Blog

May 2017

Which solution to pick

Choosing the right solution for you: consumer proposals vs. bankruptcy

If you are deep in debt, you are probably looking for a solution to solve your financial troubles. But how do you choose between a consumer proposal and bankruptcy? The role of the Licensed Insolvency Trustee Let’s start by making one thing clear: consumer proposals and bankruptcy are two legitimate solutions to solve debt problems. Choosing between these solutions is a personal decision that falls to the debtor. But to make an informed decision, debtors can rely on Licensed Insolvency Trustees (LIT). The LIT’s job is to assess debtor’s financial situation. They must then fully inform the debtor about each processand their benefits, and the differences between them. The LIT cannot impose the solution of their choice. The debtor must always make [...]

April 2017

Information to provide a LIT

Information to Provide a Licensed Insolvency Trustee during a Meeting

Discussing our financial situation is not easy, especially when we are in debt. Some people are hesitant to meet with a Licensed Insolvency Trustee (LIT) because they worry about having to reveal personal information. If, you are looking for solutions to manage your debt and would like to learn more about what information to disclose, this post includes a complete list of the information to provide to your LIT so they can offer the best solution to your debt. (more…)

February 2017

Personal-finances-free-online-tools

5 free online tools to improve your personal finances

Maintaining or improving your financial health can be an enormous challenge. Fortunately, several online tools are available to help you expand your knowledge on your personal finances and repay your debts, among other things. Simple and easily accessible, these tools can be a first step towards a healthier financial situation. That being said, remember that the advice of an insolvency professional is your best option if your debts are very high and your financial situation is precarious. (more…)

January 2017

Holiday Debt Hangover

How to Repay Holiday Debt

The holidays are a time for celebrating and sharing. However, they are also a time of spending more than planned. Even when you set a gift budget, costs relating to travel, gas, and food can quickly increase the bill. As a result, many people notice their debt has increased after the holidays. If you are concerned about your holiday spending, here are some tips to help you put an end to indebtedness. How to repay your holiday debt quickly Calculate the amount due Before beginning repayment, it is wise to know your total accumulated debt. Your first step should be to list all your bills and calculate the total. Take all the amounts representing debt into consideration. These may include credit cards, lines of [...]

November 2016

six-signs-of-impulsive-buying

The Six Signs of Impulsive Buying

Everyone makes impulsive purchases from time to time. Far from being essential to daily life, some purchases are made for what we call emotional reasons, such as celebrating a promotion, rewarding ourselves, relieving stress, or spending to make up for something missing in one’s life. However, if not controlled, this kind of impulsive buying can lead to debt and chip away at your financial health. (more…)

October 2016

Financial Literacy Month

Financial literacy: Best practices with credit

Did you know that November is Financial Literacy Month? Since 2011, by means of this initiative, organizations and companies are encouraged  to mobilize to educate consumers and help them make responsible financial decisions. This year’s theme is “Managing Money and Debt Wisely: It Pays to Know!” If you want to learn more about Financial Literacy Month and the appropriate use of credit, this article is for you. You’ll learn how good credit practices can help you better manage your debt. The importance of Financial Literacy Month (FLM) Financial Literacy Month is important. Its goal is to reinforce the financial health of Canadians. This November, various tools and information will be provided each week. The main objective is to give you the means [...]

our-licensed-insolvency-trustees-do-not-pass-judgment

Why Our Licensed Insolvency Trustees Do Not Pass Judgment

In our work as Licensed Insolvency Trustees (LIT), we often see people who are ashamed of having to resort to our services and having to reveal their financial situation. Sometimes, people hesitate to even consult a professional, fearing their judgment. (more…)

loan-repay-consumer-proposal

Is it a good idea to take out a bank loan to repay your consumer proposal?

Recovering financial health is often the main concern of people who must repay a consumer debt proposal. This is why some people consider taking out a loan to pay it off more quickly. But is this solution actually advantageous? (more…)

September 2016

August 2016

Licensed insolvency trustee

Licensed Insolvency Trustee

Are you familiar with the term “Licensed Insolvency Trustee” (LIT)? This new name designates what used to be called a “Trustee in Bankruptcy” or, in French “Syndic de faillite.” The Office of the Superintendent of Bankruptcy Canada (OSB) decided to apply this change, beginning on April 1, 2016. We believe the new designation more accurately reflects the role of LITs following the evolution of the industry. Here are some reasons for this change regarding insolvency. Why is Ginsberg Gingras happy with the change to the Trustee in Bankruptcy title? The term “Licensed Insolvency Trustee” is more general and inclusive. Since an LIT’s role is not limited to bankruptcy, our professional title should appropriately reflect the work we do. Additionally, a more [...]

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