Did you overspend in 2013? Did you purchase more than you can afford over the holidays? Those bills are likely piled up on your desk – or perhaps even unopened – and you’re wondering how everything is going to get paid. You are not alone. Paying down debt is a top priority for Canadians in 2014 according to a poll from CIBC. The results [...]
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So far Kathy Lenart has created 40 blog entries.
Statistics published by the Office of the Superintendent of Bankruptcy report insolvency filings by debtors aged 45 – 64 makes up 43.6% of the total filings for the year 2012. On Saturday, October 16, 2013 I appeared on CHML Ask the Expert with host Shiona Thompson to discuss how a Trustee in Bankruptcy can help provide relief of a significant debt burden. Listen to the [...]
You’re drowning in debt and something needs to be done but you’re worried about the costs of going bankrupt. Can you afford to file for bankruptcy? Even though you are struggling to make ends meet, there is a minimum fee that a Trustee in bankruptcy is required to charge to file your bankruptcy. The minimum fee ranges from $1,800 to $2,000 for a first [...]
Sometimes it’s hard to manage your debt load – especially if there’s been a job loss or an illness and you have fallen behind on your payments. Once you have missed a few payments, your creditors will likely forward your debt to a collection agency. Your phone starts to ring and a collection agent pressures you to make payments. Some of the calls may [...]
Are you on an emotional roller coaster ride each time your child asks for something? Do you feel as if there’s too much of the month left when your money runs out? There are pizza lunches, school fundraisers music lessons, gymnastics – the list goes on. If your children are regularly in need of money, then it’s time that they learned the value of [...]
There are nearly 1.2 million small businesses in Canada – employing 5.1 million people and accounting for 48.3 per cent of Canada’s total workforce. Small businesses contribute slightly more than 30 per cent to Canada’s GDP. That makes small business, big business. Most small businesses rely on accounts receivables to maintain their cash flow. Sometimes customers get into a habit of paying late, which [...]
There’s a real fear among Canada’s five million seniors and boomers who are approaching their retirement years that they may not have enough money to have a comfortable retirement. Media reports about under-funded pension plans have added to those concerns. According to a national survey conducted for the Canadian Institute of Chartered Accountants (CICA), half of Canadians admit to worrying about money. Another study [...]
This is a common concern to many individuals considering bankruptcy as a vehicle is needed to travel to work in order to earn an income. In most cases, the answer is yes. In Ontario, there is an exemption for you to retain a personal vehicle up to a liquidation value of $5,650. If you own your car free and clear, with no liens, and [...]
It’s a daunting task – to decide whether to file for bankruptcy. This is exaggerated if you have no idea what to expect and what options are available to you. Furthermore you might be embarrassed by your financial situation. Initiating contact with a Trustee can be a difficult decision, however, it may be the best decision you have made in years. The balance of [...]
It’s tax time again and you’re dreading filing your tax return because you still owe taxes from last year. On top of that, your debts continue to increase and it’s getting harder to make ends meet. You’ve considered bankruptcy but are unsure if it will clear your tax debt. Similar to your other debts, taxes are generally dischargeable debts. That means the tax debt [...]