DebtMatters Podcast: Recent Episodes
Wayne Kay
A podcast dedicated to discussing consumer and household debt and strategies and ways of dealing with uncontrolled or problematic debt. Featuring debt experts with decades of experience in helping Canadians recover from the burden of debt.
Brenda breaks down the key differences between Bankruptcy, Consumer Proposals, and credit counselling, while addressing common misconceptions—like whether you’ll lose your home or vehicle. She also shares warning signs of financial trouble and the relief Canadians often feel once they take that first step toward a fresh start. If you’ve been stressed about debt and unsure of your options, this episode offers clarity, encouragement, and practical solutions.
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From fear, stress, and embarrassment to the strain it puts on families, Mary Ann shares real stories of how financial struggles impact daily life. She also explains why silence around money keeps people stuck and how simply talking about debt can bring relief. Most importantly, listeners will learn what first steps to take if they’re feeling overwhelmed, including how to access free, confidential advice from a Licensed Insolvency Trustee. Tune in to discover how you can move from stress and shame toward hope and control.
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You’ll hear how the initial consultation works, what debt solutions are available (like Consumer Proposals and Bankruptcy), and how most people are surprised to learn they won’t lose everything.
Glenn also shares emotional stories of clients who found hope again, showing why compassion, not judgment, is at the heart of every conversation.
If you or someone you love is struggling with debt, this episode is a must-listen. You’re not alone, and there is a way forward.
For free, no-obligation debt help, call 1-888-837-1800 or visit allanmarshall.ca.
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Glenn reflects on how building trust, listening with empathy, and offering clear financial solutions can not only change a person’s circumstances—but heal families. You’ll also hear Glenn’s thoughts on financial education, budgeting tips, and the community outreach work he’s passionate about.
Whether you’re struggling with debt or just want a deeper look at the human side of insolvency work, this episode offers both insight and hope.
👉 Need help? Free consultations available at WeCanHelp.ca or call 1-888-371-8900.
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With household debt levels among the highest in the G7, Brenda explains why car loans, rising mortgage renewals, and payday loans are trapping Canadians in a cycle of financial stress. She also shares practical steps for regaining control — from simple budgeting habits to the debt snowball method — and explains when it’s the right time to reach out to a Licensed Insolvency Trustee. Whether you’re overwhelmed by bills or just want to manage money smarter, this episode offers strategies you can use today.
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They discuss the emotional toll of carrying student loans, how rising living costs make repayment harder, and why many young Canadians are turning to debt relief options. Mary Ann explains the rules around student loan forgiveness, including the seven-year and five-year hardship provisions, and highlights repayment assistance programs that may help borrowers before considering insolvency. If you’re struggling with student debt, this episode provides practical guidance, hope, and clear next steps.
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Wayne Kay sits down with Derek Chase, Licensed Insolvency Trustee at Chase and Associates, to explore the warning signs of financial hardship and what Canadians can do when they spot these red flags.
Key topics discussed include:* Signs of financial trouble: Learn how collection calls, overdrafts, and rising debt are red flags. * The emotional toll of debt: Find out how ignoring financial issues can lead to stress and strain relationships. * Taking action early: Discover why addressing debt early can provide more options and prevent further damage
Plus:
- Evaluating your finances: Learn how to take stock of your assets, debts, income, and expenses.
- Cutting unnecessary expenses: Tips on trimming wasteful spending to free up money fast.
- Avoiding high-interest loans: Understand why payday loans often worsen any money problems.
“Recognizing the signs early and taking action can mean the difference between a financial reset and financial ruin.” — Derek Chase
Debt doesn’t have to feel shameful. It’s more common than you think, and there are plenty of ways to tackle it. From smarter budgeting, selling unused assets, or professional help—options are available. Listen in to learn more:
Additional Resources* Chase & Associates Licensed Insolvency Trustee * 5 Debt Warning Signs & How to Deal With Them * When Should I Seek Debt Relief?
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Wayne Kay sits down with Derek Chase to unpack the growing rise of Consumer Proposals in Canada. Find out how they work, who qualifies, and why more Canadians are choosing them over Bankruptcy as a debt solution.
