What are Licensed Insolvency Trustees?
Licensed Insolvency Trustees (LITs) are federally regulated professionals who provide advice and services to individuals and businesses with debt problems. LITs help people make informed choices to deal with their financial difficulties. If you’re in debt, LITs can provide a full range of options. LITs are the only professionals authorized to administer government-regulated insolvency proceedings…
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Who is helping you with your debt?
Licensed Insolvency Trustees are officers of the court. I have seen and heard a lot of advertisements from various credit counseling firms warning people against dealing with a licensed insolvency trustees. They make the case that they are working for you, the debtor, whereas a licensed insolvency trustee is working for your creditors. They make it…
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Are you in debt trouble? Recognize the danger signs!
It’s hard for some people to come to the realization that they need financial help. Many people who are struggling financially think they can dig themselves out of debt. Others know that they have debt, but their debt problem isn’t as bad as “so-and so’s” so they think they are fine. For both of those…
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Are you insolvent?
Debt is one thing that all people I meet with have in common. Obviously. The extent of that debt may be more than it is for others. Some people may feel like they are drowning in debt, but are actually not insolvent. They have the means to dig themselves out of debt on their own…
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Common Credit Score Myths
Credit scores are an area of personal finance that seem a lot more mysterious than they actually are. Many people believe that improving them is a matter of trial and error, and as a result there’s a lot of “credit score advice” floating around that can end up doing more harm than good. Here are…
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What will you lose if you file bankruptcy?
Many people hear the word “bankruptcy” and automatically think the worst. People assume that if they file bankruptcy, they will lose everything. In most cases, this couldn’t be further from the truth. Most people are able to retain most everything that they own. Every province has created a list of exemptions, meaning assets that are protected…
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Stop Collection Calls
Do you get a sense of dread whenever your phone rings because it is just as likely to be an aggressive collection agent as it is to be your loved one or friend? If so, it’s time to start looking for a solution to the problem. Hiding from it can only last for so long….
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Consumer Proposals and Student Loans
If your student loan is causing you financial hardship, it is a good idea to have an in-depth discussion with a bankruptcy trustee. Student loans through the Canada Student Loans Program can be included in a bankruptcy if they are more than seven years old. That is – if your end-of-study date is more than…
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The 411 on Consumer Proposals
Most, if not all people over the age of 18 have a pretty good idea of what bankruptcy is. If you don’t know someone who has personally filed bankruptcy, you have definitely heard of popular celebrities like Kim Basinger, Larry King, and Mike Tyson filing bankruptcy. Celebrities who have gone bankrupt aren’t the only bankruptcy…
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Bankruptcy Misconception
We often meet with clients who are in so much debt that it has created problems with their physical and emotional well-being. When people are in debt, it can seem impossible to escape the continuing stress of credit cards, student loans, car loans, etc. Collection calls, past due bills and bank over-draft are constant reminders…
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