519-646-2222Blog Articles
WHICH WAY TO TURN WHEN YOU NEED DEBT HELP
A Licensed Insolvency Trustee is regulated by the Federal Government to help you solve debt problems. When you have debts that you can no longer handle talk to a Licensed Insolvency Trustee at Locke Consulting. We can help you get out of debt so that you can live with less stress and start saving instead […]
Read moreMortgaging unsecured debt is dangerous
Read on to find out why! Once debt is secured you risk losing the asset(s) used as security if you have difficulty making payments. Mortgage lending is based on a ratio of gross income and the total value of the property without regard to increasing taxes (that reduce available income) and without regard to the […]
Read moreSecured Creditors
A few notes on secured creditors There are a variety of secured creditors from furniture and car loans to mortgage loans and investment loans. In each of these cases there are two facets to a valid security agreement, attachment and perfection. “Attachment” means that the debtor granted the lender the right to attach to their […]
Read morePERFECT STORM OF DEBT
Consumers are experiencing a perfect storm with silly repayment terms, untenable interest rates and rife consumer exploitation all compounded with diminishing job opporunities and incomes. Here is what’s really happening in the Canadian consumer economy: Incomes have been in decline for four decades symbiotically taxes for the poor and middle classes have increased by almost […]
Read moreCREDIT REPAIR FOLLOWING INSOLVENCY
The urban myth says “I won’t be able to get credit again for at least seven years”… Is there any truth to that? Many people are concerned not only with getting out of debt but also with reestablishing credit following a bankruptcy or proposal filing. While it is true that an insolvency proceeding will show […]
Read moreCONTROL YOUR CREDIT
Stop paying high interest and treading water with credit cards. There are viable alternatives to perpetual debt from negotiations with creditors through to proposals and bankruptcies. People really should not spend a lifetime in servitude to credit card companies – there is a better way to live than spending next month’s pay this month. Call […]
Read moreThe ins and outs of debt
Debt is a way of life in Canada that is very misunderstood. Getting into debt is very easy – debt in Canada takes all sorts of shapes and forms – from Bank Issued Credit Cards with interest at 19% and terms that allow you 375 years of minimum monthly payments to Finance Company and Pay […]
Read moreWHY ARE PEOPLE SO AFRAID OF BANKRUPTCY?
Bankruptcy still seems to carry with it a stigma that is, in many ways, unfair. Bankruptcy is a great solution for debt problems, the process provides immediate relief from collection and legal activity. Most common assets can be retained, the trustee does not take control of your paycheque, and the process is relatively confidential. Trustees […]
Read moreUnlawful 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 […]
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