519-646-2222Blog Articles
Who 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.
Read moreConsumer Proposal Payments
We did a brief survey of how much you can expect to pay on a consumer proposal – here are the results. Our survey was a random survey of thirty consumer proposals, filed in the London, Ontario area, which may be statistically significant. The results showed that on average proposal clients paid 26% of the […]
Read moreREVOLVE YOUR CREDIT
The idea of revolving credit is that it should “revolve” from time to time – in other words it should be paid off completely periodically. Unfortunately an increasing number of Canadians do not revolve their credit but keep on increasing the amounts charged. In fact it has recently been reported that Canadians owe 1.8 trillion […]
Read moreBANKRUPTCY TRUSTEES ARE AWESOME
But don’t take my biased word for it! Get out and talk to some… I recently spent four days in Toronto marking exam papers with trustee friends and colleagues from across the country. I can tell you, “trustees have personality” as well as diverse interests. When you have financial problems, whether you are considering a […]
Read moreBANKRUPTCY AND CHRISTMAS – WHAT ARE THE CONSIDERATIONS?
There are a number of different considerations for Canadians facing the prospects of filing for bankruptcy around Christmas time. Obviously there is the stress of everything that is happening in such a short period of time. Christmas is probably the most stressful time of the year for all families, perhaps even those that do not […]
Read moreHOW MUCH DEBT DOES THE AVERAGE CANADIAN CARRY?
The answer depends on how you manipulate statistics. So let’s mess around with some stats. In Canada approximately 46% of the population, according to Statistics Canada, are earning incomes that exceed the LICO (Low Income Cut Off) – the politically correct way of saying “poverty line”. While only 2.5% earn more than $150,000 per year. […]
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 moreTelecom service challenges
Canadian Telecom giants are notorious for attrition or the practice of perpetual hold apparently to frustrate their clients A series of recent calls to our Telecom service provider for technical support resulted in our staff being placed on hold for extended periods of time. Unfortunately, we were only able to speak with a representative for […]
Read moreWHAT PROPERTY IS CREDITOR PROOF?
That is a more complicated question than it appears to be because in law there are many exceptions. In Ontario, property that is exempt from seizure is defined by the Execution Act. Exemptions may also be found in other statutes and judicial decisions. For clarity you should discuss your specific situation with a knowledgeable professional […]
Read moreTHE COST OF BUYING A HOUSE
Buying a house is not a good investment strategy and is a major transaction that should be entered into thoughtfully. Assumptions: 1) I am buying a house with an agreed price of $300,000 2) I have a mortgage for the full amount 3) I qualified for the financing at 3% fixed rate over 25 years […]
Read more“WHERE THERE’S MUCK, THERE’S BRASS”
‘Where there’s muck there’s brass’ is a 20th century expression which originated in Yorkshire, England where brass is still used as a slang term for money. Seems that Debt Settlement companies have been squeezed out by the passage of Bill 55 in Ontario but that squeeze has created opportunity for others. Law firms and paralegal […]
Read moreRE-ESTABLISHING CREDIT AFTER A BANKRUPTCY OR CONSUMER PROPOSAL
Credit is avaiable before, during and after filing a bankruptcy or proposal proceeding. Let’s preface this discussion by suggesting that we should think very carefully about both the costs and consequences of obtaining credit whether we have a good or a bad credit rating. TransUnion, the credit reporting agency, reported that 70% of people filing […]
Read moreOVER 100 YEARS OF CREDIT CARD PAYMENTS
Is this even legal? Yes, it is perfectly legal and sadly it is common practice. Credit card issuers borrow money from central banks at overnight rates that can be less than 1% then lend the same money out at rates ranging from 7% all the way up to over 30%. But what if the debtor […]
Read morePREPARE FOR A PARADIGM SHIFT
Stop demanding “credit” (or what we in the profession commonly refer to as “DEBT”) and start demanding jobs and wages. We all read, view or hear the news reports, a lack of good full time jobs, reduced wages, layoffs and so forth. These are all signs that we should be getting away from debt that […]
Read moreNEED A LOAN, A CREDIT CARD OR A MORTGAGE?
Some of the advertising we have been seeing lately seems to be quite at odds with the usual conservative image that is associated with various lenders. Expert Mortgage broker is advertising “The concept is simple – as long as you have a pulse, Expert Mortgage will provide you with a home equity loan, up to […]
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