519-646-2222Category: Insolvency News
A Trustee’s Perspective
Let’s talk about a Trustee’s perspective on the difference between a proposal and a bankruptcy filing. Trustee’s are businesspeople, like other entrepreneurs Trustee’s are in the business of making money. There are limited ways any business can make money, it can increase sales, decrease costs or do a combination of the two. From a Trustee’s […]
Read moreDIY Debt Settlement
You can arrange to settle your debts yourself, using our DIY Debt Settlement process. The steps are quite simple, but it is important to understand that creditors are not simply going to give up on collection activities if they still have options. If your creditors have reason to believe that they may still collect the […]
Read moreBankruptcy Options
There are options before and after filing for bankruptcy. Bankruptcy options include the filing of a proposal before filing a bankruptcy, if successful a bankruptcy may not be necessary. A bankrupt individual can also file a proposal to get out of a bankruptcy if their situation improves. People who already have one or more bankruptcies […]
Read moreBankruptcy Discharges
Bankruptcy discharges are the final release of the bankrupt from their obligations to their creditors. Most bankrupts do get discharged after they have completed the duties that are prescribed under the Bankruptcy & Insolvency Act. There are four types of discharge from bankruptcy as indicated below with an explanation: Automatic Discharge. An automatic discharge is […]
Read moreLast Will and Testament
One of the most important documents you can have is your last will and testament. Sadly, it is a document that a lot of people either do not have or have failed or neglected to update. We all work hard to try to acquire “stuff” throughout our lives, never knowing when the end will come […]
Read moreCredit Cards
Credit cards have been around for over a hundred years but the way they are used has changed. Early credit cards were basically “charge cards” that allowed the user to charge specific goods or services to an approved account that would have been paid in full at the end of each month. An example would […]
Read moreLying about debt
Did you know that 20% of couples lie to each other about how much debt they have? Although that is the reported number the actual number of people lying about debt may be higher. Many friends and family members lie about the debts they have, it may be easier than not be able to attend […]
Read moreInitial Consultation
Your initial consultation with our firm is completely free, so are most follow up appointments. Some of our clients need more than one initial consultation, we promise not to rush you or try to rush you into making an important decision about dealing with your creditors. During the initial consultation we will review all your […]
Read moreFraud
The word fraud scares many debtors, especially if they told white lies on credit applications, etc. But is that white lie, error or omission enough? Generally speaking the answer is no, fraud must be meticulously argued and proven in court it is not enough that a situation has “the badges of fraud” (or prima facie […]
Read moreSuperintendent of Bankruptcy
Who is the Superintendent of Bankruptcy? The Superintendent of Bankruptcy is government appointed official who serves a term of not more than five years in the post, subject to renewal. The Superintendent has extensive powers that are conferred pursuant to Sections 5 & 6 of the Bankruptcy & Insolvency Act. Although headquartered in Ottawa, the […]
Read moreMinimum wage and debt
Incomes in Canada are not keeping pace with the cost of living which is driving people to be more dependent on credit cards. Minimum wage earners , as evidenced in the linked CBC story, are highly likely to incur debt they can’t realistically manage. According to Statistics Canada incomes increased between 2012 and 2016 by 1.8% […]
Read moreStep by step
Step by step guide to filing a bankruptcy or proposal. 1. Meet with a Licensed Insolvency Trustee – at Locke Consulting there is no charge for initial consultations. 2. We will discuss and review all your debt relief options – when appropriate we will refer you to another trusted professional for help. 3. You may […]
Read moreBankruptcy top ten
The bankruptcy top ten things you need to know: 1. Bankruptcy is available to all non-bankrupts over the age of eighteen and owing more than $1,000.00. 2. Bankruptcy is almost always cheaper than a proposal. 3. Bankruptcy is almost always faster than a proposal. 4. ONLY a Licensed Insolvency Trustee can help you file either […]
Read moreProposals 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. […]
Read moreHow 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: […]
Read moreRemoving 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 […]
Read moreDoom 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 […]
Read moreAfter 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 […]
Read morePay Pennies on the Dollar
You really can pay pennies on the dollar of the debts that you owe. Making a consumer proposal will allow you to pay less than the face value of your debts. It will also allow you more time to pay your debts and all without interest. Sound too good to be true? Well it’s not, […]
Read moreCo-Signing debts
Co-signing debts can be very problematic for the co-signer. Usually a debt is co-signed with the best of intentions most often for a family member. It is common to co-sign for a spouse or a child and sometimes people will also co-sign for friends. Everything is good if the borrower is living up to his/her […]
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