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Category: Insolvency News
Proposals can be varied
Did you know that the terms of consumer proposals can be varied? That’s right consumer proposals can be varied to allow for an adjusted payment schedule. It does not serve either your interests, or the interests of your creditors to sabotage your proposal by forcing you to continue to make payments that you can’t afford. […]
How proposals work
LIT Files Proposal: Proposals can only be made to your creditors through a Licensed Insolvency Trustee. Understanding how proposals work is quite simple. Assessment: The trustee assesses your situation too determine how much you can afford to pay to your creditors and suggests a payment arrangement based on your capacity to pay. Voting on Proposal: […]
Removing a garnishee of wages
We can help you with removing garnishees of wages or salary. Creditors will not usually voluntarily remove garnishes of wages. Some people are afraid of losing their jobs if they are garnisheed and some will quit work because the garnishee can bite into their incomes. The quickest way to get rid of a garnishee is […]
Doom and gloom – economic predictions
We hear them all the time, doom and gloom – economic predictions. The media reports consumer debt is at an all time, every year it’s the same story. They also tell us that Canadians are liquidating RSPs and other pension type savings vehicles to pay bills. Incomes are going down year over year while taxes […]
After Acquired Property
The term after acquired property refers to property that is acquired after an event, such as a bankruptcy. A bankrupt who wins the lottery after filing a bankruptcy has “after acquired property”. In that case they ought to simply pay off their creditors and their trustee and they could apply to court to have the […]