Key topics discussed include:* Why Consumer Proposals are gaining popularity: Look at the reasons more Canadians are turning to this option for structured debt relief and asset protection. * The impact on credit: Explore how a Consumer Proposal affects your credit rating and what it means for rebuilding moving forward. * Is it the right fit for you: Break down the factors to consider when deciding if a Consumer Proposal aligns with your income, debt type, assets, and financial goals.
Plus:
- Secured vs. unsecured debt: The difference between debts tied to assets and those that aren’t—and why each requires a different repayment strategy.
- Alternative debt relief options in Canada: From debt consolidation to Bankruptcy, explore the full range of solutions available to Canadians.
“The key to choosing the right path is looking at your cash flow—not just this month, but the next and the one after that.” — Derek Chase
Struggling with debt doesn’t mean you’re out of options. Consumer proposals offer a practical path forward—one that’s affordable, legal, and designed to give you room to breathe. Tune into the podcast to learn how.
Additional Resources* Chase & Associates Licensed Insolvency Trustee * Consumer Proposals: 10 Reasons It’s the Top Debt Relief Solution for BC Residents * Is a Consumer Proposal Right for Me?
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The holiday season is a time for joy and celebration. Yet for many, it can also bring financial stress. In this episode, debt expert Matt Fader discusses how to avoid the common pitfalls of holiday overspending. From budgeting for predictable holiday expenses to setting realistic expectations for gift-giving, discover how you can manage the financial pressure of the season.
Key Points Discussed:* Holiday shopping norms: Dive into the commercial pressures that encourage overspending during the holidays. * Holiday budgeting tips: Learn practical strategies for saving and seasonal preparation. * Managing holiday expectations: Explore healthy holiday boundaries with family and friends to help limit financial strain. * Spending impact: Find out how to prevent carrying debt into the new year.
Matt also provides insights on how to make holiday memories meaningful—without focusing on material items. Ensure that the season is about experiences, not expenses.
Additional Resources* Vacation and Debt: 3 Ways to Enjoy a Holiday Without Breaking the Bank * Holiday Debt: Recover From Your Christmas Debt * Top 8 Ways to Avoid the Christmas Shopping Hangover
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This week's Debt Matters podcast features host Wayne Kay with Matt Fader from Allan Marshall & Associates. Together they discuss the key steps needed to turn financial dreams into actionable goals. The focus centres on the importance of clear objectives and how to stay motivated throughout your savings journey.
Matt also shares insights on setting realistic financial goals and how to avoid common pitfalls that might discourage you along the way (celebrate the small wins!). Listen in for practical advice on how to make progress toward financial security.
Key Points Covered Include:
- Setting clear financial goals: Matt shows how to create clear, well-defined financial objectives and explains why this clarity helps guide saving efforts.
- Using good goal-tracking techniques: Matt shares practical tips on how to track your progress. He also suggests tools you can try, from pen and paper to more complex digital methods.
- Staying motivated: Matt teaches strategies that help you maintain focus (e.g. celebrating small milestones that boost confidence and keep a positive outlook).
- Earning financial flexibility: Matt touches upon the significance of allowing yourself to spend money so you avoid the trap of hoarding.
- Planning your emergency fund: Matt defines healthy emergency savings goals so that you have a safety net in place.
For anyone who needs help making their financial dreams a reality, this episode contains the tips and tricks you need:
Additional Resources* Practical Budgeting Tips to Keep Your Finances on Track in 2024 * Bad Money Habits and How to Break Them * The 4 Best Personal Finance Apps in Canada for Debt Management & Budgeting
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In this episode of the Debt Matters podcast, Wayne Kay speaks with Licensed Insolvency Trustee Derek Chase about the personal and emotional toll included with debt. Key topics discussed include:
- Mental health: Debt can have a lasting impact on your emotional well-being.
- Opportunity loss: Debt can limit or change your life trajectory and overall lifestyle.
- Financial stress management: Learn practical steps to manage the stress caused by debt.
- Coping tools: Discover the importance of physical activity and communication to manage the emotional strain of debt.
- Seeking advice: Reaching out to professionals or support networks for financial planning that can provide relief.
- DIY debt relief: Find financial planning resources that ease the debt burden.
- Staying calm: How to avoid rash decisions (like liquidating your assets) and earn peace throughout the debt process.
