519-646-2222Category: Insolvency News
WHY CREDIT CARD INTEREST RATES ARE SO HIGH
Credit card interest rates have always been higher than installment loan rates. Various forms of credit cards have been around since the late 1800s when they were used for the convenience of regular customers in large department stores and by local merchants. By the mid-1900s credit cards had evolved to resemble the type of card […]
Read moreTHE TROUBLE WITH 1-800-BANKRUPTCY
There can be problems for consumers when dealing with virtual offices. Now don’t get me wrong our firm also has satellite offices and we believe that we do a pretty good job servicing them but there is still a lack of immediacy relative to our main office. What follows the excitement of the initial courtship […]
Read moreHOW LONG WILL YOU BE IN DEBT?
Have you got a plan to get out of debt or do you simply accept debt as a way of life? Attitudes towards debt have changed considerably in the past several decades. Currently people not only find it acceptable to be in debt they also seem to find debt desirable. Obviously lenders have done a […]
Read moreDebt is not an income supplement
Attitudes towards debt need to change At risk of sounding like a broken record the main reason people in Canada rely so heavily on debt (you might prefer the bankers’ politically correct term of “credit” but let’s call a spade a spade it is “debt”) is insidiously high taxation and ever dropping incomes. Canadians pay […]
Read moreHOW MUCH DOES A BANKRUPTCY COST?
Some trustees are evasive about answering this question because the answer isn’t always simple. Many people ask that question as a prelude to deciding whether or not they will file for bankruptcy. The answer is quite a bit more complex than it might appear. Although the Office of the Superintendent of Bankruptcy (Industry Canada) sets […]
Read moreMY PROPOSAL WAS ANNULLED – NOW WHAT?
Consumer proposals can be revived – don’t panic there are options. If you fall behind on your payments under a proposal you shouldn’t panic. Consumer proposals can be revived in one of two ways – first of all they can be revived automatically by the Administrator (Trustee) if you bring your payments up to current […]
Read moreWHAT IS THE DIFFERENCE BETWEEN INSOLVENCY AND BANKRUPTCY?
Many people and companies are or can be insolvent without being bankrupt. One of the criteria for becoming bankrupt is being insolvent. We might use the analogy that all apples come from trees but not all trees produce apples. Liquidity is a word that we hear bantered around – back in 2008/9 Canadian banks were […]
Read moreINTERESTING ARTICLE
The article identifies some areas of ethical concern When should we be concerned about the relationship between debt consultants and bankruptcy trustees? Posted on September 13, 2015 by Mark Silverthorn I can empathize with a bankruptcy trustee who not only has to compete for revenues with other trustees but also credit counselling agencies and debt […]
Read more407 ETR JUDGEMENT TO BE RELEASED
The Supreme Court of Canada will release judgement this week. Finally the supreme Court of Canada will be releasing its decision on the now reknowned 407 ETR appeal case this Friday the 13th of November at 9:45 a.m. stay tuned for the update.
Read moreTOP 1% EARN (AND OWN) MORE THAN 99%
Hardly news but mainstream media reports suggest it is. There is no doubt that the disparity between rich and poor has been growing steadily over the last 4-5 decades. In fact the divide between the ‘haves’ and the ‘have nots’ is worse today than it was during feudal Britain when serfs owned no property at all, this […]
Read moreSHHH! DON’T TELL THE KIDS WE WENT BANKRUPT!
NO! Don’t tell them that life is anything but a reflection of Hollywood! What a way to set your children up for future problems. Believe it or not it is very healthy for children to be educated in all sorts of real life skills and that includes knowing how to manage financial challenges. Unfortunately, our […]
Read moreCAN YOU LIVE WITHOUT USING SOME FORM OF CREDIT?
Most people cringe and get very uncomfortable about acknowledging they can’t handle money and debt! Chances are, if you’re an average Canadian, you will find it impossible to get through even one month without using a credit card, overdraft protection or a line of credit. Try it! Credit has become an insidious economic reality for […]
Read moreSURPLUS INCOME – A SOCIAL DILEMMA
The calculation of surplus income is often misunderstood even by insolvency professionals, the concept behind is even more mysterious. The notion that people these days have surplus income suggests that they are living very simple lives or making lots of money, neither of which are the case for most Canadians. Average family incomes, adjusted for […]
Read moreCREDIT CARDS SHOULD NOT REPLACE INCOMES
Here’s the test. Can you pay off – not just down but completely OFF – all of your credit cards and lines of credit over the next twelve months? If you answered “NO” then you have already started to replace your income with credit cards or “DEBT” – you are in debt so far that […]
Read moreZERO PERCENT (0%) INTEREST FOR YOUR BANKRUPTCY
That’s right, we will not charge you any interest on trustee fees and we will work out reasonable monthly payment terms. Because filing for bankruptcy is not free, some people worry about how they will make payments to the trustee for the service. Our office will do the best we can to work with you […]
Read moreCOULD YOU MAKE DO?
My mother was a young woman during WWII – she grew up in the East End of London and worked for the WRAF (Women’s Royal Air Force) hoisting barrage balloons at the Woolwich Docks during the Blitz. When WWII broke out my mother was just 15. As a young girl she dreamed of becoming a […]
Read moreF*#K THE POOR!
It is ironic that in an age of instant communication there remains a prevalent negative attitude towards the fastest growing segment of our economic population – the poor. This upworthy.com video is certainly well worth the viewing and expresses peoples’ attitudes perfectly. Oh, we all like to put on a good face, pretending that we […]
Read more407 ETR – UPDATE
We have been continuing to receive enquiries about the status of the Supreme Court Decision. While our office generally shares the view expressed by the Office of the Superintendent of Bankruptcy in this matter we must await the release of the decision of the Supreme Court to see how they will rule. Subsequently we are unable […]
Read moreHAPPY NEW YEAR – 2014
Welcome to the year of the horse! According to Chinese mythology the horse is an energetic and spirited creature prone to indepence and willful mood swings. The predictions are for an exciting but volatile business environment. You must think fast and act fast to succeed in a horse year!
Read moreNegotiating with the CRA
Negotiating alternatives payment arrangements with the CRA is a daunting task for everyone including Insolvency Trustees. In the insolvency world things change somewhat by dealing with a formal proceeding and Insolvency Trustee’s do find the CRA is more inclined to come to the table to talk about alternative arrangements. But as a business owner or […]
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