Licensed Insolvency Trustee

Written by Chantal Gingras on . Posted in Advice

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.

Debt Overload: How Much Debt is Too Much Debt

Written by Pascal Gagnon on . Posted in Understand

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.

7 types of debt excluded from bankruptcy and consumer proposal

Written by Stephan V. Moyneur on . Posted in Understand

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

6 Ways to Avoid Car Repossession

Written by Chantal Gingras on . Posted in Advice

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.

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