If financial problems are weighing you down, listen to today's Debt Matters podcast for more insights on how to manage the emotional cost of debt.
Additional Resources* Chase & Associates Licensed Insolvency Trustee * 5 Ways to Improve Your Finances in 2024 * Debt Relief BC – Real Debt Solutions To Help With Your Debt Problem
In this episode of the Debt Matters Podcast, host Wayne Kay speaks with Derek Chase from Chase & Associates Licensed Insolvency Trustee about the financial challenges single moms face after a divorce. Learn the steps single parents can take to rebuild their stability.
Key Topics Covered:
- The financial impact of divorce: Divorce affects up to 40% of marriages and causes money struggles, especially for single moms.
- The connection between marriage and finances: Relationship changes, including divorce, are one of the leading causes of financial insolvency.
- Seeking advice: Professionals like accountants, investment advisors, or a Licensed Insolvency Trustee provide helpful financial assistance for single moms. They also provide debt relief for couples you divorce with debt.
- Initial steps for newly single parents: Learn how to take stock of your assets and liabilities and better understand your financial situation. There are even single mom grants you can take advantage of.
- Creating individual accounts: Open a new bank account at a different institution so you have control and protection over your finances.
- Establishing credit: Establish your own credit and avoid liabilities tied to your former spouse.
If you are a single mom, tune in for actionable insights on how to regain financial stability post-divorce.
Additional Resources* Chase & Associates Licensed Insolvency Trustee * Debt and Divorce: A Common Cause of Bankruptcy * Debt and Dating
This episode of the Debt Matters Podcast dives into the financial struggles of millennials. Hosted by Wayne Kay and featuring debt expert Daniel Maksymchak from LCTaylor Licensed Insolvency Trustee, the conversation explores how millennials are particularly affected by debt due to factors like high student loans, credit card debt, and the burden of CERB tax debts.
Key Topics Covered:1. The generational struggle: Millennials are hit harder by rising costs and stagnant wages. 2. The cost of education: Many millennials have significant student loans due to rising education costs. 3. The rise of unsecured millennial debt: Credit card reliance is a common problem due to the ease of access and the need of millennials to supplement income. 4. The pandemic impact: CERB tax debts hit millennials particularly hard, adding more financial strain. 5. Comparison: Social pressures and "keeping up with the Joneses," add to bad debt habits and insolvencies. 6. Help and support: Licensed Insolvency Trustees can provide government-backed debt help to millennials who are struggling.
Whether you are a millennial with debt or simply interested in the current economic landscape, this episode provides valuable insights into the millennial debt crisis. Listen in now:
Additional Resources* LCTaylor Licensed Insolvency Trustee * Student Loan Debt Getting You Down? You Have Options * Are Your Credit Card Payments Harder to Make Due to the Credit Crisis
In Episode 155 of the Debt Matters podcast, Daniel Maksymchak Licensed Insolvency Trustee provides valuable strategies on how you can control your credit card debt:
Key points and topics covered:
- Understanding credit card debt: Explore the psychological and financial impacts of credit card debt and why people fall into the debt trap.
- Debt management strategies: Gain practical tips that lower your card debt, from debt consolidation to budgeting tips to seeking professional advice from a Licensed Insolvency Trustee.
- Avoiding debt pitfalls: Learn the common dangers that can push you back into credit card debt, like balance transfers and low-interest offers.
- Building Financial Health: Practice better financial health habits such as creating an emergency fund and living within their means.
If you struggle with credit card debt, Daniel's insights are essential. Listen in to take back control of your finances from high-interest credit debt:
Additional Resources* LCTaylor Licensed Insolvency Trustee * Credit Card Debt Relief * Is Your Credit Card Debt Getting the Best of You?
Surveys have found that while most Canadians agree that having a budget is a good thing - less than half do. Learning how to set up a budget and stick with it lets your money know that you are taking charge.
So what is the secret to budgeting? And how do you stick to the goals you have set? Licensed Insolvency Trustee, Brenda Wood shares some tips and strategies to make a realistic budget that will work for you. Topics covered are:
- The psychological aspect of seeing your budget work
- Budgeting tools - online and on paper
- The 4 simple steps to create a sensible budget
- Slippery slope of using credit cards as a form of income
- Using S.M.A.R.T. goal setting guidelines
- Creating future financial goals when you have surplus/savings
If you are struggling with your finances, a Licensed Insolvency Trustee should be your first call. Regulated by the federal government of Canada, you can be assured of unbiased advice in your free initial consultation.
