519-646-2222Category: Insolvency News
BIA Counselling
The Bankruptcy & Insolvency Act, has accompanying Rules and Directives, issued by the Courts and the Office of the Superintendent of Bankruptcy. There is a Directive on counselling requiring that people who file for a bankruptcy or a proposal attend at two counselling sessions, geared towards money management and understanding credit. But just how useful are these sessions?
Read moreBank Accounts
Bank accounts are impacted by the filing of a bankrupt, or a proposal for that matter since many of the bankruptcy provisions apply equally to proposals. Banks may seize funds in accounts as an offset (or setoff) because they have a contractual right to do so. In other words, if you went bankrupt in the […]
Read moreInterest Rates
Collapsing RSPs is no panacea for first time home buyers. Our advice is “don’t do it” – the long term implications can be dire. The biggest beneficiaries are the lenders not the borrowers.
Read moreNo More Debts
Just imagine having no more debts, being and living completely debt free. It seems that such a notion is impossible, unless you have a very significant income stream. Debt is a bi-product of poverty and as poverty grows so does debt. It is inconceivable that people would simply go into debt because “it’s cool” or […]
Read moreSecond Mortgage
Second mortgages sound like a good idea but they can have serious pitfalls. Meet with a Licensed Insolvency Trustee before you commit to something you may regret later.
Read moreBankruptcy is Good
Despite all the stigma, bankruptcy is good for helping you solve debt problems. In fact, bankruptcy is one of the best tools in your arsenal for solving difficult debt problems. It’s cheaper than filing a proposal, it usually doesn’t linger as long on your credit report as a proposal typically will. Another reason bankruptcy is […]
Read moreProposals to Creditors
Proposals to creditors are more popular than bankruptcies, in fact more than half of all insolvency filings are proposals. But why the surge from behind? Until about five years ago most consumers chose to file bankruptcies over proposals. Several things have happened to bring about the change, recidivism, surplus income, property valuation and trustee fees […]
Read moreSpousal Debts
Quite often people become liable for spousal debts, deliberately and ironically at the same time inadvertently. Sometimes, a spouse may help their partner re-establish credit by co-signing for them on a loan of credit card. At other times the spouses may feel that they can trust each other and should be able to manage the […]
Read moreThe “Friend-Lend”
The friend-lend, lending money to friends or relatives is never advisable – here’s why.
Read moreGovernment Debt Reduction
Many people still mistakenly believe there is no government debt reduction plan available. Contact us for more information: 519-646-2222
Read moreLiving Debt Free
Living debt free is not as easy as it sounds, getting out of debt on the hand is. Call us at 519-646-2222 for your free consultation to learn more about your debt free options.
Read moreChoices
You have choices when the chips are down, learn about your choices and make good decisions.
Read moreSelf Employment
Self employment comes with a mixed bag of rewards and challenges. Make sure you understand both so that you can balance your own best interests.
Read more2019 Debt Outlook
What is your 2019 debt outlook? The CIBC has reported that 48% of Canadian consumers are at risk of defaulting on debt payments and have no plan for debt reduction. The Conference Board of Canada and the IMF are both reporting that consumer debt is a significant risk factor for the Canadian economy. Debt reduction […]
Read moreDebt is Debt
At the end of the day debt is debt, we hear people talk about good debt and bad debt but no matter what debt is still debt. A mortgage company is advertising “get out of debt using the equity on your home” – that is not “getting out of debt” that is simply moving debt […]
Read moreDebt Freedom Plan
What is a Debt Freedom Plan: A debt freedom plan is exactly what it sounds like, a plan to help you get, and remain debt free. Get out from under the burden of debt and all that it entails, money worries, family problems, self-esteem problems, depression and stress. Freedom vs. Responsibility: Being free from debt doesn’t […]
Read moreCar Loan Mortgage
The latest money-making venture for mortgage lenders is car loans, yup, a car loan mortgage. Here’s how it works. So, you have a little equity in your house, a heartbeat and a pen, that’s all you need. Oh, and you really, really want a new car. You tried the dealership, but your credit rating is […]
Read moreSeparate Before Bankruptcy
It is important to separate before bankruptcy, just to make sure you get your ducks lined up properly. Here’s the logic, if you are facing the possibility of an equalization claim from your spouse for assets that are otherwise exempt from seizure by your creditors you may find bankruptcy helps you keep them. Let’s say […]
Read moreBankruptcy is Important
It may sound strange like a strange thing to say but bankruptcy is important, very important. Our whole economic system has changed very dramatically over the last one hundred years. My grand parents bartered with their farmer neighbours for goods and services. In fact, right up until the late 1940’s, much of our economy was […]
Read moreWill I Lose My Car?
When people are considering their options under the Bankruptcy and Insolvency Act they often ask “will I lose my car?”. The answer is based on circumstantial information (your particular set of circumstances that is) that we may not have. The short answer is “probably not” although it may be “it depends”. If you have ceased […]
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