519-646-2222Blog Articles
Bankruptcy 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 […]
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 […]
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