About Brenda WoodBrenda started in the insolvency industry in 1995 and earned her Licensed Insolvency Trustee designation in 2006. She has a long history of volunteering with the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) where she has served as a member and presented at events. Brenda received the CAIRP Outstanding Volunteer Award in 2012 in recognition of her service.
Outside work, you’ll find Brenda at the ice rink, ball field or camping at one of the beautiful Nova Scotia campgrounds.
Additional Resources* Allan Marshall & Associates Licensed Insolvency Trustee * Practical Budgeting Tips to Keep Your Finances on Track in 2024 * My Paycheck Never Lasts: Tips For Budgeting To Cover Bills
Whether you are applying for a new cell phone plan or a mortgage, your potential creditors want to understand your financial history and your ability to repay debt. Your credit score and report will help them decide whether they want to do business with you. But most people don’t know a lot about their credit report and credit score. Today’s podcast looks at the difference between the two and how you can improve your score. Licensed Insolvency Trustee, Brenda Wood, also covers the following topics:
- Why you should be checking your credit report often
- The difference between a hard and soft credit hit
- What shows up on a credit report
- How scores are calculated and why they fluctuate
- What is a credit rating and where it appears
- Things you can do to improve your score
Licensed Insolvency Trustees are federally regulated and follow a strict code of ethics as well as government regulations. From budgeting to Bankruptcy, you can be assured of unbiased, non-judgemental advice.
About Brenda WoodBrenda started in the insolvency industry in 1995 and earned her Licensed Insolvency Trustee designation in 2006. She has a long history of volunteering with the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) where she has served as a member and presented at events. Brenda received the CAIRP Outstanding Volunteer Award in 2012 in recognition of her service.
Outside work, you’ll find Brenda at the ice rink, ball field or camping at one of the beautiful Nova Scotia campgrounds.
Additional Resources* Allan Marshall & Associates Licensed Insolvency Trustee * What Does Your Credit Report Say About You? * Your Credit Score in Canada: What You Should Know
Statistics show that Canadians are falling deeper into debt. With high inflation and interest rates, most of us are under a lot of financial pressure as we combat the rising cost of living. Carrying debt can put a strain on our financial health and emotional well-being but It can be hard to find the right debt relief solution.
Licensed Insolvency Trustee, David Macdonald tackles this problem. Having a plan to cut your debt is the first step to becoming debt free. In this podcast David discusses:
- The negative connotations toward the word ‘budgeting’
- Accurately identifying your expenses and income
- Free resources to improve your financial literacy
- Budgeting apps that can make your life easier
- The most important things NOT to do to try to lessen your debt
- When it’s time to talk to a professional
Licensed Insolvency Trustees can help you get your finances back on track. They are considered some of the best debt professionals in the country and the only ones licensed by the federal government of Canada.
About David MacdonaldDavid Macdonald has been helping people and small business owners resolve their financial problems since 2003 in British Columbia, Alberta and the Maritime provinces. He has been retained as a trusted advisor and service provider by many of Canada’s banks, private lenders, First Nations and the CRA.
David brings a practical, down-to-earth approach to his work, without judgement. In his spare time he volunteers his time to a number of charitable and non profit organizations.
Additional Resources* Allan Marshall & Associates Licensed Insolvency Trustee * Can A Debt Management Plan Get You Back On Track? * Debt Relief Options To Help You Get Out Of Debt Today
Finding yourself with unmanageable debt doesn't usually happen overnight. It is often a slow unnoticeable process that might start with being a few hundred dollars short every month. But the sooner you take action, the more options will be available. You’ll have the ability to make decisions before your creditors do.
If you think you are alone in this scenario, you would be mistaken. Licensed Insolvency Trustee, David Macdonald talks about taking a good look at your finances. How do you know how much debt is too much debt? David also covers:
- Debt statistics - what happened after the pandemic
- The role banks are playing in the debt crisis
- Warning signs that let you know it’s time to seek professional help
- Using credit for day to day expenses
- Is overdraft protection really protecting you?
