Leamington
Bankruptcy’s Automatic Stay of Proceedings A Stay of Proceedings goes into effect as soon as a bankruptcy or proposal is filed. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation It will stop any collection action including a wage garnishment. The stay also prevents your … Read more
Surplus Income in Bankruptcy Surplus income is the name given to the calculation a Trustee must use to determine the monthly payments that a bankrupt must make. If the bankrupt’s income is over a certain level set by the government calculation, then they must make the required surplus income payments. Our Bankruptcy Calculator will give … Read more
What Happens if I Don’t Fulfill My Duties During A Bankruptcy? If you have not completed any of your duties, your Trustee will be forced to oppose your discharge. Without your discharge, your debts will still exist and your creditors can pursue you for collection just as though you never filed bankruptcy. Receiving a fresh … Read more
Information on Consumer Proposal Administrators In order to file a consumer proposal, you must use a consumer proposal administrator. A consumer proposal administrator is a licensed expert that is regulated to administer to consumer proposals in Canada. A consumer proposal is an agreement between a debtor and his/her creditors that is legally binding. The debtor … Read more
Many Canadians find themselves trapped in credit card debt at some point in their life. In fact, only 25% of us pay off their credit card debt each month in full. With high interest rates, unexpected expenses and easy credit, it is very easy for your credit card debt to slowly creep up on you. … Read more
Consumer Proposals Have a 98% Acceptance Rate: We made the statement in this article that almost all consumer proposals are accepted because the creditors know they will get more money with the consumer proposal than if the debtor goes bankrupt. In many cases the creditors will get nothing in a bankruptcy. Trustees report that consumer … Read more
Licensed Insolvency Trustees, a new name for Trustees! This new name replaces “Trustee in Bankruptcy” or, in French “Syndic de faillite.” The Office of the Superintendent of Bankruptcy Canada (OSB) made this change, effective on April 1, 2016. The change was made to more accurately reflect what trustees do. Trustees don’t only handle bankruptcies as … Read more
How to Eliminate Credit Card Debt If you are stuck in credit card debt and are looking for ways to tackle your maxed-out credit cards we have some easy methods for getting your credit card debt under control. If you are ready to pay off your unsecured debt once and for all these methods can … Read more
What happens to your debts when you die? Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation Let’s begin with mortgages. Many mortgages are covered by mortgage insurance. Term life insurance is a better choice for these reasons: If you change banks, your term … Read more
Need Help Reviewing Your Financial Situation? Contact a Licensed Bankruptcy Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation There are many reasons why people file bankruptcy, especially with the economy struggling in parts of the country. Most bankruptcies are filed by individuals and there are many reasons why a bankrupt faces monetary … Read more
Many people know they must file for bankruptcy or a proposal but keep putting it off, hoping for a change in circumstance or a miracle. It is important you conduct yourself properly concerning whom you pay and how you deal with your assets while you are deciding whether to file for bankruptcy. If you don’t, … Read more
A consumer proposal is a very attractive way for debtors trapped in debt to get their finances under control. In addition to providing debt forgiveness, and allowing for a debt repayment plan that is interest free, in some situations it is also the cheapest way to get out of debt. For some debtors, going bankrupt … Read more
The easiest way to prevent financial problems. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation Money worries? Financial stress? Sleepless nights? Maybe arguments at home? Our LIT (Licensed Insolvency Trustee) wrote this article on the easiest way to prevent financial problems: Here are … Read more
A study of 5,500 individuals on millennials and financial literacy conducted by PricewaterhouseCoopers and George Washington University confirmed that millennials (ages 23 – 25) have an alarmingly low level of financial literacy, which could have “disastrous” effects on the economy. Have inadequate financial literacy When tested on financial concepts, only 24% demonstrated basic financial knowledge. Need … Read more
Bankruptcy Canada’s Licensed Insolvency Trustee (LIT) wrote this article to dispel many common credit score myths that a Trustee most commonly hears. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation Understanding credit and your credit score can be confusing for many Canadians due … Read more
These Tips for Managing Your Money should help you keep your finances under control. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation Tips for Managing Your Money. Tip #1 – Track your spending: Most of us don’t have a clue of how much we … Read more
Bankruptcy vs Alternatives: Should I File a Consumer Proposal or Go Bankrupt? Bankruptcy vs Consumer Proposal You have decided to see a trustee to get some options to deal with your financial crisis. From the research you have done you have homed in on either bankruptcy or a consumer proposal to deal with your debt … Read more
What Are The Top 10 Causes of Bankruptcy in Canada? People who are considering filing bankruptcy are not alone. Over 120,000 Canadians declare bankruptcy or make a consumer proposal (a popular bankruptcy alternative) annually. These consumers are honest people who found themselves trapped in debt for one reason or another. Need Help Reviewing Your Financial … Read more
Benefits of Credit Counselling Canadian consumers who are struggling to repay their debt might benefit from a credit counselling plan. Credit counselling can help you regain control of your finances. Working with a credit counselor, such as a Licensed Insolvency Trustee, allows you to work with a financial expert who can review your current debt … Read more
A recent Equifax National Consumer Credit Trends Report sheds some interesting facts on debt loads (excluding mortgages) across Canada, by province, city and age group Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation Ontario consumers experienced the greatest increase with a 5.1% increase … Read more
