It is recommended that you check your credit report at least once a year for accuracy and to identify any fraudulent activity. There are two major credit reporting agencies in Ontario – Equifax Canada and Trans Union Canada. Checking one agency and then following up with the other after six months will enable you to detect any fraudulent activity more quickly. You can obtain a [...]
If you have finally taken the very difficult step of acknowledging that you cannot handle your debt on your own, your first step should be to reach out to a Licensed Insolvency Trustee. There is no need to see or pay a debt consultant first – contact a trustee directly. The trustees at Taylor Leibow Inc. can be reached by telephone, email or the chat [...]
The Office of the Superintendent of Bankruptcy reported a 58.3% increase in Canadian business insolvency filings in the 4th quarter of 2022 (October to December). From the business owners that I have recently met with, the causes of their financial difficulties stem from: Rising interest rates resulting in significantly higher monthly payments on bank loans and operating lines of credit Delays in obtaining product during [...]
We likely all welcomed the lifting of pandemic restrictions and the return to in-person activities in 2022. Unfortunately, along with that return to “normalcy” came decreasing house values, increased interest rates and increased costs of living. Statistics Canada recently reported that Canadian households’ debt-to-income ratio rose by $1.83 in debt for every dollar of household disposable income. On top of the increasing debt level, multiple [...]
Three years ago, I met with a gentleman who had no source of income, was unable to find employment and owed approximately $20,000 in credit card debt. Let’s call him “Joe.” Joe and I reviewed his financial situation in detail to find a solution that would provide him relief from the stress of not being able to pay his debt. Joe’s expenses at the time [...]
Almost every person that I consult with about a personal bankruptcy or proposal has unique circumstances or a personal story as to how they ended up unable to pay their debt. Accordingly, I don’t like to compare one person’s situation to another. I listen, accumulate information, and provide debt relief solutions. For the debtor, it sometimes makes it easier for them to be able to [...]
September 6, 2022 Have you actually sat down and analyzed how much groceries have increased over the last year? When did the regular price of butter increase to almost $7.00? Since when did we think paying $1.45 a litre for gas was a deal? Over-bidding on house purchases has become the norm – but over-bidding on a rental property due to low supply and high [...]
One of the more popular searches reaching our website is for the term “undischarged bankrupt” so I thought I would explain what it means to remain undischarged. The Bankruptcy and Insolvency Act provides a debtor with protection from collection proceedings from unsecured creditors upon filing an assignment in bankruptcy. This “stay of proceedings” stops garnishments of income (other than spousal or child support) and collection [...]
Back in 2018, I wrote a series of blogs on “Who goes to see a Licensed Insolvency Trustee” to share the stories of people who had reached out to Taylor Leibow Inc. for help with their overwhelming debt. Reading about other people who may have similar circumstances as you will hopefully provide you with the comfort to reach out to a professional to discuss your [...]
People can be hard on themselves when they are unable to pay their debt obligations. They often feel a sense of failure and embarrassment that they borrowed money with good intentions, but are unable to repay it. After struggling through a pandemic and its effect on employment, businesses and the cost of everyday items, we all understand a little better that sometimes life changes can [...]