- Options that can help break the debt cycle
- Resources that can help with financial literacy
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. You can be assured you are receiving the best unbiased advice from these knowledgeable debt professionals.
About David MacdonaldDavid Macdonald has been helping people and small business owners resolve their financial problems since 2003 in British Columbia, Alberta and the Maritime provinces. He has been retained as a trusted advisor and service provider by many of Canada’s banks, private lenders, First Nations and the CRA.
David brings a practical, down-to-earth approach to his work, without judgement. In his spare time he volunteers his time to a number of charitable and non profit organizations.
Additional Resources* Allan Marshall & Associates Licensed Insolvency Trustee * Financial Management: Warning Signs Of Financial Problems * Solutions to Financial Problems – Free Consultation & Debt Services
Owing the Canada Revenue Agency (CRA) money can be overwhelming. This government agency has greater powers to collect compared to other creditors. What do you do when you simply cannot pay your outstanding tax debt?
The good news is that there are ways that you can overcome debts owing to the CRA. In this podcast, Licensed Insolvency Trustee Leigh Taylor talks about the importance of filing your taxes and the steps you can take when you are unable to pay your outstanding taxes.
Leigh also covers:
- How to avoid tax debt and consequences of not filing
- Solutions available if your tax debt is insurmountable
- Including tax debt when filing Bankruptcy or a Consumer Proposal
- Tax laws for self employment, PST and GST tax remittances
- What happens when tax debt is ignored
- Contacting a Licensed Insolvency Trustee to explore options
Licensed Insolvency Trustees are federally regulated and experts in debt management solutions. They offer a free initial consultation at which time they will go through all the options available to you to help you break free from the cycle of debt.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources* LCTaylor Licensed Insolvency Trustee * CRA Debt: What You Need to Know and How to Resolve It * Tax Debt: Looking into Unfiled Tax Returns in Canada
Everywhere you turn there is another report or survey about Canadian’s record high indebtedness. And alongside those reports we are inundated with offers to help. But be cautious and know that the only debt relief program administered by the federal government is a Consumer Proposal. And the only professional who can file a Proposal is a Licensed Insolvency Trustee.
If you are exploring your options, here is a good place to start. Licensed Insolvency Trustee, Leigh Taylor has been helping people with their debt for over 40 years. In this podcast he talks about:
- Recovering from overwhelming debt
- Basic budgeting and long term budgeting
- How Consumer Proposals work and the key to having them accepted
- Stay of Proceeding that automatically stops collection activities
- Do-it-yourself proposals - advantages and disadvantages
Licensed Insolvency Trustees are certified from the Office of the Superintendent of Bankruptcy and are authorized to deal with creditors to negotiate debt repayment. They provide a free initial consultation and their fees are determined by the federal government.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources* LCTaylor Licensed Insolvency Trustee * Four Things a Consumer Proposal Can Do for You * 5 Ways to Get Manitoba Debt Help: Your Key to Debt Relief
Debt cycles are easy to fall into but with a little planning and some discipline, you don’t have to keep spinning your wheels. Acknowledging that you’re trapped in a cycle of debt is a good place to start. In this timely podcast, Licensed Insolvency Trustee, Derek Chase, talks about strategies for managing debt. Other topics covered include:
- Payday loans and line of credit traps.
- Looking deeper into Intergenerational debt cycles
- Strategies to build momentum for savings
- Ways to increase your financial literacy
- Importance of a cash flow review
If you are looking for a way to break your debt cycle, speak with a Licensed Insolvency Trustee and be assured that you will get qualified advice. They are regulated and licensed by the Canadian government and will give you information you can trust.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources* Chase & Associates Licensed Insolvency Trustee * How to Break the Debt Cycle * When Should I Seek Debt Relief?
If you are already under stress as a result of your financial situation, it’s difficult to decide where to turn when looking for debt relief. Meeting with someone in person who has an office where you live can be helpful. Licensed Insolvency Trustee, Derek Chase explains the benefits of seeking out a local Trustee firm that you feel comfortable with. Meeting face to face can be reassuring, avoiding the pitfalls of doing business on the internet.
