519-646-2222Blog Articles
NEED 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 […]
Read moreCANADIAN BANK HANDLED NEGATIVE PRESS VERY WELL
The bank was able to turn negative press to a small advantage – but is the press really paying attention? Interest Rate differentials (“IRDs”) can be extremely costly. They are not based on the interest rate at which the loan was written but rather on the ‘differential’ between the actual loan rate and the prevailing posted […]
Read moreDON’T WAIT FOR A CHRISTMAS MIRACLE
Take action, deal with your debt problems and get on with life. Procrastination usually lasts longer than dealing with debt problems. In as little as nine months (rarely even less) a person can be discharged from bankruptcy and starting to rebuild their financial lives. Bankruptcy is not the only option to help people get out […]
Read moreCAN I GO BANKRUPT ON GOVERMENT DEBT?
This is a question we often get at this time of the year. Government debts such as taxes, EI and welfare overpayments and student loans are dischargeable in a bankruptcy or proposal proceeding.ice and arrange your free consultation. In some cases there are limitations in terms of values and time frames. For example for a student […]
Read moreSTUDENT LOANS AND BANKRUPTCY (OR CONSUMER PROPOSAL)
Student loans can be discharged under a bankruptcy or proposal proceeding but there are exceptions and limitations. We must look to Sections 178(1)(g)(h) and 178(1.1) of the Bankruptcy & Insolvency Act (“BIA”) to understand what the paremeters for discharging student loans are. Essentially the Sections were written expressly to deal with government backed loans, presumably with […]
Read moreBANKRUPTCY COULD BE A PART OF YOUR FINANCIAL PLAN
Now we are not suggesting that you should plan to go bankrupt but if you are struggling with debt it may be a good option and here’s why. Many people experiencing debt problems make the mistake of self-liquidation. While that appear to be the proper moral remedy it isn’t always the most sensible. After all […]
Read moreYOUR DEBTS WILL BE FORGIVEN AFTER TWO YEARS – OR WILL THEY?
Some so called Debt Consultants sell “get out of debt programmes” based on the Section 4 of the Limitations Act – but consumers beware! Here’s how the scheme works: You pay the debt consulting company a “membership fee” of $1,200 in consideration for which they advise the following: As a member they will help you […]
Read moreWELCOME TO CANADA – ARE YOU IN DEBT YET?
Canadian banks are aggressively targeting new immigrants to Canada: We are all seeing the advertisements whether it is Scotia Bank’s “StartRight”, HSBC’s “Newcomers” and so on… In each case the banks are aggressively going after new immigrants with offers of credit cards and other forms of credit. The offers usually involve credit cards with lower […]
Read moreMERRY CHRISTMAS – TO ALL OUR CLIENTS, FRIENDS AND FAMILIES
We sincerely hope you all enjoy and joyous festive season. Regardless of culture or religion we all celebrate the solstices – winter and summer. The solstices mark the end of an epoch and the beginning of a new one. For that reason, this is a good time of the year to reflect on the things that […]
Read moreCAVEAT EMPTOR – “BUYER BEWARE”
The ads are all over the radio again: “NEW FEDERAL GOVERNMENT PROGRAMS TO HELP YOU GET OUT OF DEBT” The ONLY “FEDERAL GOVERNMENT PROGRAMS” that will help you get out of debt are called “BANKRUPTCY” and “PROPOSAL” and they can ONLY be admistered by a licensed trustee in bankruptcy. Some suggestions: – Don’t get […]
Read moreTAX DEBT AND INSOLVENCY PROCEEDINGS
The government announced an increase of $444,000,000.00 to the CRA budget to collect taxes – how will that impact you? It is clear from past performances and the Federal Government’s own budget (2016) that the CRA is more likely to pursue low hanging fruit (small business) than wealthy tax dodgers. In fact the budget reads: […]
Read moreIS MINIMUM WAGE TOO MUCH?
Russell Brand doesn’t think so – and I tend to agree with Russell. When calculating surplus income, trustees in bankruptcy refer to the Federal Government’s poverty (LICO – Low Income Cut Off) guidelines. However, minimum wage, pensions, welfare payments and so forth all fall below in some cases (especially considering government payments for welfare and […]
Read moreARE YOU READY TO FLATLINE?
According to former CIBC Chief Economist Jeff Rubin we need to prepare ourselves for the economy to flat-line for a few years. For most of us that means knuckling down, paying down debt and easing back on spending. If Mr. Rubin’s predictions are accurate we will not see improvements in our incomes for at least […]
Read moreMORE DEBT CONSULTANTS THAN YOU CAN SHAKE A STICK AT!
I received a call from a banker asking me “if it would be advisable to refer a client to a debt consultant company” that appears online with no address, no office, no identified staff, just an online presence with a toll free number and a whole bunch of promises. Has the world gone stark raving […]
Read moreMARRIAGE BREAKDOWN AND BANKRUPTCY
Marriage breakdowns are a leading cause of bankruptcy, or wait a minute – is it that bankruptcy is a leading cause of marriage breakdowns. Hmm which came first There is no doubt that financial problems contribute to stress in matrimonial relationships. People are far more inclined to speak openly, with each other and with their […]
Read moreCREDIT CARD DEBT SOLUTIONS
If you live in London, Chatham, Sarnia Windsor or Woodstock or the surrounding areas we can help you solve your debt problems. Credit card debts are one of the most common sources of financial problems, there are lots to choose from, they are easy to get, easy to use and easy to transfer balances between. […]
Read moreWHAT IS SURPLUS INCOME?
It doesn’t have to be complicated but it is challenging to calculate. Section 68 of the Bankruptcy & Insolvency Act describes surplus income and together with Directive 11R2 provides guidelines for trustees to calculate payments to the bankrupt’s estate. The notion is that if a person making an assignment into bankruptcy has more than enough […]
Read moreTHIS WEEK’S IRRESPONSIBLE LENDER IS?
Guess the name of the irresponsible lender of the week given the following facts and clues. The lender is a Canadian chartered bank lending through a credit card “product”. The debtor is nearly 79 years of age and on a small fixed income consisting almost entirely of government pensions. In addition to providing lending facilities […]
Read moreHOW DOES A PERSON GO BANKRUPT?
HOW A BANKRUPTCY WORKS (Assuming first time bankruptcy, no surplus income, no realizable assets) 1. Free initial Consultation with Tom or Megan to determine if bankruptcy is the correct option a. Thoroughly complete an extensive application form either during the initial meeting or it may be taken away and returned completed b. Review the […]
Read moreTRUSTEES ALWAYS REPRESENT MY CREDITORS
This is one of the biggest myths in the insolvency industry that is used by debt consultants to scare people away from trustees. Bankruptcy trustees are administrators of a piece of legislation that sometimes benefits creditors but most often benefits debtors, by providing mechanism to find relief from the burden of debt. The legislation is […]
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