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What is a Licensed Insolvency Trustee (LIT)?
Dec 16, 2021 | Licensed Insolvency Trustee Facts
Effective April 1, 2017, professionals formerly known as a “Bankruptcy Trustee” will be designated as a “Licensed Insolvency Trustee” (LIT). What is a Licensed Insolvency Trustee (LIT)? A Licensed Insolvency Trustee is a federally licensed and regulated professional...
Kids and Money
Dec 16, 2021 | Budgeting Tips/Finance 101
One of the most common statements I have heard over the course of my insolvency career is “we were never taught how to manage money”. I firmly believe this statement to be true. People often blame our educational system. However, I strongly believe money...
The Real Meaning of No
Dec 16, 2021 | Budgeting Tips/Finance 101
Let’s face it, no one likes to be told NO. However, as adults we know that NO is a necessary evil, especially when raising children. NO if not negative when used to teach our children. NO teaches children the difference between good and bad behaviour and this...
Top 10 Causes of Bankruptcy in Canada
Dec 16, 2021 | Bankruptcy
Top 10 Causes of Bankruptcy in Canada Each year over 120,000 Canadians file for bankruptcy or a consumer proposal. Although you may feel like you are alone when you are experiencing financial problems, you are not. There are many other people going through similar...
Meeting of Creditors
Dec 16, 2021 | Bankruptcy, Consumer Proposals
A meeting of creditors does not automatically occur in every summary bankruptcy and consumer proposal filing in Canada. In fact, they are a relatively rare occurrence. In our practice, we see a meeting of creditors in less than 1% of...
Pros and Cons of Filing for Bankruptcy
Dec 16, 2021 | Bankruptcy
“Bankruptcy” is a word no wants to hear in regard to their financial situation. It tends to bring with it mixed feelings. Filing for bankruptcy, like most things in life, comes with both pros and cons. The good outweighs the bad for those who find themselves...
Its 2019 Do You Know What Your Credit Score Is?
Dec 16, 2021 | Budgeting Tips/Finance 101
Credit Scores: What You Need To Know What’s the score? You may not even know it, but your credit score is a huge component of your financial identity. Whether you have sparkling credit or a regrettable borrowing history, when you’re looking for a new credit card or...
Buying a House After Filing Bankruptcy or Consumer Proposal
Dec 16, 2021 | Bankruptcy
Home ownership is a dream for many people. It is a common misconception that filing a bankruptcy or a consumer proposal means you will never be a homeowner. It is possible for the dream of home ownership to be a reality after filing for bankruptcy or a...
Income Tax Debt and Bankruptcy
Dec 16, 2021 | Income Taxes
The April 30th income tax filing deadline has come and gone. Some self-employed people have until June 15th to file their tax return, but if they owe income tax, interest is already accumulating back to the April 30th date – or possibly even to when your installment...
Why You Need A Licensed Insolvency Trustee
Dec 16, 2021 | Licensed Insolvency Trustee Facts
Struggling to make your monthly payments? Debt can leave you feeling stressed out and unsure of where to turn. Luckily, there is a solution: a team of experts ready to help you with your debt. Debt doesn’t have to be a lonely struggle. This is where a Licensed...