Our knowledgeable team of Licensed Insolvency Trustees provide information and expert advice to help you on your way to becoming debt free. Our blog includes podcasts, videos, articles, case studies and Industry Insights about consumer proposals and bankruptcy in Ontario as well as personal finance, credit rebuilding and other money management tips for anyone looking to get out of, or stay out of, debt.
If you are struggling with debt, you may need debt forgiveness as opposed to a repayment plan. Determining this can be assessed by answering three questions: Are you barely making the monthly minimum payments on... Read more »
While the terms bankruptcy, insolvency, and default all relate to debt and are often used interchangeably, they do not share the same meaning. Insolvency is a state of financial distress; bankruptcy is the legal process... Read more »
The minimum amount of debt required to file bankruptcy in Canada is $1,000 in unsecured debt. However, to file bankruptcy you must also be insolvent which means you are unable to pay your debts as... Read more »
While this shouldn’t be complicated, terminology can lead to a lot of confusion. This is no truer than with the concept of a consumer proposal in Canada. Part of the problem is that non-licensed, non-registered... Read more »
A recent study by Leger found that one-in-five Canadians would be forced to sell off assets to pay off, or pay down, their debt. Most people we meet don’t have a manageable amount of debt.... Read more »
Every year, we analyze information we collect about our clients to develop an updated profile of the average person filing insolvency. We call this person Joe Debtor. As the economy changes, so too does Joe... Read more »
Interest rates are the price lenders charge to use money we borrow. The riskier the loan, the higher the interest rate. That’s why different types of loans have very different rates. The Bank of Canada... Read more »
The Office of the Superintendent of Bankruptcy has announced the new surplus income limits for 2019 bankruptcy filings: Family Size Income Threshold 1 $2,203 2 $2,743 3 $3,372 4 $4,094 5 $4,644 6 $5,237 7 $5,831... Read more »
Budgeting for bill payments and saving can be a straightforward process when you have a regular, consistent paycheque. But how do you stay on top of your finances when your income differs from one month... Read more »
In over 20 years helping Canadians eliminate their debt, I’ve yet to hear a single client say they chose to have debt problems. Debt accumulates over time and then it becomes an even bigger problem... Read more »
Many tax preparation companies offer a “cash back” option, meaning that they give you cash on the spot after preparing and filing your tax return. H&R Block is the most common example, but many smaller... Read more »
When used correctly, a credit card is a helpful tool to build your credit history, and it’s safer than carrying cash. However, when mismanaged, a credit card can quickly become one of the most expensive... Read more »
You may be surprised to hear that 4 in 10 bankruptcies involve payday loans. For many people, payday loans are not a one-time borrowing option. You may start out thinking I’ll only take out one... Read more »
Many people we meet are surprised to find themselves so far behind financially they can no longer pay their bills. The problem with debt is that it creeps up on us slowly. Today we are... Read more »
There are consequences for failing to make your debt payments as they become due; however, you do not go to jail just because you default on a credit card debt, bank loan, student debt or... Read more »
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