I was asked an interesting question the other day: “Is there such a thing as an unlicensed Insolvency Trustee?” The short answer is no— the Insolvency Trustee certification is very strictly regulated by the Office of the Superintendent of Bankruptcy (OSB). However, there are unregulated advisors for debt-related issues, known as debt consultants.
There are many reasons why a Consumer Proposal is a preferable alternative to Bankruptcy. One key distinction between the two options that we often get asked to elaborate upon is the different payment methods: Bankruptcy payments may vary, while a Consumer Proposal has fixed payments. This has the great advantage of certainty.
We’re proud to announce that we have been listed as one of the top three Licensed Bankruptcy Trustees in Toronto, by Three Best Rated™. We would be remiss if we didn’t also mention that we bring this same top-rated service and expertise to the Golden Horseshoe, through our office in Hamilton.
When challenged by debt that continues to grow, credit counselling may be a great course of action: It can provide you with an insightful and practical set of resources to get your finances back on track, and help you avoid falling too deep into insurmountable debt. It’s also an important part of the Bankruptcy process,
Recent reports have shown a marked decline in personal Bankruptcy rates across the country, despite an increasing debt load for the average individual. We take a closer look at the data to explain this situation, which may seem surprising – or even counter-intuitive – at first glance.
If you struggle with debt, you are not alone. Canadians are living with more debt today than in previous generations, and the major contributing factor to this unprecedented level of debt is overspending, and living beyond our means.
Credit card debt has become more and more prevalent in recent years, among Canadians. To help you stay on track with your financial obligations, our Licensed Insolvency Trustees and consumer credit counsellors offer 6 suggestions for managing your credit card debt:
There are a number of reasons why people find themselves in debt, including unexpected job loss, health problems, marital breakdown, income tax, and financial mismanagement, to name a few. In a previous post, we discussed debt related to job loss. In this blog post, we will explore divorce in greater detail: what to do if
Owning your first home is an exciting milestone, but for many people, it may seem like a hopeless or impossible dream. If you want to purchase a home in the next few years, but currently find yourself in debt, a Licensed Insolvency Trustee (LIT) can help.
In a perfect world, all of your personal debts (including mortgages, credit cards, car payments, personal loans, lines of credit, etc.) would be fully paid off before you retire. This is generally considered ‘best practice’ because upon retirement, we rely on subsidized income (such as retirement savings, workplace pensions, RRSPs, CPP) for our living expenses.