The market is currently flooded with debt advice businesses offering to help consumers with excessive debt. The vast majority are unlicensed and unregulated 'debt consultants' not licensed insolvency trustees. Many simply charge a substantial fee and then simply refer debtors to a licensed insolvency trustee to deal with their debts. A bankruptcy trustee is now called […]
Bankruptcies and consumer proposals in Canada are debt restructuring options available under the Bankruptcy & Insolvency Act. Increasingly today consumers are choosing to file a consumer proposal and avoid declaring bankruptcy. In order to help consumers more easily recognize and identify individuals licensed to provide debt restructuring services (both bankruptcies and consumer proposals) under the […]
Collection agents and acquaintances are not always honest. On today's Debt Free in 30 episode, we talk with industry experts to hear their scary debt stories and how they handled each situation.
Before you file for bankruptcy in Canada, you are required to meet with a licensed bankruptcy trustee who will assess your financial situation. This assessment serves two purposes: It allows the trustee to fully review your situation and provide you with personalized advice regarding your options, and it gives you the opportunity to ask questions and to […]
Most people know the role of a bankruptcy trustee, but have you ever wondered what a trustee really does during the work day? Some days are busier than others, but the thing I like about doing what I do, is that no two days are the same. Here is what I did yesterday. 8:30-9:00 am - […]
If you are considering filing bankruptcy or a consumer proposal, you must select a trustee to work with you throughout the process. All bankruptcy trustees in Canada are licensed by the Federal government. That means that each has gone through extensive training and gained practical experience necessary to practice bankruptcy law and be granted a license. So technically, […]
The world is an interesting place and if you can imagine something, then someone, somewhere can find a way to sell it to you; even if the information is available for free. Really. Case in point – bankruptcy advice. A not so little industry has been created in the last decade made up of people […]
Stand back – it may be time for a rant. Really. This topic tends to set me off and I will tell you why… A consumer proposal is a legal procedure that allows Canadians to repay a portion of their debts, instead of filing an assignment in bankruptcy. By law, only a licensed trustee in […]
Choosing a bankruptcy trustee is a very personal decision.
You have debt and you want help, and you hear the ads on the radio or throughout the internet promising to eliminate your debt, but you don’t know who to trust. Are debt counsellors real, or are they a scam? Are they different than seeing a trustee? What does a debt coach do? You should […]