519-646-2222Blog Articles
STATUTE BARRED DEBTS
What it means for a debt to be statute barred and how that affects you. Under Section 4 of the Limitations Act RSO a debt becomes statute barred two years after it was discovered. “Basic limitation period 4. Unless this Act provides otherwise, a proceeding shall not be commenced in respect of a claim after […]
Read moreOntario Debt Forgiveness
Have you seen the advertisements on facebook? Learn more, read this article. For me, it’s hard to believe that these folks are still at it and still, apparently making money, but then I do still get a lot of spam emails about “collecting money from my deceased Nigerian Uncle’s estate”, you know “the billionaire who […]
Read moreFamous Bankrupts
Put the debt behind you, and get on with life Abraham Lincoln – 16th President of the United States P.T. Barnum – The Great American circus owner Kim Basinger – Oscar-winning actress (1993) Frank Baum – Wizard of Oz author Miguel de Cervantes – Novelist; Don Quixote Samuel L. Clemens (“Mark Twain”) – best-selling American […]
Read moreBombardier – opportunity lost, but for whom:
Is it O.K. for taxpayers to continually bail out big business as two big too fail or should companies and government be looking towards other solutions? Small business owners have a much tougher time with regulation that larger companies do – whether it is access to grants and subsidies to help establish the business or […]
Read moreBEWARE OF TOTAL EQUITY PLANS
Home equity plans may seem like a good idea at first blush but they are loaded against you, and a lot of it is in the sales pitch and the language. Scotia Bank was one of the first Canadian Charter banks out of the gate with their Total Equity Plans, but other banks quickly followed […]
Read moreSIMPLE DEBT FACTS
Change your expectations and you can live with less stress! In Canada, since 1980, the ratio of debt to income has tripled from 60% to 164% of gross income. The people who carry the most amount of debt are those who earn middle to high incomes (probably excluding the top 2%). Low income receivers (including […]
Read more407 ETR Supreme Court Decision still pending
The decision from the appeal against the Ontario Appeals Court decision has not yet been released. it appears that the Supreme Court of Canada heard the case yesterday but have reserved their decision – so we anticipate hearing the final result in the foreseeable future. Many bankrupts are waiting with baited breath in the hopes […]
Read moreNEW MORTGAGE RULES AND YOU
You may be affected by the introduction of new mortgage rules. New mortgage qualifying rules will affect many Canadians, especially those with little or no money down and with relatively low incomes. The rules will have the greatest impact on Realtors by cooling off the market as less people qualify for financing. This will likely […]
Read more¿QUIERES SABER MAS ACERCA DE LA INSOLVENCIA?
Busque nuestro artículo y el anuncio acompañante en la revista Latina sobre el 31 de enero y 15 de febrero. El artículo será en un formato de preguntas y respuestas y responderá a muchas preguntas comunes y conceptos erróneos acerca de la insolvencia. En Locke Consulting Inc. tratamos de hablar un poco de español.
Read moreMORTGAGE PENALTIES
IRD – Interest Rate Differential When you meet your banker to sign for your mortgage you probably don’t have enough time to read through the entire document, and even if you did it is unlikely you would understand it all anyway. Similary when you meet with your lawyer s/he is also unlikely to go through […]
Read moreINCOME TAX DEBT HELP
CORPORATE TAXES IN DECLINE – INDIVIDUAL TAXES UP When Prime Minister Stephen Harper came to power in 2006, the federal corporate tax rate was 21 per cent. That was down from 24.5 per cent in 1990 and 30 per cent in 1980. Ottawa reduced it to 19 per cent in 2009, 18 per cent in […]
Read moreMORE PEOPLE CHOOSE LOCKE CONSULTING
Year over year for the last four years more and more consumers have visited our web site and engaged our services. If you or someone you know is experiencing financial difficulties, because of mounting debts, contact the office and arrange your free, no obligation, consultation.
Read moreCREDIT CARD DEBT SOLUTIONS
Credit card debt solutions are incredibly simple. Many people fall into the credit card trap because they are easy to obtain and the limits keep increasing as long as regular payments are made. Getting out of the trap is simple but takes resolve. Your first step is to stop using the card(s) – and to […]
Read moreWHY CREDIT CARD INTEREST RATES ARE SO HIGH
Credit card interest rates have always been higher than installment loan rates. Various forms of credit cards have been around since the late 1800s when they were used for the convenience of regular customers in large department stores and by local merchants. By the mid-1900s credit cards had evolved to resemble the type of card […]
Read moreTHE TROUBLE WITH 1-800-BANKRUPTCY
There can be problems for consumers when dealing with virtual offices. Now don’t get me wrong our firm also has satellite offices and we believe that we do a pretty good job servicing them but there is still a lack of immediacy relative to our main office. What follows the excitement of the initial courtship […]
Read moreHOW LONG WILL YOU BE IN DEBT?
Have you got a plan to get out of debt or do you simply accept debt as a way of life? Attitudes towards debt have changed considerably in the past several decades. Currently people not only find it acceptable to be in debt they also seem to find debt desirable. Obviously lenders have done a […]
Read moreDebt is not an income supplement
Attitudes towards debt need to change At risk of sounding like a broken record the main reason people in Canada rely so heavily on debt (you might prefer the bankers’ politically correct term of “credit” but let’s call a spade a spade it is “debt”) is insidiously high taxation and ever dropping incomes. Canadians pay […]
Read moreHOW MUCH DOES A BANKRUPTCY COST?
Some trustees are evasive about answering this question because the answer isn’t always simple. Many people ask that question as a prelude to deciding whether or not they will file for bankruptcy. The answer is quite a bit more complex than it might appear. Although the Office of the Superintendent of Bankruptcy (Industry Canada) sets […]
Read moreMY PROPOSAL WAS ANNULLED – NOW WHAT?
Consumer proposals can be revived – don’t panic there are options. If you fall behind on your payments under a proposal you shouldn’t panic. Consumer proposals can be revived in one of two ways – first of all they can be revived automatically by the Administrator (Trustee) if you bring your payments up to current […]
Read moreWHAT IS THE DIFFERENCE BETWEEN INSOLVENCY AND BANKRUPTCY?
Many people and companies are or can be insolvent without being bankrupt. One of the criteria for becoming bankrupt is being insolvent. We might use the analogy that all apples come from trees but not all trees produce apples. Liquidity is a word that we hear bantered around – back in 2008/9 Canadian banks were […]
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