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 with debt for a long time but have been afraid to take the step to come to see a Licensed Insolvency Trustee for advice. They have turned to payday loans, borrowing from family, and sometimes scrimping on the basic necessities [...]
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 the intention to repay. Unfortunately, “life” sometimes interrupts the ability to repay with a job loss, separation of marriage, or insufficient funds to meet family needs. A bankruptcy allows you to eliminate the debt burden and be a future contributing [...]
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 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 [...]
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 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 [...]
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 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 [...]
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 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. [...]