Blog

September 2017

August 2017

Rising interest rates

Will rising interest rates lead to more bankruptcies?

The policy interest rate increase posted by the Bank of Canada generated a lot of talk last month. Unsurprising, since it was the first increase in nearly seven years. For a few days, it seemed everyone was holding their breath! Are Canadians in a strong enough position to absorb this increase? Will rising interest rates push people to declare bankruptcy? (more…)

July 2017

power-of-attorney-dealing-with-parents-debts

Can power of attorney help you manage your parents’ debts?

When a person struggles to manage their finances, someone else may obtain power of attorney to assist them or to manage their finances for them. This may be the case for an older person who, even though they are still lucid, are unable to manage their budget. When that person has children, power of attorney is generally granted to one of them, provided they are at least 18 years of age. (more…)

June 2017

May 2017

How to deal with collection agencies

Do you know what to do if a collection agency contacts you?

Collection agencies can be intimidating. Incessant calls can become frustrating, stressful, and exhausting. Sometimes, agencies will even use questionable methods to put pressure on debtors. Unfortunately, you may have to deal with them if you have outstanding debts. If this is the case, remember that you should not feel threatened. There are steps you can take to make the process much less painful. This will let you return to your normal activities without fear of reprisals by collection agencies. How collection agencies work If you are receiving calls from collection agencies, it’s because you owe money to one or more creditors. Collection agencies have a mandate to recover what you owe to creditors. In general, collection agencies work on commission. The more money they [...]

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…)

Need advice?
We will reply within 24 hours or on the next business day.