Debt Relief Solutions Other Than a Bankruptcy
You may be struggling with a significant amount of debt that you can’t foresee paying off based on the monthly payments you currently can afford to make. A free assessment with a Licensed Insolvency Trustee at Taylor Leibow Inc. will review the following debt relief solutions for you to determine which is best for your circumstances: Debt Consolidation Loan A debt consolidation loan is obtaining [...]
What is Financial Literacy?
November 5th is National Donut Day, November 10th is International Accountants Day and November 19th is National Play Monopoly Day. There is a different “national day” for most days of the calendar year. In Canada, November is Financial Literacy Month (“FLM”) with the Financial Consumer Agency of Canada (“FCAC”) coordinating efforts to strengthen the financial literacy of Canadians. So, what is financial literacy? Per Wikipedia, [...]
Who Goes to See a Licensed Insolvency Trustee? Part 5
The purpose of this series of blogs is to make taking the first step to see a Licensed Insolvency Trustee easier by reading about others who started their path to financial freedom by filing a consumer proposal. Pretty well every debtor that I see for an initial, free consultation has different circumstances. Just this morning, I saw three debtors with very unique situations who all [...]
Should I File a Second Bankruptcy or a Consumer Proposal?
When you filed an assignment in bankruptcy the first time, you swore you would never get yourself into a position where you couldn’t pay your debt again. Then the credit card offers started to come in and it made sense to utilize them for convenience and to rebuild your credit. A large car repair was maybe charged to a credit card; monthly living expenses increased; [...]
Financial Wellness Quiz
Media reports that Canadians are carrying a record amount of debt, but when is it time to seek the advice of a professional? Take the financial quiz below to test your financial knowledge and to see if you should be seeking debt relief solutions. What is the annual interest rate on the average payday loan? 29% 40% 100% 546% Answer is d) 546%. [...]
What Does it Mean to be an Undischarged Bankrupt?
The purpose of the Bankruptcy and Insolvency Act is to provide relief to an honest but unfortunate debtor by enabling the filing of an assignment in bankruptcy or a proposal to creditors. Upon the filing of a personal bankruptcy, there is a ‘stay of proceedings’ which means unsecured creditors are no longer able to pursue for collection of the amounts owed to them. Garnishment of [...]