Debt Relief Solutions in Burlington
The stress of carrying too much debt has no geographical boundaries. Many Canadians have fared well during the pandemic with decreased travel and daycare costs while working from home. Unfortunately, others have suffered financially due to loss of income, caring for family, closure of businesses, and increased food and living costs. Ontario will be entering Step 2 of the re-opening plan next week which gives [...]
How is Student Loan Debt Treated in a Consumer Proposal?
When you initially borrowed from the Government of Canada to fund your education, you never anticipated that you wouldn’t be able to repay the loan. The loan enabled you to obtain an education, anticipating that future employment in your career field of choice would provide an income to repay the debt. Unfortunately, life changes and you may not have been able to complete your studies, [...]
Actual Causes of Financial Difficulty
The Office of the Superintendent of Bankruptcy Canada annually releases a Canadian Consumer Debtor Profile providing details on total insolvency filings; debtor characteristics; median assets, liabilities, income and expenses; and age brackets. The top five reasons for financial difficulty are noted as loss of income, medical reasons, relationship breakdown, business failure and tax liability with financial mismanagement being named by 69% of the participants. The [...]
Do I Have to File a Personal Bankruptcy if My Business Fails?
It has now been over 13 months since the initial restrictions on businesses were implemented in attempts to reduce the transmission of COVID-19. Some businesses were able to pivot their products and services provided and have actually increased their profits. Other businesses have utilized the many government benefits that have been provided through the Canada Emergency Wage Subsidy (CEWS), Canada Emergency Business Account (CEBA) and [...]
Debt Help in St. Catharines
I just read an article in the Financial Post, that stated Canadians would rather incur more debt to fund their monthly cash flow shortfall than to seek the advice of a professional. As a Licensed Insolvency Trustee (“LIT”), and thus a professional in debt solutions, I recommend anyone overwhelmed by their debt to consult with a LIT before incurring more debt. If your credit rating [...]
Handling the Insolvency of an Estate
An executor of an estate that is overburdened with debt should consider the following to determine if the deceased’s estate is insolvent and should be assigned into bankruptcy: 1. What are the assets in the estate and how difficult are they to convert to cash? Compile a list detailing each asset, the estimated value, the costs to realize on the asset, and any secured loans [...]