519-646-2222Blog Articles
Does your budget look like this?
Does your budget look like this? We constructed a budget using the Canadian Median Income for 2015 from Statistics Canada and after deducting taxes using the CRA payroll deductions calculator. We then found the average rent for a one-bedroom unit in the City of London and calculated some simple living expenses – as you can […]
Read moreHow to reduce your debts
CBC News is reporting that more Canadians than ever are worrying about their debts. The best way to reduce your debts is always to simply pay them off, but that is not easy for most people. Take a strategic approach to debt reduction by starting with a self analysis of budgetary wants and needs. Determine […]
Read moreFamily support arrears
You cannot go bankrupt on family support payments – but if you do owe support arrears for either alimony or child support the claimant (spouse or child) may claim the arrears for the year before the date of bankruptcy, plus any lump sum amount payable, as a priority over most other creditors. Confused? Section 136 […]
Read moreDebt Management Program or Proposal
Debt Management Programs are offered by non-profit Credit Counsellors while only Licensed Insolvency Trustees can file Consumer Proposals. There are advantages and disadvantages to each option. In this blog we will discuss the differences and how each works. The parties: A Debt Management Program (“DMP”) is a voluntary arrangement between you and some of your […]
Read moreJoint Bankruptcies and Proposals
The Bankruptcy & Insolvency Act has provisions that allow for both joint bankruptcy and joint proposal filings. The filings can be between individuals who are related and financially codependent or individuals who are conjoined only by the debts they owe. Interestingly the Act does not prescribe a limit to how many people can be considered […]
Read moreCredit Re-Builder Programme
Call to learn more about our new credit re-builder programme and get your new year off to a good start. We will help you through all the steps necessary to re-establish credit and get yourself back on target for living within your means. Whether you have filed a bankruptcy or a proposal or simply need […]
Read moreUnderstanding Surplus Income and Bankruptcy
The Bankruptcy and Insolvency Act has a provision (under Section 68) requiring that individuals who make more money than the Government’s Low Income Cut Off (“LICO”) should pay half of that extra or “surplus” for an additional period of twelve months. If that thought seems a bit overwhelming it is not surprising, the whole surplus […]
Read moreRe-establishing credit during a bankruptcy
Yes, you can re-establish credit even though you are currently in a bankruptcy or a proposal. There is nothing under law that prohibits you from obtaining credit while going through a bankruptcy. Section 199 (b) of the Bankruptcy & Insolvency Act requires that you notify the lender you are an undischarged bankrupt if you are […]
Read moreDebt Solution – Your Resolution
Make your resolution a debt solution for 2018. This is the season we all make new year’s resolutions, usually for health and fitness. Gym memberships are up and everyone starts out with the very best of intentions. By summertime, that new trim bikini-bod will shaping up nicely – or so we hope. Sadly, for most […]
Read moreMoney 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 […]
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