What happens if you lose a lawsuit and can’t pay in Canada?
To clarify, I am not a lawyer, and thus, I am not giving anyone legal advice. If you disagree with the outcome of your lawsuit,…
What is the right amount to offer in a consumer proposal?
Contrary to the advertisements that may pop up on your social feeds, there is no quick fix to reduce your debt by 80%. There is…
When is the best time to see a Licensed Insolvency Trustee?
One of the most common comments I receive when I have helped someone with their debt is, “I wish I had come to see you…
What to do when you receive a collection notice from the Canada Revenue Agency (“CRA”)
Amounts owing to the CRA for personal income tax and HST sometimes get pushed aside to concentrate on paying your everyday living expenses. The CRA…
What to Know If You Have Financed Home Improvement Equipment
One tactic some companies have used over the years has been to promote their items via door-to-door sales. That is, the salesman would uninvitedly knock…
How To Avoid Buyer's Remorse
Have you ever made a significant purchase and immediately questioned whether it was a good idea? Have you been out with friends and spent a…
Can a Debt Consultant Get Me a Better Deal with My Creditors?
When you are struggling with debt and embarrassed by your financial situation, it is hard to take the first step to reach out for help.…
The Meaning of Insolvency
If you are in debt, you may hear the word “insolvency” being used. What does this mean, and how does it affect the options available…
Is a Consumer Proposal a Loan?
Many people reach out to a Licensed Insolvency Trustee (“LIT”), thinking that we pay their debt in bankruptcy or that we provide a consolidation loan to pay…
Can you go bankrupt more than once?
The Bankruptcy and Insolvency Act (“BIA”) is the federal legislation that governs insolvency filings in Canada. There is nothing in the BIA that prevents an…
Can I file for bankruptcy if I am current on my debt payments?
To the surprise of many, it is not a requirement for you to be in arrears on your debt payments to file an assignment in…
Can I retain my bank account in a bankruptcy or consumer proposal?
The number of people who have had the same bank account since they were children is surprising. They feel a sense of dedication to their…
New Year – New Financial Goals
Happy New Year! Around the world, there are many traditions to ring in the new year and to invite good luck in the next 365…
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…
Virtual versus In-Person Bankruptcy Consultation
Pre-pandemic Consultations Pre-pandemic, a Licensed Insolvency Trustee (“LIT”) was required to see all debtors in person prior to them filing a bankruptcy or proposal. The…
Why it’s important to be discharged from a bankruptcy
Filing an assignment in bankruptcy legally stays (stops) your unsecured creditors from pursuing you for collection until your trustee is discharged. Your discharge from bankruptcy…
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…
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…
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…
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…
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).…
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…
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…
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…
Tips to Adjust for the Increased Cost of Living
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…
Undischarged Bankrupt – What Does It Mean?
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…
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…
Causes of Financial Difficulty
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…
How To Pay Off Credit Card Debt
The average rate of interest charged on credit card debt in Canada is 19%. Some credit cards carry an interest rate as high as 29.9%,…
The Canada Revenue Agency and Bankruptcy (What You Need to Know)
April can be a very stressful time if you know you will owe taxes when you file your personal income tax return but do not…
Take the 30 Day Savings Challenge
The cost of living has increased significantly, with gas prices at all-time highs and food prices expected to continue to climb by 5-7% in 2022.…
How to Pay Off Credit Card Debt
A recent internet search for “the average number of credit cards per Canadian” provided the following interesting facts: There were 76.2 million credit cards in…
What is Debt Consolidation?
Debt consolidation is the act of borrowing a new loan to pay off two or more of your current liabilities and consumer debts, including credit…
Why Should I File for Bankruptcy with Taylor Leibow Inc.?
Making the decision to consult a Licensed Insolvency Trustee to file an assignment in bankruptcy is a difficult first step. Understanding that the Trustee is…
What happens if someone co-signed one of my debts?
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.…
Holiday Spending Tips
Have you ever calculated exactly how much you spend over the holiday season? It may be easy to add up your gift purchases, but have…
What Happens When You File for Bankruptcy?
The majority of personal bankruptcies are voluntarily filed by a debtor (the person who owes money) to provide them relief from overwhelming debt. The debtor…
Where to File for Bankruptcy
The Bankruptcy and Insolvency Act requires that an insolvency proceeding be filed in the “locality of the debtor.” The locality of the debtor means the…
How much does it cost to file bankruptcy?
When you are struggling with the payment of your debt, the thought that you will have to pay a Licensed Insolvency Trustee to file a…
Does Bankruptcy Clear Student Loans?
