21 Dec What Happens to My House If I Declare Bankruptcy?

Posted at 01:40h in Blog by Derek L. Chase, CPA, CA, LIT

If you are having money troubles and find it difficult to pay your credit card debts, line of credit, car loans, AND mortgage you are not alone. Homeownership is expensive. Before you know it, the credit cards have been maxed out due to a renovation project or because of general...

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04 Dec Will Anyone Know If I Declare Bankruptcy?

Posted at 22:07h in Blog by Derek L. Chase, CPA, CA, LIT

In our role as Licensed Insolvency Trustees, we meet with lots of people. More than you might think. On several occasions, a comment has been made about how difficult it was to reach out to us. The reason? “I did not want anyone to know.” This is a very natural feeling. It...

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24 Nov How Much Does It Cost to Declare Bankruptcy?

Posted at 07:23h in Blog by Derek L. Chase, CPA, CA, LIT

You might be surprised to learn that there is a cost to file for bankruptcy. This may seem illogical because if you had money you would likely just pay your debts. The good news is this cost is regulated by the Federal Government and all fees are checked by the...

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16 Nov Understanding Receivership vs Bankruptcy

Posted at 08:27h in Blog by Stephen Boale, LIT

Given the recent downturn in the global economy and the numerous new risks faced by businesses, many are struggling. You may have read in the newspaper or seen on the news references to a company being in bankruptcy or receivership and been wondering is there a difference? The quick answer is...

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10 Nov The Pitfalls of Lending Money to Family

Posted at 20:28h in Blog by Derek L. Chase, CPA, CA, LIT

With insolvency proceedings rapidly rising across the country and thousands of Canadians still out of work, we are facing challenging economic times. During times like these many individuals begin to look at those closest to them for financial assistance. Often friends and family are approached for loans to help, however...

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09 Nov Minimize Debt – Borrow Only What You Need

Posted at 07:16h in Blog by Len Hiquebran, CPA, CA, LIT

Given the recent global events surrounding the Covid-19 pandemic, credit use has been steadily increasing. With the rise in unemployment rates and the subsequent reduction in the household income of millions of Canadians, many are faced with the prospect of going further into debt. If you need to borrow money, whether...

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21 Oct Death & Debt: Will My Family Have to Pay?

Posted at 18:41h in Blog by D. Elinor Warner

Death and debt are two subjects that we don’t always like to talk about, however, they are things that can weigh on peoples’ minds, especially when carrying a heavy debt load. One question that we hear from time to time is if I die, will my family have to pay...

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15 Oct How to Avoid Debtor’s Prison

Posted at 11:50h in Blog by Len Hiquebran, CPA, CA, LIT

Calls from a collection agency or someone pretending to be the Canada Revenue Agency threatening to take you to debtor’s prison because of an unpaid debt is becoming part of everyday life. I personally can recall at least 5 phone calls from scammers pretending to be the Canada Revenue Agency...

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13 Oct How Claiming Bankruptcy Affects ICBC Debt

Posted at 09:07h in Blog by Shirley Tomyn

It is interesting to meet people who have different stress thresholds when it comes to debt. Some people are terrified about having $10,000 in debt while others are quite comfortable when the number is ten times higher. When it comes to having a lot of debt, one of the main...

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22 Sep Life Changing Debt Relief

Posted at 10:07h in Blog by Derek L. Chase, CPA, CA, LIT

The pathway through life has many ups and downs and can have numerous potholes to avoid. Often, as we journey, the question comes to mind about how we could possibly change our life. One important way, if you are in debt, is to find life-changing debt relief. The self-help section of...

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