519-646-2222Blog Articles
Bankruptcy Discharges
Bankruptcy discharges are the final release of the bankrupt from their obligations to their creditors. Most bankrupts do get discharged after they have completed the duties that are prescribed under the Bankruptcy & Insolvency Act. There are four types of discharge from bankruptcy as indicated below with an explanation: Automatic Discharge. An automatic discharge is […]
Read moreChallenging Mortgages
The stakes have changed in the world of mortgages, qualifying rules are more challenging, and an increasing number of consumers are being forced to apply for second tier and non-conventional mortgages. Non-conventional mortgages can be very risky propositions for borrowers. Shady characters can be found in every profession, some play very close to the line […]
Read morePrivate Mortgage Regulations
After being declined by an institutional lender, you might ask yourself. “are there any such things as private mortgage regulations?” – the answer is “yes, well sort of”. Private mortgages must comply with certain federal legislation such as the Interest Act and provincial statutes such as the Mortgages Act and the Mortgage Brokers, Lenders and […]
Read moreLeave Debt Behind
You can leave debt behind, and you really should leave debt behind… After you have filed a proposal or bankruptcy and become debt free it is a good idea to rebuild you credit rating and we can help you with that. But it is still a good idea to leave debt behind, way behind. Life […]
Read moreLast Will and Testament
One of the most important documents you can have is your last will and testament. Sadly, it is a document that a lot of people either do not have or have failed or neglected to update. We all work hard to try to acquire “stuff” throughout our lives, never knowing when the end will come […]
Read moreCredit Cards
Credit cards have been around for over a hundred years but the way they are used has changed. Early credit cards were basically “charge cards” that allowed the user to charge specific goods or services to an approved account that would have been paid in full at the end of each month. An example would […]
Read moreLying about debt
Did you know that 20% of couples lie to each other about how much debt they have? Although that is the reported number the actual number of people lying about debt may be higher. Many friends and family members lie about the debts they have, it may be easier than not be able to attend […]
Read moreInitial Consultation
Your initial consultation with our firm is completely free, so are most follow up appointments. Some of our clients need more than one initial consultation, we promise not to rush you or try to rush you into making an important decision about dealing with your creditors. During the initial consultation we will review all your […]
Read moreFraud
The word fraud scares many debtors, especially if they told white lies on credit applications, etc. But is that white lie, error or omission enough? Generally speaking the answer is no, fraud must be meticulously argued and proven in court it is not enough that a situation has “the badges of fraud” (or prima facie […]
Read moreSuperintendent of Bankruptcy
Who is the Superintendent of Bankruptcy? The Superintendent of Bankruptcy is government appointed official who serves a term of not more than five years in the post, subject to renewal. The Superintendent has extensive powers that are conferred pursuant to Sections 5 & 6 of the Bankruptcy & Insolvency Act. Although headquartered in Ottawa, the […]
Read moreCMHC Insurance
The cost of paying CMHC insurance (or similar private insurance) is very high and one that consumers should be properly advised on and educated about. The CMHC was formed in 1946 with a mandate to help provide housing for returning WWII veterans. Its mandate has subsequently been expanded several times by successive governments. In 1954 […]
Read moreMinimum wage and debt
Incomes in Canada are not keeping pace with the cost of living which is driving people to be more dependent on credit cards. Minimum wage earners , as evidenced in the linked CBC story, are highly likely to incur debt they can’t realistically manage. According to Statistics Canada incomes increased between 2012 and 2016 by 1.8% […]
Read moreStep by step
Step by step guide to filing a bankruptcy or proposal. 1. Meet with a Licensed Insolvency Trustee – at Locke Consulting there is no charge for initial consultations. 2. We will discuss and review all your debt relief options – when appropriate we will refer you to another trusted professional for help. 3. You may […]
Read moreBorrowed debt relief
Get out of debt today with a new loan! Does that statement make any sense to you? How can you possibly borrow your way out of debt? There is no such thing as borrowed debt relief, it is simply a case of moving the debt from one pocket and putting it in another. The only […]
Read moreInflation, debt and income
Inflation, debt and income all impact the family budget. The cost of living, based on a basket of 1953 goods (which is vastly divergent from what one might expect in 2018), increased by a mere 1.32% between 2016 and 2017. Over the same period the use of debt (credit) increased by nearly 5%. Incomes increased […]
Read moreDepression and Debt
Depression and debt are two words that are very synonymous with one another, there are of course different types of depression, mental health and global economic. Being in debt is depressing there is no question of that, and being in an economic depression can lead to more debt. Currently the media is rife with speculation […]
Read moreBankruptcy is bad
As a professional with over 23 years of experience in the insolvency industry and more than ten as a Licensed Insolvency Trustee why so many people think bankruptcy is bad. Just that “bankruptcy is bad”. I suppose that no wants to be insolvent, not having enough money to be able to pay their bills, which […]
Read moreChanging Times
How does that old Bob Dylan song go: “the times they are a changing”. When we think about changing times, economically speaking, the best time to be alive was probably in the 1950’s to 1970’s, those were the glory days for the Canadian economy. It was the first time in history that one income could […]
Read moreInsolvency and pensions
Insolvency and pensions are at an interesting intersection and under current Canadian insolvency laws are not good bedfellows. Although when filing a bankruptcy, the laws do protect the bankrupt’s interest in the pension funds by not requiring that they be distributed among the creditors the same protection is not afforded to the fund itself. We […]
Read moreBankruptcy top ten
The bankruptcy top ten things you need to know: 1. Bankruptcy is available to all non-bankrupts over the age of eighteen and owing more than $1,000.00. 2. Bankruptcy is almost always cheaper than a proposal. 3. Bankruptcy is almost always faster than a proposal. 4. ONLY a Licensed Insolvency Trustee can help you file either […]
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