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A Good Bookkeeper is Golden

Have you ever tried to find something in the dark? Even if you are in your own home and trying to locate an item in the dark, chances are, you are going to stumble around a little bit, maybe stub your toe, and still not find what you were looking for. In contrast, when there is good lighting, it is much easier and quicker and likely with no pain! Same thing applies when you are trying to make financial decisions without good bookkeeping information. Having good timely bookkeeping allows you to stay on schedule and see exactly what is going on with your numbers.

Collection of lights - all turned on

As we progress into fall and move towards winter, the daylight hours become fewer. Many of you may recall hearing an adult in the household say, “turn the lights off when you are not using them!”. This probably does not carry much urgency unless you are the one paying BC Hydro. Every light left on unnecessarily, and every thermostat turned up just a little bit higher, represents an extra expense that no one needs. While this still might not seem like a big deal, it is a controllable factor that can help a household balance the budget.

Importance of Getting a Discharge - Derek Chase

Making the decision to get protection from your creditors by way of a federally regulated consumer proposal or bankruptcy filing is a big step. The stated goal is to provide the honest but unfortunate person a fresh start with their finances.

In reality, that decision starts you on a pathway to a better place financially that must be walked day by day over a period of time. The end of that pathway is signified by a Certificate of Discharge in a bankruptcy filing or a Certificate of Full Performance in a consumer proposal.

Good Debt vs Bad Debt

Occasionally we hear the concept being discussed whether debt is good debt or bad debt. In a perfect world, the best kind of debt is no debt! However, sometimes debt is necessary in order to make life work. Even our government leaders try to spin taking on debt as an investment as opposed to borrowing.

Spring Money Growth - Derek Chase

Savings. What’s that? For so many people, the concept of savings seems like a fairy tale. Living month to month or paycheque to paycheque is a challenge in itself. So many times it seems like there is more month than money. It is not unusual to start off with the best intentions to save some money but for whatever reason the savings plan collapses.

Woman holding change

According to Federal Government statistics, consumer proposals continue to grow in popularity across the country as a practical way for an overburdened individual to obtain relief from unsecured creditors. In fact, the amount of consumer proposals filed on an annual basis has eclipsed the number of personal bankruptcies filed! Why would this be? What is so good about a consumer proposal? Let’s look at some of the top reasons, in no particular order:

No money in your pockets image-Derek Chase

Sometimes we field the question: Am I even eligible for bankruptcy?

An honest question. The Bankruptcy and Insolvency Act (BIA) is Federal Law and is available for people from coast to coast to utilize in order to obtain a fresh start with their finances. It is the BIA that sets the requirements to be able to assign into bankruptcy.

Some things in this world are very fast. A peregrine falcon or a cheetah come immediately to mind. For plant lovers, maybe you would think of fast growing bamboo, or more locally, bull kelp. However, nothing can compare with how fast interest on credit card statements can grow! It seems that even if you make a big payment, the interest charge on the next statement is barely reduced and the balance is virtually the same. This can be very depressing.