February 28th, 2011 by A Licensed Insolvency Trustee
Look in the mirror. It’s likely that you have more in common with the average person who files bankruptcy in Canada than you may think. I’m a licensed bankruptcy trustee in Ontario, and today we released a comprehensive new research study profiling the average person who files a consumer proposal or bankruptcy in Ontario. We […]
November 15th, 2010 by A Licensed Insolvency Trustee
Why do Canadians have problems with money? Why do we have too much debt, and no savings? Obviously the prolonged recession has not helped, but I believe one of the reasons we get into financial trouble is that we simply don’t fully understand money, credit and debt. In Canada, financial education is not a priority […]
November 1st, 2010 by A Licensed Insolvency Trustee
You may be considering filing bankruptcy in Canada because you are getting telephone calls from collection agencies. Back in 2008 the Ontario Registrar of Collection Agencies wrote a letter of direction to all collection agencies operating in Ontario warning them against two specific collection practices when hiring lawyers to send out collection letters. In this […]
September 27th, 2010 by A Licensed Insolvency Trustee
What’s the fastest way to accumulate so much debt that you have no option but to file bankruptcy in Canada? As a bankruptcy trustee I have handled thousands of personal bankruptcy filings over the last two decades, and the answer to that question, based on my experience, is easy: Credit cards. If you want to […]
September 6th, 2010 by A Licensed Insolvency Trustee
On September 1, 2010 new credit card regulations took effect in Canada. What are the new rules, and what will they mean to you? Here are the three new regulations: The New Credit Card Regulations in Canada First, credit card issuers must offer a minimum 21 day grace period, during which they can’t charge you […]
August 16th, 2010 by A Licensed Insolvency Trustee
I have written quite a few pieces were I am critical of the “debt consulting” industry and persons presenting themselves as credit counsellors when they have little or no formal education or credentials. It’s not that I begrudge any of these people a livelihood – I just wish they’d pick a career that doesn’t involve […]
February 1st, 2010 by A Licensed Insolvency Trustee
There’s a loaded question for you: Are credit card companies evil? Judging by the comments I’ve heard from many different people in my bankruptcy office over the last few weeks, the answer from many Canadians would be “yes” Why are people making these comments? A few years ago everyone loved their credit card. Today, as […]