Category: Something to Think About

• Something to Think About

How does that old Bob Dylan song go: “the times they are a changing”. When we think about changing times, economically speaking, the best time to be alive was probably in the 1950’s to 1970’s, those were the glory days for the Canadian economy. It was the first time in history that one income could […]

• Something to Think About

Insolvency and pensions are at an interesting intersection and under current Canadian insolvency laws are not good bedfellows.  Although when filing a bankruptcy, the laws do protect the bankrupt’s interest in the pension funds by not requiring that they be distributed among the creditors the same protection is not afforded to the fund itself. We […]

• Something to Think About

Lenders want to lend you money, in fact they are looking for ways to be able to lend you money. To lenders lending is a product just like any other. Lending money is a sure way to make money if you can mitigate the risk of borrowers not repaying debts. The good news is that […]

• Something to Think About

Yes, mortgage funds are available for people of most income levels. The interest rates and terms may be different for people with lower or less stable incomes, such as self-employed people, but mortgage funds are available from different lenders. We have been advised by lending industry representatives that there are new challenges facing people who […]

• Something to Think About

So, you are thinking of taking the plunge and starting a new business venture.  Taking the first few steps on the path to entrepreneurship is exciting, risky and scary.  As you embark on your new venture, be sure you do your homework to minimize your exposure to risk, that will help take some of the […]

• Something to Think About

The question “who has the most debt?” is certainly one that interests Licensed Insolvency Trustees. After all we like to know where our business is coming from and who to advertise to. So, just who has the most debt in Canada? That is complicated question in terms of raw debt versus percentage of debt. When […]

• Something to Think About

The economy has been faltering for over a decade, lost jobs, unions broken up, plants shutting down and moving out of country, cost of living and taxation outgrowing incomes. Why not be a Licensed Insolvency Trustee? After all Trustees must be busy in this economic environment, right? It is easy to underestimate the hard work […]

• Something to Think About

These days when people have financial problems they often shop around for the best trustee to help them out. But what are the considerations in choosing the best trustee, and why? Personally, I prefer using local companies to help me out with both goods and services. Some trustee’s have better, slicker, flashier advertisements than others. […]

• Something to Think About

Corporate bankruptcy proceedings can be very alarming for people involved. They usually entail job losses, loss of revenue for shareholders, losses to customers and suppliers as well as other service providers including those in the professional service industry. When large corporations file for bankruptcy they often get a lot of media coverage, for example Sear […]

• Something to Think About

We have non-bankruptcy solutions for your debt problems. The most common of these is a consumer proposal. A consumer proposal is a statutory option that can be a great fit for some folks – check through previous blogs for more details. Aside from a proposal there are other options available – the most important of […]

• Something to Think About

Sadly, there is another CRA hoax going around – please read below – if this message shows up in your email delete it, do not respond to it and do not follow any links. It is NOT from the CRA. “Canada Revenue Agency After the final 2017 annual calculations of your fiscal activity we have […]

• Something to Think About

How can I improve my credit rating? That is a question we are often asked by people who recently dealt with their debts through a proposal or bankruptcy filing. Credit ratings are generated based on a variety of information reported by members of the credit reporting agencies. If I want to improve my credit rating […]

• Something to Think About

Are longer loans worse than shorter ones? They certainly are. People don’t think about the compounding of interest or the erosion of the asset they are funding over a term exceeding its lifetime. Let’s think about a house – you buy it for $300,000 but over a 25-year amortization you actually pay $450,000 – an […]

• Something to Think About

If you are in debt over your head, you may very well be asking “what are my options?”. There are four possibilities that we will consider in this article. 1. Pay my creditors as they become due; 2. Consolidate into a mortgage; 3. File a proposal; and 4. File a bankruptcy For each scenario we […]

• Something to Think About

Although bankers seem bent on creating perpetual consumer debt, staying in debt is not a solution that works for consumers. Have you ever looked a credit card statement with a balance of $5,600 and an interest rate of 17% and wondered why your minimum required monthly payment is only $10? I shake my head every […]

• Something to Think About

Sadly, perhaps, there is no get out of debt free card. Getting out of debt can be relatively cheap with a bankruptcy costing little more than a thousand dollars but allowing a debtor to divest him/herself of potentially millions of dollars of debts. But there is always a monitoring throughout the process and certain duties […]

• Something to Think About

Make your resolution a debt solution for 2018. This is the season we all make new year’s resolutions, usually for health and fitness. Gym memberships are up and everyone starts out with the very best of intentions. By summertime, that new trim bikini-bod will shaping up nicely – or so we hope. Sadly, for most […]

• Something to Think About

Yes, that is true, there is no longer enough money in circulation, in the entire world, to account for the money that banks have loaned. If you added up the value of the actual currency in every single country in the world it would come up thousands of trillions of dollars short of the money […]

• Something to Think About

There are many situations where a bankruptcy can trump a proposal as an option for solving debt problems. This is especially true for first time bankruptcy filers. Rebuilding credit following a bankruptcy used to be challenging, in some cases taking several years, but that is no longer the case. Banks, notably TD and Scotia have […]

• Something to Think About

According to the IMF and the World Bank debt makes banks vulnerable to collapse. That kind of diatribe is extremely hypocritical since those organizations lend money to central banks thereby increasing their vulnerability. Similarly, chartered banks lend money to consumers and make similar warnings about over borrowing, as if magically the consumer is some salivating […]