Tag

Debt Counselors
never give up
Why you should never give up – even when things seem hopeless! If you have never had to count your pennies (literally) to live day to day, you may not be able to empathize with today’s featured clients. But believe you me, when times are desperate, it can feel like there is no way out...
Read More
Regular people want to borrow money
Many people think that borrowing more money is the way out of financial trouble Earlier this year, I advertised my credit counseling services in Toronto’s major newspapers. The phone rang off the hook. Interestingly, very few people call hoping to enter into a consumer proposal or even bankruptcy. Most want to borrow MORE MONEY, as...
Read More
Couple Spends More Than They Make
Not Balancing Your Budget Is More Stressful In Long Term Than Taking Your Lumps Now Brian and Susan have down sized their home three times in the past two years. Brian used to be a self employed website designer, making close to $100,000 per year, but business dried up when the recession was in full force,...
Read More
Be careful what you agree to when entering a consumer proposal This week I met two new clients both in the early stages of consumer proposals. The service they received from their trustee was remarkably different. The first couple were struggling to make ends meet, with a mortgage, and two kids, notwithstanding net take-home pay...
Read More
If a debt consultant makes wild promises, beware! Most trustees in bankruptcy cringe when they hear debt consultants making wild promises on the radio. They are not always telling the whole truth. One trustee wrote several scathing blog posts on the subject including Debt Consultants: Some Horror Stories. In Ontario thousands of people are paying...
Read More
What Can You Expect To Hold Onto If You Declare Bankruptcy? Acknowledgement: Many thanks to Karen Adler, CIRP, who reviewed and improved this series of posts. Karen is a federally-licensed Trustee in Bankruptcy with Rumanek and Co. Karen has contributed to the educational materials and development of the national CIRP Qualification Program for trustees and...
Read More
What Are The Different Types Of Consumer Proposals? Acknowledgement: Many thanks to Karen Adler, CIRP, who reviewed and improved this series of posts. Karen is a federally-licensed Trustee in Bankruptcy with Rumanek and Co. Karen has contributed to the educational materials and development of the national CIRP Qualification Program for trustees, and conducts seminars on...
Read More
What Are The Alternatives To Consumer Proposals and Bankruptcy? Acknowledgement: Many thanks to Karen Adler, CIRP, who reviewed and improved this series of posts. Karen is a federally-licensed Trustee in Bankruptcy with Rumanek and Co. Karen has contributed to the educational materials and development of the national CIRP Qualification Program for trustees, and conducts seminars...
Read More
What Kind Of Relief Can You Get From Debt? Acknowledgement: Many thanks to Karen Adler, CIRP, who reviewed and improved this series of posts. Karen is a federally-licensed Trustee in Bankruptcy with Rumanek and Co. Karen has contributed to the educational materials and development of the national CIRP Qualification Program for trustees, and conducts seminars on...
Read More
Declaring bankruptcy isn’t as difficult as you might think! I always tell clients that declaring bankruptcy is not so difficult – relief from hounding creditors and their agents is just a few signatures away. It’s a bit harder to secure an automatic discharge from your bankruptcy though – and that, for most, is the point...
Read More
Bankruptcies can be on record for 10 years, not 6 Dear Ross: How come TD Bank has notes in their system about my personal bankruptcy from 2003? My credit bureau is absolutely clean; score 765; no blemishes, yet I can only get a secured visa from my own bank after all these years! Thanks! -Confused...
Read More
More and more people are seeking alternatives to bankruptcy – and finding them! In case you missed it, Emily Jackson wrote an informative piece on the changing landscape of bankruptcies and consumer proposals in the Globe and Mail on June 14, 2011. Her main point is that since the rules changed so significantly in September 0f 2009,...
Read More
Bankruptcy levels are improving, but we have not recovered from the 2008 recession yet While bankruptcies continue to drop as economic conditions improve, they still remain above pre-recession. A longer version of the following article was published earlier this week in www.mortgagebrokernews.ca According to data released by the federal Office of the Superintendent of Bankruptcy,...
Read More
As the New Year approaches, we invariably have many clients attend meetings in our office where they “confess” to having taken on significant credit card debt over the past year. It seems as if the annual ritual of Xmas shopping pushes them over the edge and they resolve to clear up the debts once and...
Read More
Collection agencies can derail a consumer proposal if terms are not met A couple of weeks ago I negotiated settlements with several creditors on behalf of a client who really did not want to do a consumer proposal. (CP) It was probably a wise decision since, the more I got into the exercise, the more...
Read More
407 Tolls Are Not Included In Consumer Proposals Or Bankruptcy I attended a credit counselling meeting today with a lady in the late stages of a successful consumer proposal. She related a story of how she also owed $1,800 in unpaid 407  tolls at the time she entered into her proposal, and wrongly assumed this...
Read More
‘Plan like a pessimist (to) live like an optimist’ I read this interview of Gail Vaz-Oxlade in today’s Saturday Star – and it really resonated with me. Her mantra is simple yet practical advice for all. The part I liked best was when Gail says you should NOT pay off all your debts before you...
Read More