519-646-2222Blog Articles
Borrowed 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 […]
Read moreLenders want to lend
Lenders want to lend you money, in fact they are looking for ways to be able to lend you money. To lenders lending is a product just like any other. Lending money is a sure way to make money if you can mitigate the risk of borrowers not repaying debts. The good news is that […]
Read moreRags to riches
We are all familiar with rags to riches stories, how people (like Forest Gump) were able to turn their lives around and become successful despite adversity. I would like to share one such rags to riches story with you, it’s a true story about one of our former clients. I won’t use her name, but […]
Read moreMortgage funds are available
Yes, mortgage funds are available for people of most income levels. The interest rates and terms may be different for people with lower or less stable incomes, such as self-employed people, but mortgage funds are available from different lenders. We have been advised by lending industry representatives that there are new challenges facing people who […]
Read moreProposals 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, […]
Read moreWhy not be a Licensed Insolvency Trustee?
The economy has been faltering for over a decade, lost jobs, unions broken up, plants shutting down and moving out of country, cost of living and taxation outgrowing incomes. Why not be a Licensed Insolvency Trustee? After all Trustees must be busy in this economic environment, right? It is easy to underestimate the hard work […]
Read moreChoosing the best trustee
These days when people have financial problems they often shop around for the best trustee to help them out. But what are the considerations in choosing the best trustee, and why? Personally, I prefer using local companies to help me out with both goods and services. Some trustee’s have better, slicker, flashier advertisements than others. […]
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