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Posts from the 'Debt Management' category

Collecting after someone declares bankruptcy?

2013-09-10 23:53:45

If someone owes me money and I go to Court to sue them and I win, can I still collect from them if they declare bankruptcy?

If you go to Court and are awarded a Judgement, then you can proceed to try to collect on that Judgment to the best of your ability, but if someone declares bankruptcy then you can no longer continue trying to collect on that debt.

As a background, if you get a Judgement from the court then you are considered a “Judgment Creditor”.  This is just a legal...[more]

Credit Counselling - Recent Trends and the Increase in Debt Poolers in Canada

2014-03-10 23:03:32

 Review of Credit Counselling – Recent Trends 

Who’s in the Business and Who is Best Serving Debtor Needs?  This is a question that I get asked regularly.    With the increasing presence of Debt Poolers and those calling themselves Credit Counselor, there seems to be many issues with respect to Credit Counselling and Debt Pooler's – as the level of Canadian debt has been ever increasing, there is also the reciprocal increase in companies who are...[more]

Personal Financial Issues focusing on Canadian Consumer Debt.

2014-03-10 23:15:10

 In the Canadian Context, what leads to the majority of personal financial issues on anecdotal basis?

As a Canadian Bankruptcy trustee dealing with both small business and personal insolvency issues, when we are approached to outline the personal options available to debtors either personal bankruptcy or settlement of debt proposal to creditors we find that:

-What are the New rules governing Ontario debt settlement companies? 

Should British Columbia take a lesson from Ontario when drafting new Debt Relief Issues for Consumer Debtors in BC?

 

In Summary, the new legislation in Ontario includes:

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What documents do I bring to my bankruptcy consultation?

2014-03-27 00:34:50

What do I need to bring to my bankruptcy consultation? 

 This is a free one on one, office consultation where we go over your personal information and financial situation and outline your options.  At your free consultation she will walk you through your options from a proposal to your creditors or a personal bankruptcy if that is the option that works better for...[more]

Rebuilding Your Credit

2014-05-22 17:24:25

After suffering financial difficulties it is important to start rebuilding your credit. What is a credit score? Your credit score is what new lenders check before they approve a loan.  It is provided by a credit reporting agency who collect information on your repayment history from your previous lenders.  Good repayment histories lead to high scores and the ability to borrow more.  Poor histories, including late payments, collections and consumer proposals lower your score and can result in a loan being refused. In Canada...[more]

Secured Credit Cards

2014-05-22 20:27:02

What is a Secured Credit Card? Secured credit cards are credit cards that require a deposit to be put down against the credit limit.  Dependent on the card the credit limit will either be a percentage of this deposit, or the same as the deposit. This deposit will be placed in an untouched high interest account and will be returned in full, upon cancellation of the card (assuming you don’t default on your payments). It's difficult today to get by without a credit card. If you want to stay in a hotel, rent anything,  or...[more]

Consumer Info Removed From Credit Reports After 6 Years

2014-05-23 22:07:50

 BC Supreme Court, Vancouver

In Canada there are two main credit reporting agencies; Equifax and TransUnion Canada.  They collect information from creditors on repayment histories and produce credit reports which new lenders can look into before offering you credit.  Both agencies operate Canada wide, but how long consumer information can stay on your credit report differs from province to...[more]

Credit Counsellor vs. Trustee in Bankruptcy

2014-05-28 16:46:32

You’re struggling to pay your debts and you need some help; who do you go to for advice?  Both Trustees in Bankruptcy and Credit Counsellors offer financial advice and debt solutions options so what is the difference between the two?   Credit Counsellors offer help creating a debt...[more]

Online Financial Resources

2014-06-02 21:13:48

There are plenty of online financial resources to help you keep track of your finances, create and stick to a budget, and keep track of where your money is going.  Here are a few good ones that can really make a difference if you struggle to keep track of your money.  Remember that the key to financial health is being aware and proactive.

  1. getsmarteraboutmoney.ca
  This website has some of the best financial calculators available for free online. Online financial resources like this one help...[more]

Financial Health Check

2014-06-02 20:46:28

financial health checkup   One of the keys to maintaining good financial health is taking time to check in with yourself and your accounts.  Finances that are ignored or neglected can easily get out of hand and your financial health can take a hit. If you...[more]

Mandatory Counselling Program Report

2014-06-02 19:15:06

All insolvency filings in Canada are administered under the ­Bankruptcy and Insolvency Act. Bankruptcy Trustees are licensed and regulated professionals who do the actual administration, and they report directly to the Office of the Superintendent of Bankruptcy (OSB) Canada.  The BIA sets out the rules and procedures that Trustees and bankrupts must abide by. One of these rules is mandatory counselling.