Student loans can be discharged in a bankruptcy IF you ceased being a full or part-time student more than 7 years prior to filing an assignment in…
Be Cautious of Scams
Unfortunately, it seems there are more and more predators attempting to take advantage of honest people. Just last week, a colleague at my office received…
Assets in Joint Names in a Bankruptcy
There are many reasons why assets are registered in the names of two or more parties. Title to a personal residence is typically registered in…
When to Consider Bankruptcy
Bankruptcy may be considered the “easy way out” by anyone who doesn’t work in the debt relief industry or has never had to file a…
Debt Relief Solutions in Burlington
The stress of carrying too much debt has no geographical boundaries. Many Canadians have fared well during the pandemic with decreased travel and daycare costs…
How is Student Loan Debt Treated in a Consumer Proposal?
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. …
Actual Causes of Financial Difficulty
The Office of the Superintendent of Bankruptcy Canada annually releases a Canadian Consumer Debtor Profile providing details on total insolvency filings; debtor characteristics; median assets,…
Do I Have to File a Personal Bankruptcy if My Business Fails?
It has now been over 13 months since the initial restrictions on businesses were implemented in attempts to reduce the transmission of COVID-19. Some businesses…
Debt Help in St. Catharines
I just read an article in the Financial Post, that stated Canadians would rather incur more debt to fund their monthly cash flow shortfall than…
Debt Help in Hamilton
Many people are willing to talk freely about their health and family issues but can be quiet when it comes to their finances. This may…
What Happens to My Car in a Bankruptcy?
Many people hold off considering a bankruptcy because they are afraid of losing their car. When you are struggling to pay down debt, it is…
Filing an Estate into Bankruptcy
The passing of a loved one is devastating enough without having to receive collection calls from their creditors. Whether you are the spouse or executor…
How long do I have to wait to file a second bankruptcy?
Quick answer – there is no mandatory waiting period. In order to file a second bankruptcy, you must be discharged from your first bankruptcy, owe…
The “Fresh Start” of a Personal Insolvency Filing
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…
Who files a Consumer Proposal?
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…
Budgeting for Seniors Guide
Many seniors who receive limited pension income once per month find it very difficult to budget. These circumstances actually make it more important to budget…
How to Deal with Debt After a Loss of Income
When the COVID-19 pandemic shut down Ontario’s economy in March, 2020, no one could have predicted the extent of job losses and business closures. Many…
Filing a Second Bankruptcy
The Office of the Superintendent of Bankruptcy issued its 2019 Canadian Consumer Debtor Profile reporting 22% of consumer insolvency filers had previously filed a bankruptcy.…
Tips on How To Manage Your Personal Debt
The first step to manage your personal debt is to make a complete list of everything you owe as follows: ABC visa $5,000.00 29.9%…
How to Budget While Repaying a Student Loan
We all know that funding an education is expensive. The costs of tuition, books, a laptop, residence and food are significant. Luckily, student loans are…
Tips on How to Create a Family Budget
Wouldn’t it be nice to have a plan in place of where you will spend your monthly income and how much you will put aside…
Steps to Filing Bankruptcy
Only a Licensed Insolvency Trustee can file a voluntary assignment in bankruptcy for you. You do not need a referral to a trustee; you can…
What Assets are Exempt from Bankruptcy in Ontario?
When a person considers filing an assignment in bankruptcy, they are typically concerned with what assets they will lose. They need a fresh start from…
How much does it cost to claim bankruptcy in Canada?
The minimum fee Taylor Leibow typically charges for a first-time bankruptcy is $1,800 payable in 9 monthly payments of $200.00 each. In addition, your income…
How does bankruptcy affect my spouse in Canada?
An insolvent debtor can file an assignment in bankruptcy to obtain relief from their debt. Many debtors that I consult with at a free, initial…
Annulling a Personal Bankruptcy
Once an individual files an assignment in bankruptcy, they must receive their discharge in order to be relieved of the obligation to pay their creditors. …
When is the best time to file a personal bankruptcy?
The short answer to this question is that you should file a personal assignment in bankruptcy when you feel it is the best solution for…
Understanding the Process of a Consumer Proposal
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.…
What are “Surplus Income Payments” in a Bankruptcy?
You may be struggling to pay your living expenses and debts and sought the professional advice of a Licensed Insolvency Trustee for solutions. The trustee…
Choosing a Trustee to File a Personal Bankruptcy
You have finally decided that filing a voluntary assignment into bankruptcy is the only solution for you to eliminate your debts and move forward with…
Mistakes to Avoid When Consolidating Your Debt
Creditors’ collection remedies are currently hindered due to the COVID-19 pandemic and the closure of courts except for urgent matters. If you are carrying significant…
Budgeting in COVID-19 Days
We are now in week 5 of living/working in a pandemic world. The Ontario government has currently extended the Declaration of Emergency until May 12th,…
Bankruptcy and Tax Debt During the COVID-19 Pandemic
We are in uncertain times with the COVID-19 pandemic and the significant financial burden it is placing on many Canadian households. Our government has stepped…
Debt Relief Solutions in COVID-19 Environment
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…
What happens if my circumstances change after filing a consumer proposal?
