519-646-2222Blog Articles
Christmas Bankruptcy
Of all the things people wish for a Christmas Bankruptcy seems far down the list, but there are reasons why it may be a very good time of the year to file. The first reason is obviously getting a fresh start in time for the new year. Another very good reason to file a bankruptcy […]
Read moreCourt Backlog
The London, Ontario, (Bankruptcy) Court backlog is starting to pile up. Licensed Insolvency Trustees are experiencing a backlog of matters involving discharge hears, proposal approvals and revivals as well as taxations. This will have an impact on a significant number of people including those filing three or more bankruptcies or those who have not properly […]
Read moreJob Loss
There are many different triggering events that cause people to file a bankruptcy or a proposal, but job loss is a leading factor. Job loss may mean a temporary interruption in cash flow or a permanent downturn in personal income. In rare cases job loss may be a step towards career advancement and although there […]
Read moreSaving Money
Many books have been written on how to save money and how to get rich quick, yet there are relatively few millionaires running around in attestation to the efficacy of these schemes. Generally, the notion is always the same, “pay yourself first” they say. Some authors prescribe a savings value based on percentages of income, […]
Read moreCar Loan Mortgage
The latest money-making venture for mortgage lenders is car loans, yup, a car loan mortgage. Here’s how it works. So, you have a little equity in your house, a heartbeat and a pen, that’s all you need. Oh, and you really, really want a new car. You tried the dealership, but your credit rating is […]
Read moreReal estate bidding wars
Real estate bidding wars have become the new normal, well relatively new. Realtors’ practices have changed and evolved over the years. It used to be that a house would be priced close to the expected final sale price and if the Realtor had done his or her homework the deal would usually close within 10% […]
Read moreHow Much Debt is too Much?
Just how much debt is too much? You’ll surely know when you start to pay it back. Currently, Canadian Chartered Banks have no expectation that you will ever repay your debts, in fact they want you to remain in state of perpetual debt. We have blogged about the effect of making only minimum monthly payments […]
Read moreEasy Money
The headline reads “the world of easy money transformed Canada into debt nation”. But that isn’t exactly true – it is the world of irresponsible banking that made it appear we have easy money. We’ve said it before, Canadian chartered banks issue credit cards on repayment terms that extend over hundreds of years. That is […]
Read moreFacebook.com
How frustrating is Facebook.com? It is your source for whatever you want, you can find supportive views and you can find negative oppositional political (particularly) rhetoric all over Facebook.com. What’s your poison? If you are a little leftish leaning you can find like minds, if you lean to the right you can also find like […]
Read moreSeparate Before Bankruptcy
It is important to separate before bankruptcy, just to make sure you get your ducks lined up properly. Here’s the logic, if you are facing the possibility of an equalization claim from your spouse for assets that are otherwise exempt from seizure by your creditors you may find bankruptcy helps you keep them. Let’s say […]
Read moreBankruptcy is Important
It may sound strange like a strange thing to say but bankruptcy is important, very important. Our whole economic system has changed very dramatically over the last one hundred years. My grand parents bartered with their farmer neighbours for goods and services. In fact, right up until the late 1940’s, much of our economy was […]
Read moreBanking in Canada
Banking in Canada has changed dramatically over the past several decades. The greatest changes have been in the delivery of services to bank clients. Banks have changed from trusted institutions to high pressure financial sales outlets, and these changes have been well documented by national media outlets. Major banks including TD and RBC banks have […]
Read moreBest Credit Card
The best credit card for you might be the one with the highest interest rate, if you don’t carry balances from month to month. If you do carry balances from month to month then of course the best credit card for you might be one with one with a lower interest rate or better repayment […]
Read moreWill I Lose My Car?
When people are considering their options under the Bankruptcy and Insolvency Act they often ask “will I lose my car?”. The answer is based on circumstantial information (your particular set of circumstances that is) that we may not have. The short answer is “probably not” although it may be “it depends”. If you have ceased […]
Read moreA Trustee’s Perspective
Let’s talk about a Trustee’s perspective on the difference between a proposal and a bankruptcy filing. Trustee’s are businesspeople, like other entrepreneurs Trustee’s are in the business of making money. There are limited ways any business can make money, it can increase sales, decrease costs or do a combination of the two. From a Trustee’s […]
Read moreDIY Debt Settlement
You can arrange to settle your debts yourself, using our DIY Debt Settlement process. The steps are quite simple, but it is important to understand that creditors are not simply going to give up on collection activities if they still have options. If your creditors have reason to believe that they may still collect the […]
Read moreBankruptcy Options
There are options before and after filing for bankruptcy. Bankruptcy options include the filing of a proposal before filing a bankruptcy, if successful a bankruptcy may not be necessary. A bankrupt individual can also file a proposal to get out of a bankruptcy if their situation improves. People who already have one or more bankruptcies […]
Read moreBankruptcy 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 […]
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