  Once a debtor assigns into bankruptcy they must attend a minimum of two mandatory counselling sessions over the term of their bankruptcy.  The...[more]

Budget Tips for Beginners

2014-06-09 16:11:42

  If you are struggling with debt, there are many different solutions you can look into.  Sometimes the only answer left to you is bankruptcy, but often your debt isn’t as unmanageable as you fear.  Before going through a formal solution which can put a black mark on your credit card, consider whether a simple budget could help you manage your debt and pay it off in a timely manner.   We hear it time and again from financial experts, but starting a budget can be daunting and hard to stick to. Here are some tips to get you started on the path to a successful...[more]

How to Deal with Collection Agencies

2014-06-16 17:17:53

Sometimes life happens, and even a diligent bill payer can find himself behind on payments.  If this happens you can find yourself faced with collection agencies, which can be a very stressful time.  Here are some tips for negotiating your way through such a situation

 
  1. Prioritise Your Debt – Not all debt will be treated the same. Taxes, Student Loans and secured debts like mortgages are tough to get out of.  They rarely cut deals, so if you fall behind you are going to have to find a way to pay it all. ...[more]

The Benefits of a Budget

2014-06-23 20:52:07

When you are struggling with debt it can become overwhelming very quickly. There are plenty of options out there to give you some debt relief, including filing for bankruptcy or a consumer proposal.  However these are somewhat drastic measures that can harm your credit rating, so it is always best to consider other options first. Many people are unaware that a simple budget could help them get their finances under control and make the payments that they are currently juggling.  If you are already far behind or receiving calls from a collection agency then you may need to seek...[more]

Seniors...Stay put or Sell and Rent?

2015-09-09 19:41:55

Seniors – Stay put or Sell and Rent? Here’s a question that seniors everywhere are asking themselves... Should we sell and rent? Or stay in our home.  Most seniors enjoy their current home and have spent 30 plus years making it perfect for them. So why should they sell?  They have great transportation links, a lively urban scene, large backyards and nearby parks for their dogs to run around in but talk of a possible pullback in housing prices has some seniors thinking.. Is it time to sell? Invest the proceeds and rent their next home? The Real Estate market could be the deciding...[more]

4 Things You Didn't Know About Bankruptcy

2014-08-11 16:21:28

Debt problems aren’t something we like to talk about, and because of that there are a lot of misconceptions about the bankruptcy process.  This post aims to shed a little light on insolvency and share some facts that you probably didn’t know. $1,000 minimum: You don’t need a huge amount of debt to file for bankruptcy.  While it is uncommon for someone with only $1000 of debt to require a bankruptcy filing, everyone’s situation is different.  Don’t put off seeking advice because you think your debt load is too small to qualify.   No income...[more]

Tackling Your Debt: Options and Pitfalls

2014-08-25 16:07:45

When you decide to tackle your debt there are many options to choose from and each of them have their own pitfalls.  This post covers three common choices people make to deal with their debt and some of the things you should consider before committing to any of them. Cashing in RRSPs:  Your RRSP may seem like an easy source of money to get you out of a financial jam, but it is likely you will need that money later in life, so think hard about the future consequences.  Once the funds are released to you they will be considered taxable income, so be careful to account...[more]

Wage Garnishment - Affect on Consumers

2015-05-21 21:22:59

Problems associated with debts: Wage garnishment. – Possible affects on Consumers and What you can do about it?

What does it mean to have your wages garnished?

When you don’t pay your debts, your creditors can obtain a court judgment to garnish your wages. To “garnish” means to attach (as money due or property belonging to a debtor) by way of garnishment. A judgment is merely an agreement from a judge in a court of law that you owe a debt to your creditor who has made the application to court. With this piece of piece of paper, called a judgment,...[more]

How to get rid of Credit Card Debt

2015-06-08 21:29:29

Is credit card debt weighing you down? Do you often file away or trash your credit card statement without paying off the balance? Do you  wonder about the best ways to pay off your credit card debt? If so, you’re not alone. Nearly half of all Canadian credit card holders (46%) are carrying credit card debt, and one in three don’t pay off their credit card bill every month.

Over half (52%) use their credit cards to make the majority of their purchases, and yet one third don’t actually keep track of their credit card charges until they receive their bill...[more]

How Consumer Culture Increases Personal debt levels

2015-07-24 23:10:30

Economists have been sounding the alarm about consumer debt for the last few years. Yet despite all the warnings, a new Statistics Canada report suggests Canadians continue their free-spending ways, which experts say is due to a carefree outlook on borrowing money. We have been given a false sense of security thinking that interest rates are at an all-time low, and life is great. Unfortunately, this is not true for many of us and reality says interest rates will eventually rise and life will become a challenge. A recent report by Equifax stated that the total amount of...[more]

What to ask yourself before taking on (more) debt

2015-09-23 19:37:33

Always ask what the true cost of borrowing is before taking on debt. When a client borrows money, he incurs both financial costs and transaction costs. Financial costs include: interest, loan or membership fees, and savings requirements. Transaction costs refer to either money paid out or opportunity costs to access the loan. Examples of transaction costs are transportation or child care costs while attending meetings. Other transaction costs are indirect costs imposed by lenders through their delivery systems, but which are not received by the lending organization in the form of...[more]

Who is the most Vulnerable if Housing Prices drop?

2016-01-26 02:33:53

According to the Centre for Policy Alternatives, Canadian homeowners under 40 will take a major financial hit if real estate prices come crashing down. The report the Centre released in November of 2015 suggests that if real estate prices crash as expected in the near future, 1 in 10 homeowners under 40 will be underwater on their mortgage, meaning their debts will be greater than their assets. Right now the Bank of Canada estimates that the real estate market is overvalued from 10-30%. Analysts say that eventually the market will correct itself and prices will go down, either...[more]

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