519-646-2222Blog Articles
SURPLUS INCOME – A SOCIAL DILEMMA
The calculation of surplus income is often misunderstood even by insolvency professionals, the concept behind is even more mysterious. The notion that people these days have surplus income suggests that they are living very simple lives or making lots of money, neither of which are the case for most Canadians. Average family incomes, adjusted for […]
Read moreCREDIT CARDS SHOULD NOT REPLACE INCOMES
Here’s the test. Can you pay off – not just down but completely OFF – all of your credit cards and lines of credit over the next twelve months? If you answered “NO” then you have already started to replace your income with credit cards or “DEBT” – you are in debt so far that […]
Read moreZERO PERCENT (0%) INTEREST FOR YOUR BANKRUPTCY
That’s right, we will not charge you any interest on trustee fees and we will work out reasonable monthly payment terms. Because filing for bankruptcy is not free, some people worry about how they will make payments to the trustee for the service. Our office will do the best we can to work with you […]
Read moreCOULD YOU MAKE DO?
My mother was a young woman during WWII – she grew up in the East End of London and worked for the WRAF (Women’s Royal Air Force) hoisting barrage balloons at the Woolwich Docks during the Blitz. When WWII broke out my mother was just 15. As a young girl she dreamed of becoming a […]
Read moreF*#K THE POOR!
It is ironic that in an age of instant communication there remains a prevalent negative attitude towards the fastest growing segment of our economic population – the poor. This upworthy.com video is certainly well worth the viewing and expresses peoples’ attitudes perfectly. Oh, we all like to put on a good face, pretending that we […]
Read more407 ETR – UPDATE
We have been continuing to receive enquiries about the status of the Supreme Court Decision. While our office generally shares the view expressed by the Office of the Superintendent of Bankruptcy in this matter we must await the release of the decision of the Supreme Court to see how they will rule. Subsequently we are unable […]
Read moreHAPPY NEW YEAR – 2014
Welcome to the year of the horse! According to Chinese mythology the horse is an energetic and spirited creature prone to indepence and willful mood swings. The predictions are for an exciting but volatile business environment. You must think fast and act fast to succeed in a horse year!
Read moreNegotiating with the CRA
Negotiating alternatives payment arrangements with the CRA is a daunting task for everyone including Insolvency Trustees. In the insolvency world things change somewhat by dealing with a formal proceeding and Insolvency Trustee’s do find the CRA is more inclined to come to the table to talk about alternative arrangements. But as a business owner or […]
Read moreIS CHRONIC INDEBTEDNESS A SIGN OF A MENTAL DISORDER?
Or is it simply a case of “you have got it all wrong, change your attitude”? The DSM (or Diagnostic and Statistical Manual for Mental Disorders) lists “cognitive dissonance” as one of the symptoms (or indicators) of mental disorders such as schizophrenia and manic depression. Cognitive dissonance plays a huge part in the way that […]
Read moreFIVE REASONS WHY YOU SHOULD WORK WITH A LOCAL TRUSTEE:
Accessibility is a very big reason. 1. Local trustees are local business people, when their business grows they hire local employees and when they make money from their business they spend money in other businesses and services in the local community. 2. You don’t have to make long distance calls to speak with your trustee’s […]
Read moreINTERESTING ROUNDTABLE BUDGET DISCUSSION
Are you earning enough to live on? This morning in a discussion involving nine professionals, with backgrounds ranging from accounting to lending and investing and small business, it was determined that by their best estimate one or two people living a modest lifestyle in London (ON) would require a take home pay of about $3,600.00. […]
Read moreHOW CAN I BECOME A BANKRUPTCY TRUSTEE?
When jobs are scarce people look to areas they believe are busy. Becoming a bankruptcy trustee is not easy. Although the course required has changed making it easier to get a license it will still take 3-4 years of self study and you must obtain practical on-the-job experience.
Read moreFEBRUARY IS PSYCHOLOGY MONTH:
February is “Psychology Month” in Canada – we have just come off another month dedicated to raising public awareness of mental health issues for children. The terms “psychology” and “mental health” carry with them a great deal of stigma, most people still prefer to avoid discussing their own mental well-being. Think about it! After all […]
Read morePaying your debts – a moral dilemma
Sadly, mounting numbers of Canadian consumers are using debt to pay for debt. There is very little doubt that lenders have become facilitators, banks now offer variety packs of credit cards (VISA ‘and’ Amex ‘and’ MasterCard – where they formerly only offered one credit card). Couple these credit cards with various lines of credit and […]
Read moreConsumer Proposals – to pay out or not to pay out?
Here are some problems with early payout We have seen a recent surge of people paying out their consumer proposals earlier than expected, but this may not be the smartest thing to do, and here are some reasons why:Many of the payouts have come from refinancing real estate. Imagine a scenario where the debtor has […]
Read moreCANADIANS IN RECESSION
We seem to go in an out of recessions… It is not unusual to read about fears of recession or depression in the media – but at what point does a recession become a depression? One might suppose that depends on who you and what is happening in your life. According to economists the definition […]
Read moreGETTING CREDIT AFTER BANKRUPTCY
Re-establishing credit after a bankruptcy is usually a lot easier than expected. Interestingly enough, one of the first questions that people ask after they have just filed for bankruptcy is “how long does it take to get my credit back?” The question is not an easy one to answer since there are many factors that […]
Read moreDEBT CONSULTANT SCHEME
Debt consulting proposal loans purportedly confer an “advantage” to the borrower but do they? Are such loans in some way fraudulent or are they just questionably ethical? The “advantage loan” scheme involves trustees who work with particular debt consultants. It doesn’t matter who see the client first, the trustee or the debt consultant. Either way […]
Read moreIT’S EVERYWHERE YOU WANT TO BE
Remember the slogans used by credit card companies “it’s everywhere you want to be” and “don’t leave home without it”? Yes, the convenience that was being sold is certainly “everywhere you want to be” but what about the debt? Do you really-not want to “leave home without it”? Just imagine being in a place where […]
Read moreTHE PROBLEM WITH DEBT SETTLEMENTS
There are actually many problems with debt settlements but let’s discuss a few. The first problem is finding someone you can trust and count on to represent your best interests, not just their own. Neither law firms nor collection agencies work for either free or cheap. O.K. so let’s say you found a reasonably priced […]
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