Understanding the bankruptcy discharge (Video)
Summary Vincent has decided to file for bankruptcy. His Licensed Insolvency Trustee outlines what debts will be discharged in a bankruptcy and how long the process takes. Meet Vincent, a father of two young children. A recent separation has left him unable to meet his financial obligations. After having his options explained by a Licensed Insolvency Trustee, a professional whose duties are regulated by the Office of the Superintendent of Bankruptcy Canada, Vincent has decided that bankruptcy is the most appropriate solution to his financial troubles. The trustee explains that after fulfilling his bankruptcy obligations, his debts will be discharged and he will be free to start over financially. The…
Bankruptcy and surplus income (Video)
Summary Stephanie has discussed filing for bankruptcy with a Licensed Insolvency Trustee. The trustee explains how Stephanie’s income requires her to make payments during her bankruptcy. Meet Stephanie, the mother of a young son, James, who is just about to enter primary school. Recently, Stephanie has overextended her credit and, despite her best efforts, is unable to pay her bills. Realizing that she needed to speak to an expert, Stephanie found a Licensed Insolvency Trustee located in her area and has gone to meet with her. After speaking to the trustee, Stephanie has determined bankruptcy was the most appropriate option for her. After explaining the bankruptcy process and looking more…
What to expect if you file for bankruptcy (Video)
Summary After talking with a Licensed Insolvency Trustee, David and Julie decide that bankruptcy is the most appropriate option to handle their debts. The trustee explains the way their creditors will be paid and what they will need to do during the bankruptcy process. It’s been a tough time for David and Julie —David has been laid off, credit card payments have slipped and the other bills are also falling behind. Thinking bankruptcy may be an option, he sits down and begins an online search to get information about the topic. He finds the Office of the Superintendent of Bankruptcy Canada, the federal organization that licenses and regulates Licensed Insolvency…
Submitting a consumer proposal to your creditors (Video)
Summary A Licensed Insolvency Trustee explains to Mary and Paul that a consumer proposal might be the way to resolve their financial situation. The trustee tells them how a consumer proposal is different from bankruptcy and what they need to do. Meet Mary. Mary took a job right out of college but recently she has had to take a lot of time off to care for her sick husband, Paul. With reduced income and their debts mounting, they are now considering bankruptcy. Their first step was to visit a Licensed Insolvency Trustee, a professional who is licensed by the Office of the Superintendent of Bankruptcy Canada. To their surprise, the…
Discussing your options with a Licensed Insolvency Trustee (Video)
Summary Richard is unable to pay his bills and unsure what to do. He talks to a Licensed Insolvency Trustee to explore the different ways he can deal with his debt. This is Richard. Unable to pay his bills, he is unsure what to do. On the advice of a close friend, he contacts a Licensed Insolvency Trustee, a professional who is licensed by the Office of the Superintendent of Bankruptcy Canada. While Licensed Insolvency Trustees can and do handle bankruptcies, they can also offer information about other possible options. These might include reworking his budget, consolidating his debts, selling his assets, or offering a proposal to his creditors. Whatever…
Tips To Save Money in Toronto
It’s no secret that living in Toronto can be expensive. Here are some tips that I’d like to share with you on saving money while having fun in Toronto: EATING If you’re a carnivore, fresh meat is almost always cheaper (and healthier) than pre-prepared or frozen meat. You will always get more protein per dollar spent if you purchase fresh meat and take some time to prepare and cook it yourself. For example, if you like eating chicken, why buy frozen pre-cooked chicken breasts at M&M Meat Market when you can buy fresh boneless chicken breasts at Metro or No Frills? Why buy frozen hamburger patties when you can purchase…
Should I Rent or Buy a Home in Toronto?
When you first move to Toronto, you’ll likely be renting your living space. But after renting for a few years, you’re going to ask yourself this question: is it better to rent or buy a home in Toronto? Maybe you want to purchase your own place for emotional reasons (“my very own place!”), financial reasons (“I want to build equity”), or maybe a bit of both. A major influence on your decision to rent or to buy may be the marketing you see from the real estate industry asking you the perpetual question: “Why rent when you can own?”. Makes sense, right? After all, why throw away your money on…
How To Deal with Credit Card Debt
In theory, the process for paying off your credit card debt is rather simple: Review the annual interest rates on all of your credit cards. Focus your financial resources on paying off the credit card balance with the highest rate of interest while maintaining the minimum payments on your other credit card balances. Once the credit card balance with highest interest rate has been paid in full, repeat step 2 for the credit card balance with the next highest interest rate. Repeat this process until all your credit card balances are paid in full. What if you don’t have the financial resources to do this because your income is too…
Can Creditors Take my Car?
“Can creditors take my car?“ This is a common question and the answer depends on the circumstances… If your car is financed and the lender has registered a lien against it, then you’ll need to continue making your loan payments. Otherwise, the lender will repossess the vehicle. Such a lender is called a “secured” lender in that it has security over your vehicle and has a right to repossess it in the event of non-payment of the loan. Now let’s suppose you own your car outright (i.e., it’s not subject to a loan), but you owe money to “unsecured” creditors like credit card companies, payday loans and the like. If…
Love and Money Don’t Mix
Throughout my career as a Licensed Insolvency Trustee, I have seen the following scenario play out time and time again (I’m using the terms “boy” and “girl” for the simplicity’s sake): Girl meets boy and falls in love. He’s not perfect – he could be irresponsible at times – but he makes her laugh and makes her feel good. Besides, she’s confident that she can make him change his ways. Boy wants to buy a new home or car, but has pretty shoddy credit and/or low income. However, that doesn’t matter, his girl loves him so much that she’ll co-sign the loan for him. Eventually, and for one reason or…
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