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 [...]
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 debt again. Then the credit card offers started to come in and it made sense to utilize them for convenience and to rebuild your credit. A large car repair was maybe charged to a credit card; monthly living expenses increased; [...]
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 in bankruptcy or a proposal to creditors. Upon the filing of a personal bankruptcy, there is a ‘stay of proceedings’ which means unsecured creditors are no longer able to pursue for collection of the amounts owed to them. Garnishment of [...]
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. A couple of reasons I hear often are: The loan is co-signed by another party and I don’t want the co-signor to be pursued for payments; The debt is owed to a personal friend or family, and I feel a [...]
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 you have made this decision, you want to start the process as quickly as possible to stop the telephone calls from collection agencies and garnishment of your wages. Step 1 The first step is to make an appointment with a [...]
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, recreational vehicles or excess equity in a house must be realized by the Licensed Insolvency Trustee for the general benefit of creditors. What many debtors don’t realize is that the Trustee also has an obligation to pursue “after-acquired assets” meaning [...]
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. They had a dream to be their own boss and provide a quality service or product to their customers but they didn’t have a clue on how to keep proper books and records, monitor accounts receivable and cash flow nor [...]
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 quality of their workmanship, they receive many referrals from prior clients and are working endless hours to service their clients. This, unfortunately, takes time away from managing the business and record keeping and tax filings often become delinquent. It may [...]
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. Many are very hesitant to file bankruptcy due to the perceived negative perception and others are quickly ready to take control of their lives and be free of harassing collection calls. Technically, to file for bankruptcy, you must: Owe at [...]
