I am having a hard time comprehending the magnitude of the COVID-19 virus and the effect on people’s lives around the world. Businesses have voluntarily and mandatorily closed to allow people to self-distance, thousands are losing their jobs, and Lysol wipes are a hot commodity. Many creditors have refrained from enforcement proceedings at this time, but that does not relieve the stress of knowing you [...]
A consumer proposal is a formal proceeding under the Bankruptcy and Insolvency Act that will stop collection proceedings by your creditors including a garnishment of your wages. Many people ask me why they would file a consumer proposal over a bankruptcy. A consumer proposal is less harmful to your credit rating, does not have the same long-term impact as a bankruptcy and allows you to [...]
Everywhere you look there are reports on the record level of debt that Canadians are carrying. Surprisingly, the number of insolvency filings has actually decreased substantially from ten years ago. With low interest rates and low unemployment, some debtors are managing to continue to make their monthly payments and pay down their debt. Many are not able to find a solution on their own, which [...]
To prove that you are not alone in dealing with too much debt and to give you some comfort about how easy it can be to call me for help, here is story #2 of a debtor named ‘Joe’. Joe is 30 years old and has accumulated a significant amount of debt due to addictions, unemployment and deteriorating health. He is getting his life turned [...]
It is almost a certainty that everyone you know has debt, whether it is in the form of a mortgage, car loan, credit card, old cell phone bill or personal loans from a family member. I’m confident that every one of those people would like to repay their debt – nobody borrows money with the intention of just filing bankruptcy to get rid of it. [...]
Did you meet your financial goals for 2015? Or did you track your expenses for a couple of months and then fall back into old habits of spending without accountability? Have you already forgotten about your 2016 financial New Year’s resolutions? Media coverage on the high level of debt Canadians are carrying may make you feel better about your own situation – you are [...]
Finally, the weather is warmer and we can come out of our winter hibernation. We feel the urge to spring clean our residences and our yards. Spending time outside also allows you to avoid those never-ending phone calls from collection agencies. Now is not the time to avoid your debt – spring clean it – just as you would your house and gardens. Here [...]
Finding a Trustee in bankruptcy is easy – just Google “bankruptcy” or flip through your phone book. Selecting a Trustee may be more difficult. Why? Taking the step to even explore the idea of bankruptcy is an emotional decision. No one wants to feel as if they failed. No one wants to let someone else know they’ve had trouble managing their finances. Yet, however [...]
Until January 2014, any debts owing to 407 ETR could result in a license plate denial – even if you filed for bankruptcy. Generally, the federal law states that debts that existed prior to an assignment in bankruptcy are erased after your discharge from bankruptcy. This “fresh start” principle allows an insolvent person to get back on their feet and move forward without the [...]
Most people go to work every day and perform their daily tasks because that is what they are paid to do. At Taylor Leibow, we take pride in the fact that what differentiates us from our competitors is the professional, non-judgmental, compassionate and caring manner in which we treat every debtor that enters our offices. Receiving a thank you letter, like the one below, [...]
