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Debt

Get out of debt with help from a Licenced Insolvency Trustee

Home / Blog / Dept, Financial Falling into debt is more common than you’d think. According to the CBC, the average Canadian owes $22,000 in non-mortgage debt. What’s more, Canadians, on average, owe $1.67 for every dollar of income. The reason for this is fairly simple: while the average Canadian

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Bankruptcy

There’s more to an Insolvency Trustee than meets the eye

Home / Blog / Insolvency Trustee Question: Licensed Insolvency Trustee. That’s the new title replacing “Bankruptcy Trustee”. Why the change? First off, bankruptcy is a dirty word. People are afraid of what they think it means. The “Bankruptcy Trustee” title led to people making assumptions they shouldn’t make about what Trustee do and how they

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Financial

How is a Licensed Insolvency Trustee Paid?

Home / Blog / Bankruptcy, Financial The costs of filing for bankruptcy are set both by the federal government and the trustee. This means that the fees you pay to a Licensed Insolvency Trustee for handling your bankruptcy will likely be the same across the country. Generally speaking, a bankrupt with

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Financial

When should I seek help for my financial problems

Home / Blog / Financial Here are two ways you can judge when you might need help with your finances. First, there’s the technical rule of thumb that says you’re in serious trouble when your monthly payments for debt (not including your mortgage/rent) are more than 20 percent of your

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Consumer Proposal

What Happens If I Default on My Consumer Proposal

Home / Blog / Consumer Proposal Once you’ve filed a consumer proposal and it has been accepted by your creditors, it is legally binding on both you and them. You must make the payments you’ve agreed to, and your creditors cannot take any further action against you as long as

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Consumer Proposal

What if you own your own business

Home / Blog / Financial If you own an incorporated business, you may be wondering what will happen to it if you file a consumer proposal. Will you have to sell it or turn it over to your proposal trustee? In most cases, probably not. As long as your financial difficulties

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Consumer Proposal

My Creditors Refused My Consumer Proposal: Now What?

Home / Blog / Consumer Proposal Generally speaking, creditors will accept a consumer proposal that is reasonable. They’ll have done their calculations (just as your trustee did) and determined that they stand to gain more from a proposal than they might if you become bankrupt. Occasionally, however, the majority of your

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Keeping Anonymous….will my friends and family find out?

Home / Blog / Bankruptcy, Financial For the vast majority of Canadian personal bankruptcies there is no obvious public disclosure that an individual has become bankrupt.  There are very rarely public filings of court records related to personal bankruptcies.  In the majority of cases, unless you are a very well

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