Income Tax Debt and Insolvency

Based on the number of inquiries I have received recently, the Canada Revenue Agency (“CRA”) is getting more aggressive in their collection proceedings. The CRA has the right to freeze and seize bank account funds, garnish income and send third-party demands to recover their debt. If you owe money to the CRA for personal income tax, CERB, HST or source deductions that you are struggling [...]

Income Tax Debt and Insolvency2024-03-26T16:04:52-04:00

What happens if I can no longer pay my consumer proposal?

When you filed your consumer proposal to your creditors, you couldn’t possibly have imagined the world would be affected by a pandemic, followed by rising interest rates and increased cost of living. The reason you filed the proposal was to enable you to compromise your debt at a monthly amount you could afford. If circumstances have resulted in you being unable to continue your monthly [...]

What happens if I can no longer pay my consumer proposal?2024-02-07T11:31:55-05:00

What happens to debts that have been co-signed in a bankruptcy or proposal?

The purpose of filing an assignment in bankruptcy or consumer proposal is to provide you relief from your overwhelming debt.  On filing statutory documents, a stay of proceedings kicks in that stops unsecured creditors from continuing any action to collect their debt.  A garnishment of wages will stop and collection calls will cease.  On completing your bankruptcy or proposal, you are then relieved from [...]

What happens to debts that have been co-signed in a bankruptcy or proposal?2023-10-23T13:16:05-04:00

Check Your Credit Report with These Credit Reporting Agencies in Ontario

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 [...]

Check Your Credit Report with These Credit Reporting Agencies in Ontario2023-09-07T12:07:21-04:00

What is the First Step to Filing a Bankruptcy or Consumer Proposal?

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 [...]

What is the First Step to Filing a Bankruptcy or Consumer Proposal?2023-10-23T11:49:36-04:00

What happens if I can no longer continue my business due to overwhelming debt?        

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 [...]

What happens if I can no longer continue my business due to overwhelming debt?        2023-05-31T10:41:57-04:00

Starting 2023 with a Financial Fresh Start

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 [...]

Starting 2023 with a Financial Fresh Start2023-05-18T11:54:58-04:00

A True Fresh Start from Filing a Consumer Proposal

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 [...]

A True Fresh Start from Filing a Consumer Proposal2023-05-18T11:55:12-04:00

Office of the Superintendent of Bankruptcy’s (“OSB”) 2021 Canadian Consumer Debtor Profile

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 [...]

Office of the Superintendent of Bankruptcy’s (“OSB”) 2021 Canadian Consumer Debtor Profile2023-05-18T11:55:20-04:00

Who Goes to See a Licensed Insolvency Trustee? March 11, 2022

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 [...]

Who Goes to See a Licensed Insolvency Trustee? March 11, 20222022-08-30T15:12:17-04:00
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