519-646-2222Blog Articles
WHAT PERCENTAGE OF DEBT DO I PAY IN A PROPOSAL?
This is the magic bullet question. The Insolvency Trustee’s role in negotiating a proposal is to find the appropriate balance point between what you can reasonably afford to pay and what your creditors would find acceptable. The trustee is not there to either maximize returns for the creditors (that is their own role in the […]
Read moreLOVE AND MARRIAGE AND SHARED DEBT
Married people don’t always share debts. Just because you are married does not automatically mean that you share all of each other’s responsibilities in life. Many people think that they share their spouse’s debts but that is not ‘simply’ the case. There are different ways you can become responsible for someone else’s debts: If you […]
Read moreNEW ANTI-SPAM LEGISLATION IS IN EFFECT
Are you giving consent? Personally I never realized how much junk mail I actually get until people and companies actually started asking for permission to send me their emails. Most come from people I do business with already or I use as referral sources for clients and others. Initially I thought that I may offend someone […]
Read moreWHAT IF I DON’T MAKE MY BANKRUPTCY PAYMENTS
Not making the required payments in a bankruptcy will have a consequence. But it is not the end of the world. If you are having difficulty making payments you should discuss the problem with your trustee and work out an alternative arrangement. Remember small payments are better than no payments. There are processes in place […]
Read moreHOW WILL BILL 55 STOP DEBT CONSULTANTS?
That is a very interesting question and one that has a surprising answer. The Bill was intended to prevent Debt Consultants from charging exorbitant fees for what may be questionable services. The effect of the passage of Bill 55 is to amend the Collection Agencies Act to include companies offering “Debt Settlement” services. Such companies are […]
Read moreRECENT TESTIMONIAL
“if I know of anyone that need great service and, help I’ll give them your card” Mike That testimonial came from a recently discharged bankrupt. Trustees in bankruptcy all get similar testimonials. The interesting thing is that people are often caught like the proverbial deers in headlights until they have actually met with a trustee […]
Read moreYou need to change your mind about debt
Far too many Canadians are caught up in the debt cycle and it is costing them billions of dollars of wasted income every year It is legal in Canada to charge 60% interest. It is also legal in Canada to allow people 275 years to repay their credit card balances. Bank employees are rewarded with […]
Read moreSEVEN SIMPLE STEPS TO FILING A CONSUMER PROPOSAL
HOW A CONSUMER PROPOSAL WORKS 1. Free initial Consultation with Tom or Megan to determine if a Consumer Proposal is the correct option 2. Thoroughly complete an extensive application form either during the initial meeting or it may be taken away and returned completed 3. Review the application with Tom or Megan to ensure all required […]
Read moreMalfeasance in banking – is that news?
There are many instances of numbers being “fudged” to facilitate lending at banks around the world. While it is the RBS that is currently in the news, Canadian bankers are not exempt from bad behaviour. That behaviour can range from utilising inflated house appraisals to fudging other information to qualify borrowers for credit cards and […]
Read moreHow many times can someone go bankrupt:
There are no set limits on how many times an individual can file for bankruptcy. However, the outcome on application for discharge may be different for each subsequent bankruptcy. A first or second time bankrupt is usually entitled to an automatic discharge. A person filing for three or more times will be required to attend in […]
Read moreWHAT DOES A BLADE OF GRASS HAVE TO DO WITH ELEPHANT TESTICLES?
If you have watched the movie “JFK” you might recall Kevin Costner explaining the “magic bullet theory”. This was the official notion that one bullet was able to completely switch direction several times. Anyway part of his explanation about statistics went something like this: “Using the right statistics, you can make an elephant dangle over […]
Read more407 ETR ISSUES CONTINUE FOR BANKRUPTCIES AND PROPOSALS
In the face of the Supreme Court ruling the 407 ETR is closely reviewing its options. As at this writing the 407 ETR position remains unclear as their legal team is reviewing how individuals making proposals and bankruptcies will be treated. It appears that there is some clarity for bankrupts who have been discharged from […]
Read moreIs a good credit report really important?
Credit can be good or bad. Let’s take a few minutes to think about the reasons why a good credit report is important. If we want to purchase something we can’t afford we will need to borrow money (go into debt) to be able to afford it. Of course to be able to borrow money […]
Read moreHOMESTEAD EXEMPTION IN ONTARIO
Keep your house when you go bankrupt. Whether or not a home owner could keep his/her house when considering bankruptcy has always been a major concern for Ontarians. Unlike some other provinces the Ontario Execution Act has never provided a homestead exemption. This is important because the spirit of our insolvency legislation is to provide […]
Read moreHOW MANY PEOPLE HAVE GONE BANKRUPT
Last year about 123,000 Canadians filed an insolvency proceeding. Those statistics have been significantly higher in the past decade, but if we estimated on the assumption that the number has remained constant – we would have seen about 1,260,000 people file some form of insolvency proceeding during the past decade or about 2,520,000 during the […]
Read more1-800-Bankruptcy Firms
Keeping it local can have many benefits There are many sharks in the debt relief pool some are legitimate and some aren’t. If you are dealing with a Licensed Insolvency Trustee you can take comfort in the fact that they are legitimately licensed by the federal government to help you find viable solutions to your […]
Read moreTHIS MAY SOUND FAMILIAR
It may not be exactly reflective of your situation but you’ll get the picture. You moved from a larger city to the mid sized community of London Ontario for a better job and a more relaxed lifestyle. When you sold your house you realized enough profit to put a good downpayment on your new home. […]
Read moreWILL YOU BE IN DEBT WHEN YOU RETIRE?
Getting out of debt needs to be a priority for all Canadians – and here is why! According to a recent report by Manulife Financial more than half of Canadians anticipate carrying debt into retirement. Many plan to continue work as long as they can in order to pay off debt. Interestingly, and perhaps ironically, […]
Read moreWHY DO YOU BORROW MONEY?
The idea of borrowing money is to provide a stop-gap measure that facilitates a specific purchase or a bridge over a financially troubled time. Unfortunately more and more consumers are using borrowed money to cover basic living expenses.During the past four decades average Canadian family incomes have been in steady decline in spite of the […]
Read moreInsolvency Statistics
During 2012 about 47,381 individuals living in Ontario, got out of debt through a licensed trustee in bankruptcy. Of that number 24,145 filed Consumer Proposals, and 23,236 more filed for Bankruptcy. The picture across Canada was very similar; a total of 118,398 individuals filed for assistance through a trustee in bankruptcy, 71,495 of them made assignments into Bankruptcy and […]
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