Blog Articles

HARPER GOVERNMENT PLAN TO ENRICH THE WEALTHY

September 5, 2017

The idea was proposed in a hotter real-estate market than we are experiencing London, Ontario, but the effect will be the same. The federal government’s latest scheme to enrich the wealthy at the expense of the poor is to encourage and facilitate the liquidation of RSP savings, in larger amounts than is currently permitted, to […]

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ARE YOU IN PERPETUAL DEBT?

September 5, 2017

Make no mistake, lenders make money from indebtedness – your indebtedness. When you are in debt you pay regular monthly residuals to the bank in the form of interest – which is fair enough after all you borrowed money and you should expect to not only pay it back but pay some interest on it. […]

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BANKRUPTCY VERSUS PROPOSAL – WRITS TREATED DIFFERENTLY

September 5, 2017

The earlier you talk to a trustee the more options are available for you. If a creditor had registered a judicial lien on your property (writ of execution) and you filed a bankruptcy the writ is removed by the Stay of Proceedings right away.  This is because your interest in the property now vests in […]

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GET OUT OF DEBT

September 5, 2017

and avoid making a bad situation version worse 10 mistakes people make when they are in debt and scared of what will happen to them: Avoid meeting with a bankruptcy trustee Stress, lose sleep and act irrationally – before meeting with a trustee Make big payments to only one creditor – before meeting with a […]

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YOU REALLY SHOULD PLAN FOR BANKRUPTCY

September 5, 2017

Regardless of whether you are a lender or a borrower remember the old maxim “those who fail to plan, plan to fail.” Now let’s be absolutely clear we are not making the suggesting that you should plan to go bankrupt but should be thinking about the consequences if you are exposed to a bankruptcy whether […]

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ONTARIO HOMESTEAD EXEMPTION

September 5, 2017

Ontario doesn’t have one – but perhaps it should. It may be long past time for Ontario to contemplate revisions to the Execution Act, which provides exemptions for property seizable by creditor, to include a homestead exemption.  Other provinces do have such exemptions that provide an element of security to families faced with financial difficulty. […]

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ELDER ABUSE AND DEBT ISSUES;

September 5, 2017

Elder abuse is a sad reality of our time. People looking after a parent or grandparent have been known to abuse their elder in a physical or emotional manner. On occasion the abuse can be financial or even a combination of all three types of abuse. Financial abuse can take many forms: borrowing money without […]

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SHOULD I GO BANKRUPT BEFORE I GET SUED?

September 5, 2017

That is a question that often comes up after people have been served with a Statement of Claim. The answer is that it really doesn’t matter, a bankruptcy will stop the action even if it has already been commenced or a judgement has been obtained. Bankruptcy and Proposal filings create an automatic Stay of Proceedings […]

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BANKRUPTCY OR PROPOSAL

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September 5, 2017

Bankruptcy or proposal, we have the right solution for you and your family – get good information.

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REDUCE YOUR DEBT TO PENNIES ON THE DOLLAR

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September 5, 2017

Reduce your debt to pennies on the dollar of the amount(s) you owe with a consumer proposal.

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The Elephant in the Room for Insolvency Trustees

September 5, 2017

A 2016 Ontario Superior Court decision could be a game changer for some people filing for bankruptcy. Those most likely to be affected are individuals residing in volatile real-estate markets such as Toronto, Vancouver or Montreal as well as individuals who are in longer term bankruptcy administrations. People filing a second or third bankruptcy and […]

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BANKRUPTCY WILL RUIN MY CREDIT

September 5, 2017

Most people who file for bankruptcy have strong credit scores according to Trans Union. It is true that a bankruptcy filing will show on your credit report for a period of 6 years following discharge, for first time bankrupts.   But that doesn’t necessarily mean that you will not be eligible for credit during that period […]

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Ontario’s “New” Debt Forgiveness Programme

September 5, 2017

Here’s how it works First of all, you must be in debt and worried about your situation or it won’t work at all. In fact the more worried you are the better the scheme, er, programme, works.Let’s assume you are getting threatening letters from collectors or from law offices – you’ll be prime for the […]

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THE PERILS OF SECOND AND THIRD MORTAGES

September 5, 2017

Thinking about adding a second or third mortgage to your house? Read this first. When you buy a house you only really have two options:       1. Pay for it in one lump sum; or       2. Obtain financing through some sort of mortgage arrangement. Before we go any further with this discussion, let’s think […]

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ARE YOU STRUGGLING TO DEAL WITH YOUR DEBT LOAD?

September 5, 2017

You are not alone, we can help! Stop wage garnishees and other legal actions.  Get control of your income.  Reduce payments to something more affordable.  File a Consumer Proposal or a Bankruptcy.  Receive Credit Counselling, and learn to live debt free! When you are ready for help we are ready for you.  We have offices […]

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FINANCIAL LITERACY

September 5, 2017

Will the government ever get it right? One of the greatest challenges in the area of financial literacy is deciding who is telling the story.  There are many competing interests that have had an impact on the area of debt management during the past several decades. Filing a bankruptcy or a consumer proposal (both fall […]

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DEBT SETTLEMENTS – HOW THEY DON’T WORK

September 5, 2017

That’s right they don’t work! We met with two entirely separate clients yesterday who had been talking with two separate debt settlement companies, and this is what happened: In the first instance the client had signed on with the debt settlement company. The client was paying the company a monthly sum if money to help […]

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What would you do with an extra $850.00 each month?

September 5, 2017

That’s a question I posed to some friends and I got a mixed bag of responses Some people said “pay off debts” some said “pay down my mortgage” or “take a vacation”.  It’s certainly an enticing and interesting idea to consider having the luxury of a little extra cash in our pockets each month. So […]

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THE TWELVE DEBTS OF CHRISTMAS

September 5, 2017

Hum along as you read this blog aloud…. For the first debt of Christmas my true love gave to me, 1 consolidation loan For the second debt of Christmas my true love gave to me 1 consolidation loan and 2 old utility bills, For the third debt of Christmas my true love gave to me: 1 consolidation loan, 2 old utility […]

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THE BENEFITS OF LOCAL BOUTIQUE INSOLVENCY FIRMS

September 5, 2017

There are many benefits to working with a small local boutique insolvency firm here are some obvious points Click this link to find a local trustee – just enter your city and province. Your information and file is being stored and managed locally – it is not in another city. The trustee lives and works […]

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