In our work as Licensed Insolvency Trustees (LIT), we often see people who are ashamed of having to resort to our services and having to reveal their financial situation. Sometimes, people hesitate to even consult a professional, fearing their judgment.
Recovering financial health is often the main concern of people who must repay a consumer debt proposal. This is why some people consider taking out a loan to pay it off more quickly. But is this solution actually advantageous?
When thinking of a consumer proposal as the solution to your debt problems, remember to choose your Licensed Insolvency Trustee (LIT) carefully.
Are you familiar with the term “Licensed Insolvency Trustee” (LIT)? This new name designates what used to be called a “Trustee in Bankruptcy” or, in French “Syndic de faillite.” The Office of the Superintendent of Bankruptcy Canada (OSB) decided to apply this change, beginning on April 1, 2016. We believe the new designation more accurately reflects the role of LITs following the evolution of the industry. Here are some reasons for this change regarding insolvency.
Good financial health can be difficult to obtain. Easy access to credit, unforeseeable events, and a lifestyle that is incompatible with your budget can create debt. If your debt is too large, it can become problematic and lead to debt overload. To avoid this scenario and financial troubles, use these methods to check whether you have too much debt.
Bankruptcy puts an end to many debts. But what becomes of your financial health after bankruptcy? Maybe you want to get out of debt but you’d like to learn more about the positive and negative impacts of your decision. In this case, here is what you should know about some of the consequences after filing for bankruptcy.
Bankruptcy and consumer proposals release you from multiple financial constraints. These solutions exist to allow you to catch your breath and start again on the right foot. However, you should know that certain debts cannot be settled by filing for bankruptcy or submitting a consumer proposal. These are called non-dischargeable debts. If you want to get out of debt, here’s what you need to know about non-dischargeable debts
Some people avoid filing their annual income tax return. Regardless of their reasons, they are exposing themselves to penalties or even fines from the Department of Justice. Here are the reasons why it is important to complete your income tax return and repay your tax liability, if you have any.
Your car payment was due yesterday and you missed it. You didn’t make last month’s payment either. Maybe you’re having temporary financial difficulties. Maybe you had to deal with an unexpected expense. No matter the reason, now you’re afraid of receiving a visit from a bailiff at any moment. You want to avoid a car repossession at any cost. Here are some tips to help you keep your car.
Although still relatively unknown, consumer proposals are a solution that I often recommend to people battling debt problems. Once I explain the advantages and the steps involved, many are relieved to know that there is an effective alternative to bankruptcy.