519-646-2222Blog Articles
Formulas for Proposals
There are no “magic” formulas for proposals – I often see and hear leader advertisements from other LIT offices with suggestions that you can write off 80% of your debt or they can fix your problems in 15-30 minutes. While both promises contain elements of truth, they also both exaggerations. Let’s start with the time […]
Read moreDivision One Proposals
Division One Proposals can filed by corporations, individuals or filed jointly.
Read moreRenegotiating Existing Proposals
If something changes, don’t despair, you can renegotiate existing proposals – talk to your LIT.
Read moreDon’t believe what you are being told!
Don’t believe what you are being told – statistics are always manipulated, that is the whole purpose of them.
Read moreWhy do you use credit?
Have ever wondered “why do you use credit?” – if you haven’t, you really need to start. One of the most frequently used rationales is “points” – without regard to the additional cost of those points.
Read moreHouse Prices & Insolvency
House prices & insolvency filings have a tragic relationship, houses are the single largest purchase that the majority of people will purchase on credit. The government has put various protocols in place to provide some modicum of protection for consumers against aggressive lenders. However, even these measures have done little to help. In February 2019 […]
Read moreShameless Credit Card Industry
Canada’s shameless credit card industry is being investigated most for the fees it charges, but it is unlikely that we will see changes in consumer protection laws thathelp abate the need for credit.
Read moreWhat is the difference between a Proposal and Bankruptcy
Licensed Insolvency Trustees are often asked “what is the difference between a Proposal and a Bankruptcy?”. The answer is a little complicated because it depends a lot on your individual circumstances. If you have no house and low income and have never been bankrupt before then a Bankruptcy may be a better solution, however, if […]
Read moreDebt is Destructive
Debt is the most destructive force you and your family face. Getting out of debts relatively simple – staying out of debt is extremely challenging.
Read moreDebt Slavery in Canada
Debt slavery is a real thing. Debt has quite literally taken over the Canadian economy, with most consumers unable to make it through a month without resorting to the use of debt to make up for the shortfall in living costs left by declining incomes and growing inflation.
Read moreMore Debt is NOT the answer
More debt is not the answer, when the government is offering you more debt or some form of self-liquidation you should be looking for alternative solutions.
Read more1979 – 2024 cost of living
between 1979-2024 the cost of living has changed dramatically – and unfortunately in the wrong direction.
Read moreRegulate the Banks – startling statistics
Quebec introduced legislation to regulate the banks and the impact on insolvency statistics was startling.
Read moreFree Bankruptcies and Proposals
Free bankruptcies and proposals? Well not entirely, but in a sense insolvency proceedings are frequently paid for by deductions from money that would otherwise be available to Creditors. In effect then, it is they who pay for consumer proceedings.
Read moreHousing – What are the Pundits saying?
What are the pundits saying about Canada’s housing market, who do you listen to, and what data do you consider?
Read moreDebt and Lifestyle
Debt and lifestyle are of course very closely related, the more debt you have to repay the more negative the impact of debt on your lifestyle, or so we might think. But what if you never had to actually repay the debt, what if instead you cold keep growing the debt, using new debt to […]
Read moreSCAMS – Gullible, Hopeful or Desperate?
Scams, one must wonder if people are gullible, hopeful or desperate to finally achieve some level of success in life. I use the term “finally” because the victims are usually middle aged or older. There could be other reasons as well such as resources – older people are more established and are more likely to […]
Read moreBuying a home is not a great idea
Buying a home is not a great idea for a whole bunch of reasons. Most people are socially hard wired to believe that buying a home increases their wealth, in fact it is the opposite – buying a home increases someone else’s wealth. Buying a home drains the purchasers finances and makes them more financially […]
Read moreGo Bankrupt, or keep paying the Mortgage?
Should you go bankrupt or keep paying the mortgage? You must understand that going bankrupt is not only about your past or even you present, but it will also affect your future. A well timed bankruptcy can save you hundreds of thousand of dollars.
Read moreWhat’s the point in budgeting?
Think about it, what is the point in budgeting unless your spending is out of control, or you have no idea where you money is going? The people who would benefit most from budgeting are the wealthy, those with superfluous income and spending control problems.
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