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…
Who Knows if I File a Personal Bankruptcy?
Most debtors that attend my office for a free initial consultation to discuss filing a personal bankruptcy are embarrassed and ashamed that they cannot pay…
New Decade Resolution (Budget)
The beginning of a new year marks the time to make resolutions for the coming year. Eat healthier, exercise more, and pay down your debt…
Debt Relief Solutions Other Than a Bankruptcy
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…
What is Financial Literacy?
November 5th is National Donut Day, November 10th is International Accountants Day and November 19th is National Play Monopoly Day. There is a different “national…
Who Goes to See a Licensed Insolvency Trustee? Part 5
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…
Should I File a Second Bankruptcy or a Consumer Proposal?
When you filed an assignment in bankruptcy the first time, you swore you would never get yourself into a position where you couldn’t pay your…
What Does it Mean to be an Undischarged Bankrupt?
The purpose of the Bankruptcy and Insolvency Act is to provide relief to an honest but unfortunate debtor by enabling the filing of an assignment…
What is the standard percentage debts are reduced by in a consumer proposal?
Quick answer – there isn’t a standard percentage that debts are reduced by in a consumer proposal. Like most days, I received a telephone call…
Do I have to include all debts in a personal bankruptcy?
There are many different reasons why a debtor who needs to file a personal bankruptcy asks if certain debts can be excluded from their filing. …
How long does it take to file for bankruptcy?
It wasn’t an easy decision, but you finally realize that an assignment in bankruptcy is the only solution to deal with your debt. Now that…
What happens with an inheritance in an insolvency filing?
Most debtors expect that when they file for bankruptcy they will lose the majority of their assets. Other than exempt or secured assets, any investments,…
Filing for Bankruptcy When You Own a Business
Many business owners who walk into my office wish that a course had been provided on operating a business before they started their own business. …
Can Amounts Owing to Canada Revenue Agency be Included in a Personal Bankruptcy?
Many entrepreneurs who are very good at their trade (roofing, drywalling, etc.) struggle with increasing tax debts to Canada Revenue Agency (“CRA”). Due to the…
When to File Personal Bankruptcy?
I have personally been helping debtors with unmanageable debt levels for over twenty years. The decision to file an assignment in bankruptcy is very personal. …
Declaring Personal Bankruptcy in Burlington
Over time, you have accumulated a significant amount of debt that you are unable to budget to pay off in the foreseeable future. There may…
Do I Have Enough Debt to File for Bankruptcy?
Per the Bankruptcy and Insolvency Act, the minimum amount that you must owe to file an assignment in bankruptcy is $1,000. This is a pretty…
Pros and Cons of Claiming Personal Bankruptcy
Most people are aware of the negative impacts of a bankruptcy filing and are thus hesitant to explore this solution to their debt issues. Fewer…
Declaring Personal Bankruptcy in Hamilton
You know you are in over your head with the amount of debt you are carrying. Each pay cheque you carefully try and juggle paying…
Declaring Personal Bankruptcy in St. Catharines
You make your minimum monthly payments on your credit cards, but the balance outstanding continues to increase. With an annual interest rate of 24-29% on…
2019: New Year – New Financial You
At the beginning of every new year, we typically make resolutions for personal improvement in the coming year. These resolutions tend to be focused on…
Who Doesn't Go to See a Licensed Insolvency Trustee But Should
Daily, debtors walk into our office many months later than they should be to look for assistance with filing a bankruptcy. They have been struggling…
What is Bankruptcy in Canada?
An assignment into bankruptcy is a legal process that was enacted to provide relief to an honest but unfortunate debtor. Most people incur debt with…
Who Goes to See a Licensed Insolvency Trustee? Part 4
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…
Who Goes to See a Licensed Insolvency Trustee? Part 3
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…
Who Goes to See a Licensed Insolvency Trustee? Part 2
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…
Who Goes to See a Licensed Insolvency Trustee? Part 1
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…
Her Majesty the Queen and Callidus Capital Corporation
We have highlighted some of the more relevant factors considered in the case. Essentially the case outlines the Court’s perspective on whether the bankruptcy of…
Bankruptcy – second time around
You’ve been bankrupt once due to life circumstances – a job loss, a divorce, lack of knowledge about managing debt, or other issues. Once discharged…
2016 – Your Year of Financial Recovery
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…
Spring clean your finances too
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…
Consumers Beware – Gift Cards
It’s that time of year when we are all overwhelmed with seasonal events and Christmas shopping. What is the perfect gift for that person who…
Why Choose a Consumer Proposal?
