519-646-2222Blog Articles
Unlawful mortgage costs can trigger a bankruptcy
The courts have determined that some costs levied by mortgage lenders in powers of sale and similar circumstances are not lawful. Some cost awards may include such items as NSF charges – our office has seen such charges on notices of power of sale as high as $500 for each occurrence. Other costs may include […]
Read moreBANKRUPTCY MYTHS FROM THE CBC
There is some good information in this article for more details about your specific situation call the office at 519-646-2222 http://www.cbc.ca/news/business/8-myths-of-bankruptcy-1.1014375
Read moreLicensed Trustee in Insolvency & Restructuring
Well isn’t that a mouthful? The new name for Bankruptcy Trustee’s, “Licensed Trustee in Insolvency & Restructuring”, will come into effect later in the year. Over the years the term “Trustee in Bankruptcy” has become much better understood and many people have come to understand that bankruptcy is not the only option for debt resolution but it […]
Read moreNot-For Profit Credit Counselling
Non-profit credit counselling scores big According to a recent article in the Toronto Star some credit counselling agencies have questionable ethics and take advantage of financially vulnerable people. Some credit counsellors are certified through a US company that provides credit counselling training based on a US Military programme model. The company certifies a credit counsellor and […]
Read more407 ETR Supreme Court of Canada Decision – released
The long awaited 407 ETR Supreme Court decision has finally been released a summary of which is reported below. The case is really one that hinges on the supremacy of Federal legislation over Provincial legislation. It was first heard in the Ontario Superior Court of Justice with a decision favouring the position of the Office […]
Read moreÔTIL DEBT US DO PARTÉ
Yes, it’s the old story, made into a TV show of the same name. Marriage breakdown and debt problems are definitely common bedfellows. When people separate there are many considerations that must be discussed with their legal counsel from custody and access issues to the division of property and financial responsibilities which often means the […]
Read moreHow long will I be bankrupt?
The answer depends on several factors but see below for general information. Once again there are many variables that could affect the length of time that you will be bankrupt which can a very short term to a much longer term. The following assumes that you have been cooperative with your trustee and completed all […]
Read moreMONEY PROBLEMS DON’T JUST “GO AWAY”
It would be nave to suggest they might! There is a huge difference between “money problems” and “debt problems” – we can help you with your debt problems and advise with money problems but they won’t just disappear! Most of the money problems that people have are related to a lack of income. Since the […]
Read moreRETAIL/SHOPPING 2013 – 2014
An online survey on the loop suggested that more than 80% of respondents had no intention of taking advantage of Boxing Day sales in 2013. The question that has not been widely discussed in the media is how well Canadian retailers performed during the Christmas shopping season. Statisticians have indicated that Christmas shopping accounts for […]
Read moreHEART WARMING STATISTICS:
Well maybe not so heart warming unless you are the lenders! Average Canadian household consumer debt – not counting mortgages: $372,977,220,000 Canadian (Residential) “Bank” Mortgages: $1,400,000,000,000 Private Canadian (Residential) “Non Bank” Mortgages: (est.) $1,400,000,000,000 (CBA estimates that Canadians own 60% of equity in their homes after deducting bank mortgages, Stats Can suggests the figure is […]
Read moreSome debts are not released in a bankruptcy
It is important to know that some debts are not released by a discharge from bankruptcy. These debts include: Child or spousal support; Court fines arising from an offence; Court awarded damages for wrongful death, sexual assault or intentionally inflicted bodily harm; Debts arising from fraud, embezzlement, defalcation, or misappropriation while acting in a fiduciary […]
Read moreWHAT IS AN “ORDINARY BANKRUPTCY”
There are two types of bankruptcy “ordinary” and “summary” – ironically the summary form of bankruptcy is the most common. Back in ‘the day’ before consumers were getting into debt and requiring access to bankruptcy services there were no “summary” bankruptcy proceedings, all bankruptcies were “ordinary”. The differences between the two types are generally process […]
Read moreWHAT IS GOOD CREDIT AND HOW CAN YOU MAKE IT BETTER?
The answer is not what you might expect. You could be a millionaire and have bad credit or you could be poor as dirt and have good credit. Having good credit really means that you are in debt already – someone who is not in debt does not have good credit. But whether you have […]
Read moreCONSUMER PROPOSALS – From A to Z
This blog tells you how consumer proposals work, from process to cost and outcome. The process of filing a consumer proposal begins with finding a Licensed Insolvency Trustee (formerly known as a Trustee in Bankruptcy) to help you. Only a Licensed Trustee can file a proposal with the Federal Government. LOCATING A TRUSTEE: You can […]
Read moreWHAT GOOD DOES THE CMHC DO?
CMHC Previously described by McLeans Magazine as Canada’s Mortgage Monster – apparently lives up to its reputation. Canada Mortgage and Housing Corporation is a Crown Corporation that facilitates and encourages excessive indebtedness for Canadian consumers and ironically charges them a fee for the privilege. The CHMC holds assets valued at over $248,490,000,000.00 according to its 2014 […]
Read moreWHAT IS SURPLUS INCOME
What is surplus income, how and why is it calculated and collected? What is surplus income: Surplus income isn’t as it sounds, it isn’t money that is “left over” or “surplus” to paying monthly bills. Surplus income is somewhat “notional” it is calculated from income that exceeds the amounts that are required to live a […]
Read moreNew Consumer Protection Rules
Get involved – have your say about Consumer Protection The Ontario government is in the process of developing consumer protection rules that will govern the fees and to some extent the operations of Credit Counselling, Debt Consulting and Debt Settlement Companies. Consumers and other interested parties are invited to have input into the development and implementation […]
Read moreWHAT HAPPENS TO ME IF MY EX GOES BANKRUPT?
That is a great question and one that we are often asked, the answer is “it depends”. It depends on how closely your financial lives are interrelated. Some spouses lead completely separate financial lives each having their own incomes and credit/debt facilities as well as separate responsibility for household bills and accounts. In which case […]
Read moreSHOULD BANKRUPTCY TRUSTEES CHANGE THEIR NAME?
What do you think – a rose by any other name? Are you stigmatized by the Bankruptcy & Insolvency Act or by the term “Bankruptcy”? The CAIRP, the professional association that provides academic training for prospective trustees as well the “CIRP” designation, has recently petitioned the Office of the Superintendent of Bankruptcy to change the […]
Read moreCredit or Debt
What’s in a name? Those of us who remember Shakespeare’s Romeo and Juliet from our high school days immediately recognize the phrase “that which we call a rose, by any other name would smell as sweet“ – so let’s apply that phrase to the topic at hand; “debt” or wait a minute is it “credit”? How […]
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