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, […]
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. […]
Read moreCorporate Bankruptcy
Corporate bankruptcy proceedings can be very alarming for people involved. They usually entail job losses, loss of revenue for shareholders, losses to customers and suppliers as well as other service providers including those in the professional service industry. When large corporations file for bankruptcy they often get a lot of media coverage, for example Sear […]
Read moreNon-Bankruptcy solutions
We have non-bankruptcy solutions for your debt problems. The most common of these is a consumer proposal. A consumer proposal is a statutory option that can be a great fit for some folks – check through previous blogs for more details. Aside from a proposal there are other options available – the most important of […]
Read moreControl Your Spending
Sounds easy enough doesn’t it? If only you simply control your spending you’d doubtless be somewhat better off than you are. I speak to a range of people about debt and money management from the ultra conservative to the lackadaisical. The conservatives can be very critical of lifestyle – “they really don’t need a smart […]
Read moreAnother CRA Hoax
Sadly, there is another CRA hoax going around – please read below – if this message shows up in your email delete it, do not respond to it and do not follow any links. It is NOT from the CRA. “Canada Revenue Agency After the final 2017 annual calculations of your fiscal activity we have […]
Read moreImprove my credit rating
How can I improve my credit rating? That is a question we are often asked by people who recently dealt with their debts through a proposal or bankruptcy filing. Credit ratings are generated based on a variety of information reported by members of the credit reporting agencies. If I want to improve my credit rating […]
Read moreCo-Signing debts
Co-signing debts can be very problematic for the co-signer. Usually a debt is co-signed with the best of intentions most often for a family member. It is common to co-sign for a spouse or a child and sometimes people will also co-sign for friends. Everything is good if the borrower is living up to his/her […]
Read moreSupport Payments
Filing a bankruptcy or consumer proposal will not help solve support payment arrears. The debt will survive the proceeding and you will need to keep paying that bill. Similarly, if you are receiving support payments they will be considered as a part of your family’s income throughout the proceeding. Support payments can affect the amount […]
Read moreProblems with the CRA
Most Canadians can lay claims to having had some problems with the CRA. Some problems are way worse than others, as evidenced by recent media stories. The issue appears to be systemic rather than related to any individuals within the organization, although like any other workplace there are good and bad employees. Some of the […]
Read moreLonger loans worse than shorter ones
Are longer loans worse than shorter ones? They certainly are. People don’t think about the compounding of interest or the erosion of the asset they are funding over a term exceeding its lifetime. Let’s think about a house – you buy it for $300,000 but over a 25-year amortization you actually pay $450,000 – an […]
Read moreResign as a director
When you make an assignment into bankruptcy you must resign as a director of any incorporation in which you have an interest. Interestingly you may retain your shares, so you can own the corporation but you cannot be a director. Section 284 (5) of the Corporations Act of Ontario provides: “No undischarged bankrupt shall be a […]
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