519-646-2222Blog Articles
Money ran out a long time ago
Yes, that is true, there is no longer enough money in circulation, in the entire world, to account for the money that banks have loaned. If you added up the value of the actual currency in every single country in the world it would come up thousands of trillions of dollars short of the money […]
Read moreBankruptcy trumps proposals
There are many situations where a bankruptcy can trump a proposal as an option for solving debt problems. This is especially true for first time bankruptcy filers. Rebuilding credit following a bankruptcy used to be challenging, in some cases taking several years, but that is no longer the case. Banks, notably TD and Scotia have […]
Read moreCongratulations on your record debt
That’s right congratulations Canadians for running up record debts for yet another year. There has not been a single year since 1977 when Canadians charged less than the preceding year on credit cards, according to the Canadian Bankers Association In 1977 there were some 8,200,000 bank issued credit cards in circulation in Canada. Of course, […]
Read moreChristmas shopping tips
Christmas is a time of the year when most people start to really focus in on giving, mostly to other family members. For some, the act of giving is a “make-up” whether that be in the sense of making amends to a spouse, kind of like buying flowers after a fight, or a time to […]
Read moreDebt makes banks vulnerable
According to the IMF and the World Bank debt makes banks vulnerable to collapse. That kind of diatribe is extremely hypocritical since those organizations lend money to central banks thereby increasing their vulnerability. Similarly, chartered banks lend money to consumers and make similar warnings about over borrowing, as if magically the consumer is some salivating […]
Read moreA brief history of credit cards
We have spoken about the phenomenon of credit cards several times in other blogs but this article from the BBC speaks very succinctly to the history of credit cards and how we have become so indebted. Credit cards are the most popular and convenient form of credit on the market. In many circles they are […]
Read moreGo bankrupt before the new year
If filing for bankruptcy is on your horizon, going bankrupt before the new year protects your interest in next year’s income tax refund. When you file a bankruptcy, your trustee will receive your tax refund for the year of the bankruptcy and the year prior (more if other years are still outstanding). If you wait […]
Read moreNew Mortgage Rules – January 2018
That’s right the government is adding new regulations to the mortgage industry effective January 1st 2018. You might ask yourself “why?” the answer is simply that the mortgage industry won’t regulate itself. The industry is of course broader than just the banking industry and although the rules might seem to apply to all they probably […]
Read moreYour income is too low
If you are reading this blog then the opening statement probably applies to you – “your income is too low” and that has far more to do with you being in debt than any other factor. In London, Ontario, a slightly misleading report released by the city council, as councillors were seeking a pay increase, […]
Read moreFourth Time Bankruptcy
We were recently in court for discharge hearings for a fourth time bankrupt as well as two third time filers. The court is empowered to refuse to discharge repeat bankrupts, effectively sending them back to the wolves to be dealt with by collectors and possibly lawyers. However, in most cases the court will allow a […]
Read moreDealing with rude collectors
You have bills and your creditors have a right to collect overdue accounts. But they must stay within the constraints of the law. You also have rights which are set out here. One way of dealing with rude collectors is to download the problem to our office by opening a file to resolve your debts […]
Read moreRepay less than 2% of your debts
Yes, that is possible for some people, everyone’s situation is different. The lowest payment on a proposal we have ever seen was for less than one penny on the dollar – more than a 99% saving. Some of our competitors advertise that they will save you 70% or even 80% of your debts. But they […]
Read moreSave Money on Groceries
I was shopping for a charitable BBQ event about two summers ago, I had my cart filled with buns, sausages, hamburgers, condiments, drinks and so on. When I got to the checkout there was a young woman in front of me pulling out coupons and flashing an app on her phone. Made a comment to […]
Read moreNew Mortgage Rules
New mortgage qualifying rules will come into effect in January 2018. Many consumers are in a rush to obtain mortgages before the changes, but is that a good idea? Let’s think about changes in mortgages during the last fifty years. Fifty years ago, about half as many Canadians had their name on title as property […]
Read moreBankruptcy Counselling Changes
The Office of the Superintendent of Bankruptcy is contemplating sweeping changes to the Counselling Directive, which if implemented will dramatically affect the spin off industry. The mandatory counselling protocol has been in place since about 1997. It required that counsellors be certified after completing a brief training component. Not profit agencies had their staff certified […]
Read moreDo you have ZOMBIE debts?
The term “zombie debts” usually applies to debts that “haunt you” for a long time after you thought they were dead. These may include debts that are no longer owed because they were paid out or even statute barred debts. But in fairness the term should equally apply to credit card debts from Canadian chartered […]
Read moreYou should plan for your bankruptcy
That’s right, you should plan for a bankruptcy in the same manner as you would plan for a critical illness or any other unfortunate occurrence that may come your way. You are probably worried that in the event you became critically ill you could lose everything you own. By the same token you ought to […]
Read moreSurplus Income
In a bankruptcy proceeding surplus income is to be calculated by your trustee who is required to consider the guidelines provided by Directive from the Office of Superintendent of Bankruptcy. The guidelines are based on the LICO (or Low Income Cut Off). You might think of the LICO as being a poverty line. The LICO […]
Read moreTaxes – The Scourge of Small Business
We have solutions for your tax dilemma. Small business owners face tremendous challenges in dealing with taxes and taxation. The challenges are multifarious beginning with excessive taxation, as well as rules and regulations around the calculation, reporting and payment of taxes. Nothing is simple about Canadian tax laws. Small business owners are often talented craftsmen […]
Read moreBANKRUPTCY IS NOT A FOUR LETTER WORD
In fact bankruptcy is a great solution for difficult to solve debt problems. Start rebuilding your credit in one year. We service London, Woodstock, Sarnia, Chatham and Windsor. People filing for bankruptcy for the first time are entitled to be automatically discharged from their debts in nine months. Court attendances are not normally required. After […]
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