Is a Consumer Proposal a Good Idea?

Posted in Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

A consumer proposal is just one option for dealing with debt. As a debt relief approach it has it's own advantages and disadvantages over other programs that help you get out of debt.  For example: it can be better than bankruptcy if you have enough income to trigger surplus income payments or have assets that […]

Will Consumer Debtor Protection Services or Debt Assistance get you a Better Consumer Proposal?

Posted in Consumer Proposals
Posted by Ted Michalos, BA, CPA - LIT

Now that the Ontario government has restricted debt advisors from charging up-front fees before completing a settlement with creditors, many debt relief companies are switching their business tactics. What they now offer is so called consumer debtor protection services, debt assistance or consumer proposal referral programs. What is consumer debtor protection and what are they […]

Is There Such Thing As A Typical Consumer Proposal?

Posted in Consumer Proposals
Posted by Howard Hayes, Btec, CIRP - LIT

Just like no two individuals' debt problems are the same, no two consumer proposals will ever be exactly the same either. However the driving forces behind how a consumer proposal is negotiated do follow a similar pattern. Debt Is Different For Everyone The size of debts, types of creditors and other factors, like how and when the debt […]

Avoid Bankruptcy For The Second Time: A Consumer Proposal Story

Posted in Success Stories
Posted by Rebecca Martyn, CPA, CGA, CIRP - LIT

No matter how careful, or how many plans we make, sometimes life just doesn't co-operate. Here is an example, based on a client we helped in Windsor Ontario who, despite her best efforts, found herself facing bankruptcy a second time. Since filing bankruptcy twice can be costly, we looked at ways to help Julie (not […]

Should You Declare Bankruptcy?

Posted in Personal Bankruptcy

If you are wondering if declaring bankruptcy is the right solution to eliminate your debts, read through our handy infographic to answer some key questions: Do you qualify? What does bankruptcy do for you? Is bankruptcy the right solution? What are the alternatives to bankruptcy?

Whitby Senior Happy To Avoid Bankruptcy

Posted in Success Stories

Norma (not her real name) was struggling to get by on her pension. As often happens, she ended up using credit to help makes ends meet. Eventually she was ashamed to find that she had accumulated $12,000 in debts she could not repay. A neighbour in her townhouse complex gave her our number and told her to contact our […]

A Consumer Proposal Is Only As Successful As Your Budget

Posted in Consumer Proposals
Posted by Joel Sandwith, BA - LIT

We receive calls every day from people asking whether they qualify for a consumer proposal and how the proposal process works. There are many factors that are taken into account when filing a consumer proposal.  One of the most important factors is your budget. When you are in financial difficulty, it's hard to imagine you can create a budget […]

Employment Concerns: A Toronto Case Study

Posted in Consumer Proposals | Success Stories

Whether it's because you work under contract or your business has announced some closures, being concerned about the security of your job is stressful. Combine that with extra credit card debts and you worry about whether or not you will be able to keep up.You wonder whether you should act now, or wait until your situation becomes a little more certain. Here is one person's story.

Lessons Learned From Orchestra London's Financial Problems

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Possible Bankruptcy In Orchestra London's Future I was interviewed today by Devon Peacock on AM 980 to discuss the possible bankruptcy of Orchestra London.  I’m not involved in the file and have no insider knowledge, but here’s what I do know: If your expenses are higher than your income, you have a problem.  This appears […]

5 Reasons Not To File Bankruptcy

Posted in Personal Bankruptcy
Posted by Scott Schaefer, CPA, CA, CIRP - LIT

There are many reasons why someone would file for personal bankruptcy in Canada as a means of dealing with their debts and getting a fresh start, but there are equally good arguments not to declare bankruptcy. Here are 5 common reasons why bankruptcy may not be your best choice and why you might want to avoid bankruptcy: Bankruptcy […]