because the garnishee can bite into their incomes. The quickest way to get rid of a garnishee is […]
Read moreDoom and gloom – economic predictions
We hear them all the time, doom and gloom – economic predictions. The media reports consumer debt is at an all time, every year it’s the same story. They also tell us that Canadians are liquidating RSPs and other pension type savings vehicles to pay bills. Incomes are going down year over year while taxes […]
Read moreSmall Business start up
So, you are thinking of taking the plunge and starting a new business venture. Taking the first few steps on the path to entrepreneurship is exciting, risky and scary. As you embark on your new venture, be sure you do your homework to minimize your exposure to risk, that will help take some of the […]
Read moreWho has the most debt?
The question “who has the most debt?” is certainly one that interests Licensed Insolvency Trustees. After all we like to know where our business is coming from and who to advertise to. So, just who has the most debt in Canada? That is complicated question in terms of raw debt versus percentage of debt. When […]
Read moreAfter Acquired Property
The term after acquired property refers to property that is acquired after an event, such as a bankruptcy. A bankrupt who wins the lottery after filing a bankruptcy has “after acquired property”. In that case they ought to simply pay off their creditors and their trustee and they could apply to court to have the […]
Read morePay Pennies on the Dollar
You really can pay pennies on the dollar of the debts that you owe. Making a consumer proposal will allow you to pay less than the face value of your debts. It will also allow you more time to pay your debts and all without interest. Sound too good to be true? Well it’s not, […]
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