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 [...]
Filing a personal assignment in bankruptcy or consumer proposal will immediately provide you relief from most creditor’s collections proceedings and ultimately eliminate your unsecured debt. A formal stay of proceedings under the Bankruptcy and Insolvency Act stops a garnishment of your wages and collection calls. Unfortunately, this protection does not extend to an individual who co-signed any of your debt. When a person co-signs or [...]
When you initially borrowed from the Government of Canada to fund your education, you never anticipated that you wouldn’t be able to repay the loan. The loan enabled you to obtain an education, anticipating that future employment in your career field of choice would provide an income to repay the debt. Unfortunately, life changes and you may not have been able to complete your studies, [...]
The Bankruptcy and Insolvency Act provides for an insolvent individual to file a personal assignment in bankruptcy or consumer proposal. Upon filing, unsecured creditors are stayed from taking any further collection proceedings. Garnishments (except for spousal or child support), court proceedings and collection calls cease and the debtor is protected from their creditors. The filing provides relief from creditors but the “fresh start” doesn’t occur [...]
A consumer proposal can be filed by a consumer debtor who owes not more than $250,000 (excluding debts secured by the individual’s personal residence). The proposal is an offer to compromise the debt owing over a maximum of five years and usually is comprised of fixed monthly payments. The proposal terms can be as creative as the debtor’s circumstances require, and a majority of the [...]
A consumer proposal is a formal proceeding under the Bankruptcy and Insolvency Act wherein you offer a compromise to your creditors to settle your debts. A consumer proposal can only be filed with a Licensed Insolvency Trustee (“LIT”) who acts as the administrator of your proposal. A free initial appointment can be scheduled with a LIT who will review your financial situation and explain the [...]
A consumer proposal is a formal filing under the Bankruptcy and Insolvency Act that offers a compromise to your creditors. The terms of the proposal can be creative, but they must offer a higher distribution to your creditors than would be available in a bankruptcy and must be completed within 5 years. A proposal enables you to retain assets, keep any increase in income or [...]
You may be struggling with a significant amount of debt that you can’t foresee paying off based on the monthly payments you currently can afford to make. A free assessment with a Licensed Insolvency Trustee at Taylor Leibow Inc. will review the following debt relief solutions for you to determine which is best for your circumstances: Debt Consolidation Loan A debt consolidation loan is obtaining [...]
The purpose of this series of blogs is to make taking the first step to see a Licensed Insolvency Trustee easier by reading about others who started their path to financial freedom by filing a consumer proposal. Pretty well every debtor that I see for an initial, free consultation has different circumstances. Just this morning, I saw three debtors with very unique situations who all [...]
