What is the First Step to Filing a Bankruptcy or Consumer Proposal?
If you have finally taken the very difficult step of acknowledging that you cannot handle your debt on your own, your first step should be to reach out to a Licensed Insolvency Trustee. There is no need to see or pay a debt consultant first – contact a trustee directly. The trustees at Taylor Leibow Inc. can be reached by telephone, email or the chat [...]
What happens if I can no longer continue my business due to overwhelming debt?
The Office of the Superintendent of Bankruptcy reported a 58.3% increase in Canadian business insolvency filings in the 4th quarter of 2022 (October to December). From the business owners that I have recently met with, the causes of their financial difficulties stem from: Rising interest rates resulting in significantly higher monthly payments on bank loans and operating lines of credit Delays in obtaining product during [...]
Starting 2023 with a Financial Fresh Start
We likely all welcomed the lifting of pandemic restrictions and the return to in-person activities in 2022. Unfortunately, along with that return to “normalcy” came decreasing house values, increased interest rates and increased costs of living. Statistics Canada recently reported that Canadian households’ debt-to-income ratio rose by $1.83 in debt for every dollar of household disposable income. On top of the increasing debt level, multiple [...]
A True Fresh Start from Filing a Consumer Proposal
Three years ago, I met with a gentleman who had no source of income, was unable to find employment and owed approximately $20,000 in credit card debt. Let’s call him “Joe.” Joe and I reviewed his financial situation in detail to find a solution that would provide him relief from the stress of not being able to pay his debt. Joe’s expenses at the time [...]
Office of the Superintendent of Bankruptcy’s (“OSB”) 2021 Canadian Consumer Debtor Profile
Almost every person that I consult with about a personal bankruptcy or proposal has unique circumstances or a personal story as to how they ended up unable to pay their debt. Accordingly, I don’t like to compare one person’s situation to another. I listen, accumulate information, and provide debt relief solutions. For the debtor, it sometimes makes it easier for them to be able to [...]
Tips to Adjust for the Increased Cost of Living
September 6, 2022 Have you actually sat down and analyzed how much groceries have increased over the last year? When did the regular price of butter increase to almost $7.00? Since when did we think paying $1.45 a litre for gas was a deal? Over-bidding on house purchases has become the norm – but over-bidding on a rental property due to low supply and high [...]