You make a decent income and own your own home but can’t seem to reduce your total debt load even though you make your monthly…
Separation, Divorce and Bankruptcy
The decision to separate or divorce is never an easy one. Combined with the emotional stress of having less income, paying lawyers, having higher costs…
Selecting the Right Trustee in Bankruptcy
Finding a Trustee in bankruptcy is easy – just Google “bankruptcy” or flip through your phone book. Selecting a Trustee may be more difficult. Why?…
Bankruptcy and your 407 ETR debt
Until January 2014, any debts owing to 407 ETR could result in a license plate denial – even if you filed for bankruptcy. Generally, the…
A Special Thank You
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…
Start the year off right by paying down debt
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…
CHML Ask the Expert regarding bankruptcy and consumer proposals – October 12, 2013
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…
Can I afford to file for bankruptcy?
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…
How to Deal with Collection Agencies
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…
Budgeting should be a family event
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…
How can my business survive when clients don’t pay?
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…
Debt Advice for Seniors
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…
Can I keep my car in a bankruptcy?
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.…
The initial consultation – what to expect
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…
Tax time and your tax debt
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…
Should I borrow from family or friends to pay my debts?
Overwhelming debt creates enormous stress in a household. Collection agencies may be continually harassing you by repeatedly calling your home and place of work. You…
Getting credit as easy as 1-2-3
Using credit is an easy temptation if you’re short of cash. For many consumers, credit is readily available in the form of a credit card,…
Beware of payday loans
It seems like a quick, easy fix. You’ve found yourself short of cash until your next paycheque, so why not get a payday loan to…
Stopping a Wage Garnishment
It can be embarrassing to hear from your employer that your wages have been garnisheed. Nobody wants their employer to know their personal business, especially…
Refinance your home or consumer proposal
Your debt has become unmanageable; you can’t sleep at night; and your stress levels are at an all time high. You’re desperate to reduce those…
Your credit bureau reports
When applying for any type of credit, the lender will request a copy of your credit bureau report. This gives them a picture of how…
Bankruptcy and your spouse
We often get asked – what happens to my spouse if I file for bankruptcy? Marital status and debt are two separate issues. However, one…
What happens to my student loan in a bankruptcy?
This is a common question with a relatively simple answer. If you have been out of school for more than seven years, then the student…
Is there life after bankruptcy?
Filing for bankruptcy is not a life sentence –you will have your financial life back once the bankruptcy is discharged if you develop a new…
What are debt settlement companies?
I’m sure you’ve heard the radio ads – how a government approved debt settlement company can settle and/or reduce your debts. This is very powerful…
How to budget
Have you ever gone to the ATM machine and taken out cash, then before you realize, it’s all gone and you’re left scratching your head…
Will I lose my house in a bankruptcy?
As stressful as the decision to file bankruptcy is, it’s even more so if you own a home. Consumers who are having trouble meeting their…
Post-holiday debt – What to do?
The holidays are over and now the credit card bills are coming in on top of those utility bills you may have delayed or that…
Warning Signs of Financial Difficulty
You may have been struggling with your debt for a while hoping things would get better – but are you at the point where you…
Legislative Changes September 18, 2009
Amendments to the Bankruptcy and Insolvency Act Effective September 18, 2009, significant changes were made to the Bankruptcy and Insolvency Act to streamline procedures and…
The Aftermath – Rebuilding Credit
A personal bankruptcy will remain on your credit rating for six years from your discharge from bankruptcy. A consumer proposal will remain on your credit rating for three years…
Misconceptions About Personal Insolvency
Your creditors are calling from the early hours of the morning until late evening. They are pressing you to beg and borrow funds to pay…
Financial Consumer Agency of Canada – Consumer Alert – Debt Reduction Companies: Beware of “Too Good to be True” Offers
The Financial Consumer Agency of Canada (FCAC) ensures federally regulated financial entities comply with consumer protection measures, promotes financial education and raises consumers’ awareness of…
Sign of the Times
During uncertain economic times it can be challenging for mortgage professionals, especially those new to the field, to find avenues for financial growth. Housing markets…
Be Prepared for the NIQP’s Challenges – Rebuilding Success, Spring 2006 issue
If you are planning to take the National Insolvency Qualification Program, you had better come prepared. Composed of five courses and three separate exams, NIQP…
