budgeting,  consumer proposal,  personal bankruptcy

Things to consider when asking for advice if you have a serious debt problem

If you have a debt problem, you’ll get better quality advice from a Licensed Insolvency Trustee if you provide the following information:

Your province

Property laws will very by province, so indicating where you live is very important.

Your household income & expenses

  1. What’s your monthly net income – i.e., how much gets deposited into your bank account from your employer? Give a breakdown between employment income, spousal support, child support, rental income, Canada Child Benefit, EI, CPP, OAS, etc.

  2. What’s your spouse’s monthly net income? Give the same breakdown as above.

  3. What are your monthly household disbursements? Some examples:

  • Rent

  • Mortgage

  • Property taxes

  • Maintenance fees

  • Hydro

  • Gas for home

  • Water

  • Smartphone plan

  • Telephone

  • Internet

  • Car payments

  • Vehicle insurance

  • Gas for vehicle

  • Groceries

  • Cigarettes/Vaping/Marijuana/alcohol

  • Dining out, including coffees during work

  • Online subscriptions such as Amazon, Netflix, Spotify, Disney Plus, etc.

  • Medical prescriptions

  • Child/spousal support

  • Daycare

Your assets

  1. What physical assets do you own? Some examples:

  • Real estate – what is the current fair market value and are you the only one on title? Is there a mortgage against it? If so, how much?

  • Motor vehicle – what’s the year, make and model? Is there a loan against it? If so, how much?

  • Boat – what’s the year, make and model? Is there a loan against it? If so, how much?

  • Collectibles such as baseball cards, comic books, antiques, etc. – estimated value?

  • Jewelry – estimated value?

2. What financial assets do you own? Some examples:

  • Cash savings

  • Investments in a brokerage account

  • RRSPs

  • RESPs

  • TFSAs

  • Life insurance

  • Pension through work

  • Crypto currencies

Your debts

  1. Name of creditors

  2. Type of debt: credit card, line of credit, bank overdraft, payday loan, student loan, car loan, mortgage, income tax debt, etc.

  3. Current balance owing

  4. Annual interest rate

  5. Minimum monthly payment

I’m a CPA and Licensed Insolvency Trustee. I conduct my financial assessments by asking these questions (as a starting point).

Victor is the President of Fong and Partners Inc. He is a Licensed Insolvency Trustee and Chartered Professional Accountant. With many years of experience in the insolvency field, Victor has been involved in both corporate and consumer insolvency engagements. Previously with a large national firm, Victor founded Fong and Partners Inc. so that he could dedicate his professional life to help people from all walks of life to deal with their debt.