519-646-2222Blog Articles
HOW MUCH WILL MY HOUSE COST
Think about the term, amrtization and the frequency of debt consolidation. Banks have actively encouraged consumers to use their homes like ATMs – every three to five years as the mortgage comes up for renewal consumers would be encouraged by banks to consolidate their unsecured debts into their mortgages. This would eat up any equity […]
Read moreHOW MANY MORTGAGES ARE THERE IN CANADA?
Search google for “how many private mortgages in Canada” and you’ll get 52,000,000 hits. Search for “how many bankruptcy trustees in Canada?” and you’ll get 5,590,000 hits. In neither case does the answer readily pop up. In Canada there are about 900 or so licensed and practicing trustees in bankruptcy – there are several […]
Read moreYOUR TAX REFUND & YOUR FINANCIAL PLAN
Many Canadians count on an income tax refund as some sort of savings plan – at their own peril. There are many reasons why it is not a good idea to overpay the government. If you get a tax refund you are getting your own money, money that you have overpaid the government, refunded to […]
Read moreHOW TO GET OUT OF DEBT WITHOUT BANKRUPTCY
It can be done but may have an unexpected cost. Far too many people depend on credit rather than wages to be able to pay for the necessities of life. Unfortunately debt doesn’t just ‘go away’ it must be addressed and dealt with appropriately. The best way to get out of debt is always to […]
Read moreDEBT CONSULTANTS – SKETCHY PRACTICES
That comment of course is all a matter of perspective, but, apparently, our regulator isn’t too keen on the modus operandi of some consultants either. Here’s how it may play out: You are debt and afraid of meeting with a “Bankruptcy Trustee”, after all, who in their right mind wants to go bankrupt? But then […]
Read moreHOW TO MAKE A SUCCESSFUL CONSUMER PROPOSAL
How can you measure success in filing a consumer proposal, is it by your proposal being “accepted” by your Creditors or by you being able to “complete the terms” of the proposal? In our view getting a proposal accepted is easy – just offer more money and your Creditors faced with the likelihood of a […]
Read moreHOW EFFECTIVE IS RADIO ADVERTISING?
I ask this because a colleague called me today with an interesting observation – most of the local radio advertisements for bankruptcy trustees are being run by out-of-town trustee firms. They may be fine trustees but as they spread themselves over more and more diverse markets they similarly spread their ability to service those local […]
Read moreWHAT CAN I KEEP IN A BANKRUPTCY?
It is simply not true that by going bankrupt you must forfeit everything you own to the trustee. Many items are exempt from seizure, by your creditors or trustee, under provincial legislation. Some of these items include (in Ontario): Necessary clothing No limit Household furnishings and appliances $13,150 Tools for farming $29,100 Motor vehicle $6,600 […]
Read moreMERRY CHRISTMAS 2013
HAPPY HOLIDAYS To all of our clients, friends, colleagues and other professionals – we wish you all the very best for this holiday season as well as health and prosperity for the coming new year. PLEASE NOTE: We will be open during the holiday season on a “by appointment” basis only! All telephone […]
Read moreLicensed Insolvency Trustee
Trust your trustee Creditors are calling they are threatening you and making your life miserable you need to do something but where do you start? Who can you trust? Trust a Trustee: You don’t want to talk to a Licensed Insolvency Trustee because they are just going to bankrupt you and take over your life, […]
Read moreSHOULD GOVERNMENT REGULATE CREDIT CARD ADVERTISEMENTS?
The tobacco industry’s advertising was regulated and as a result many people have quit smoking. Yesterday I received a splashy piece of ad-mail from HSBC that announced “CUSTOMIZE AN HSBC MASTERCARD THAT’S RIGHT FOR YOU.” Alright let’s think about that for a moment. First to what extent can I customize it? Perhaps I can choose […]
Read moreHOW MUCH DEBT IS TOO MUCH DEBT?
We might also ask, “where do these numbers come from?” The information in this blog comes from news reports on CBC online news media. Before getting into the meat of the subject let’s look at the numbers: Apparently Canadian consumers owe $1.92 trillion in debt. Canadians, on average, owe 1.65 times annual, gross, income in […]
Read moreUTILITY BILLS AND MORTGAGES
Ontarians enjoy, amongst many other benefits, the highest electricity bills in Canada. Today we heard that we can brace ourselves for an increase of 40% in natural gas costs as well as a further $17.00 per month charge to the gas company. Did anyone ask themselves what the variable costs are that justify the increased […]
Read moreADVANTAGES & DISADVANTAGES OF A CONSUMER PROPOSAL
Consumer proposals like bankruptcies are no panacea – they have pros and cons. PROS: A consumer proposal is filed under a piece of legislation called the Bankruptcy & Insolvency Act. Only a licensed trustee in bankruptcy (often referred to as “an officer of the court” by debt consultants who are trying to hide the fact […]
Read moreWho does your LIT (Licensed Insolvency Trustee) work for?
We have discussed this issue in the past but it is worth reiterating. To be fair the workplace for Licensed Insolvency Trustees is a complex place and many LITs get confused about who really is the client. At times Trustees are engaged to work for secured creditors and some dos most of their work in […]
Read moreDIVORCE AND BANKRUPTCY
What happens when people go bankrupt in the middle of a marital separation or divorce? Bankruptcy and divorce do make for complicated bedfellows. Equalization: Family lawyers seek to equalize the value of family property during a divorce or separation proceeding. The idea is that each party leaves the marriage with an equal value of family […]
Read moreTEN REASONS YOU SHOULDN’T HAVE A CREDIT CARD
Ralph Nader came up with these, you can probably think of more, I am pretty sure I can… Ralph Nader writes at Common Dreams: (check the link for the original article) At a recent American Antitrust Institute (AAI) symposium in Washington, D.C., I asked the presenters about the ability of cash and checks to compete […]
Read moreSELLING YOUR HOUSE MAY BE MORE BENEFICIAL THAN FINANCING
People seem to have a death grip on real property even when it is ruining their financial lives. If you sell your property whatever you get for it after paying the real estate commissions, the legal fees, outstanding taxes and utility accounts as well as any other liens for furnaces, water tanks and air conditioners […]
Read more70% of bankrupts have strong credit scores.
Canadians are very resourceful and optimistic people and they want to pay their bills. When money is scarce, due to loss of a job or a small business failure Canadians will turn to whatever resources they have available to get through the tough times. That may include refinancing their house, liquidating their RRSPs and pension […]
Read moreGOVERNMENT DEBT AND BANKRUPTCY
“‘You can’t go bankrupt on Government Debt can you?” That is a question that we are often asked… Government debts including student loan and taxes are all dischareable in insolvency proceedings. There are exceptions to every rule and to undertand how your government debt will be treated call the office and arrange a free consultation.
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