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Its 2019 Do You Know What Your Credit Score Is?

May 14th, 2019

Credit Scores: What You Need To Know What’s the score? You may not even know it, but your credit score is a huge component of your financial identity. Whether you have sparkling credit or a regrettable borrowing history, when you’re looking for a new credit card or loan, at some point your credit score will…Read more >

Pros and Cons of Filing for Bankruptcy

May 3rd, 2019

“Bankruptcy” is a word no wants to hear in regard to their financial situation.  It tends to bring with it mixed feelings.  Filing for bankruptcy, like most things in life, comes with both pros and cons.  The good outweighs the bad for those who find themselves needing debt relief through bankruptcy, but it is important…Read more >

Meeting of Creditors

April 19th, 2019

A meeting of creditors does not automatically occur in every summary bankruptcy and consumer proposal filing in Canada.  In fact, they are a relatively rare occurrence.  In our practice, we see a meeting of creditors in less than 1% of our consumer estates. Creditors Meeting In a Bankruptcy In a summary administration bankruptcy a meeting…Read more >

How Do I Declare Personal Bankruptcy in Nova Scotia?

April 5th, 2019

Bankruptcy is a legal process regulated by the federal government.  The first step in declaring bankruptcy in Nova Scotia is to speak to a licensed insolvency trustee. Licensed insolvency trustees are the only ones licensed by the federal government to administer bankruptcy. What Are the Benefits of Bankruptcy? Aside from the intangible benefits like reducing…Read more >

What Kind of Assets are Exempt in Bankruptcy in Canada?

April 3rd, 2019

One of the great myths and misunderstandings surrounding personal bankruptcy is that people think that they will lose everything they own.  Fortunately this is not true.  Bankruptcy is meant to help people get a fresh start.  It is not meant to be a punishment.  Bankruptcy is meant to help rehabilitate peoples financial situation. According to…Read more >

Top 10 Causes of Bankruptcy in Canada

March 25th, 2019

Each year over 120,000 Canadians file for bankruptcy or a consumer proposal.  Although you may feel like you are alone when you are experiencing financial problems, you are not.  There are many other people going through similar problems.  We are here to help you understand the reason these problems happen and work towards the solution. …Read more >

The Real Meaning of No

March 8th, 2019

 Let’s face it, no one likes to be told NO. However, as adults we know that NO is a necessary evil, especially when raising children. NO if not negative when used to teach our children. NO teaches children the difference between good and bad behaviour and this includes their behaviour when it comes to money….Read more >

Kids and Money

March 1st, 2019

One of the most common statements I have heard over the course of my insolvency career is “we were never taught how to manage money”. I firmly believe this statement to be true.  People often blame our educational system.  However, I strongly believe money management lessons should start long before we send our children off…Read more >

What is a Licensed Insolvency Trustee (LIT)?

March 8th, 2017

Effective April 1, 2017, professionals formerly known as a “Bankruptcy Trustee” will be designated as a “Licensed Insolvency Trustee” (LIT). What is a Licensed Insolvency Trustee (LIT)? A Licensed Insolvency Trustee is a federally licensed and regulated professional who helps people understand their options to deal with financial difficulties.  A Licensed Insolvency Trustee offers an…Read more >

Ten Great Myths About Credit and Debt

February 16th, 2017

Myth: Credit is bad. Fact: Credit has many positive uses, like buying a home. As long has you have the money to repay any debt you incur, credit cards can be a convenience for things like travelling. However, when it is not used correctly, credit can become a big problem Myth: Co-signing on a loan…Read more >