Derek also discusses:
- The benefits of consulting with a Licensed Insolvency Trustee
- The strict code of ethics LIT’s must follow
- Why Bankruptcy is the last option discussed
- When to seek help
- Getting fair and honest advice from a local LIT
Licensed Insolvency Trustees are federally regulated and experts in debt management solutions. They follow a strict code of ethics as well as government regulations.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources* Chase & Associates Licensed Insolvency Trustee * Code of Ethics for Licensed Insolvency Trustees * Three Things to Know About Insolvency
Anyone can fall behind on debt payments especially in these uncertain economic times. Having unpaid debt turned over to a debt collector is a worst-case scenario for the majority of Canadians. But when this happens, it’s important to know how to minimize the impact if a debt collection agency does come calling. Licensed Insolvency Trustee, Mary-Ann Marriott knows that having a debt collector call can put more pressure on top of the debt itself.
In this podcast she talks about:
- The first thing you need to do when you get a call
- Why you need to keep a log of all communication
- The options available when an account is in collections
- How to negotiate a settlement
- When to contact a lawyer
- Reducing the impact on your credit score
- Where to find out about your rights
Licensed Insolvency Trustees are considered to be the best debt advisors in the country and are licensed by the federal government of Canada. If you are concerned about your debt, book a free consultation to find out what options are available to you. They can help get your finances back on track.
About Mary-Ann MarriottMary-Ann Marriott has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.
Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.
Additional Resources* Allan Marshall & Associates Licensed Insolvency Trustee * How Should I Handle Creditor Calls and Harassment? * Rebuilding Credit: How Long Will It Take to Get My Credit Back?
Thousands of Canadian businesses exit the marketplace every year whether through filing Bankruptcy or just closing their doors. Many more are on a razor’s edge with the rising cost of servicing their debt due to higher interest rates. Today’s podcast looks at the cost of putting a business through Bankruptcy and other options that may be available. Licensed Insolvency Trustee, Mary-Ann Marriott also discusses how individual Bankruptcy differs from business Bankruptcy.
Other topics covered:
- When filing for Bankruptcy is the best option
- Difference between filing as a sole proprietor vs an incorporated business
- Number one mistake businesses make when in financial trouble
- Process involved in filing a Business Bankruptcy
- What happens when business loans are personally guaranteed
- How to protect yourself when starting out
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. If you are considering filing for Bankruptcy, either personal or business, you can be assured they will have your best interest in mind.
About Mary-Ann MarriottMary-Ann Marriott has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.
Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.
Additional Resources* Allan Marshall & Associates Licensed Insolvency Trustee * Are You a Small Business Owner? What You Need to Know About Business Bankruptcy and Other Options * Canadian Business Bankruptcies Surge – Support Your Local Small Businesses
While most Canadians view student loans as an investment rather than an expense, they can become a burden after graduation. As the years go by and more unsecured debt is added, it can be a struggle to keep up. If you are contemplating filing for personal Bankruptcy in the hopes of discharging your student loan debt, you need to make sure your timing is right. Licensed Insolvency Trustee, Francyne Myers goes through the rules for including student loans in a Bankruptcy. She also discusses:
- The seven- year rule
- The importance of accurate study period ending dates
- When it makes sense to keep paying student loans
- Single date approach & multiple date apreach
- The 5 year court application rule
- Chances of obtaining further student loans after Bankruptcy
If you are unsure of where to turn, a Licensed Insolvency Trustees should be your first call. They are considered some of the best debt professionals in the country and the only ones licensed by the federal government of Canada. The initial consultation is always free and you can be assured that you will receive unbiased advice.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Student Loan Repayments: What to Do to Afford Them * National Student Loans: How Repayment Assistance Plan (RAP) Works
Under the Canadian Bankruptcy & Insolvency Act there are two options that allow consumers to eliminate debt, filing a Bankruptcy or a Consumer Proposal. The option you chose is based on your personal situation at the time of filing. But what happens if your financial circumstances change? Can you switch from a Bankruptcy to a Consumer Proposal or if you have filed a Consumer Proposal can you change to a Bankruptcy? When would it make sense to switch?
Licensed Insolvency Trustee, Francyne Myers walks us through these two debt relief options and explains when it may be beneficial to have your LIT make the change. She also discusses:
- How an inheritance, sudden windfall or increase in your salary could affect your insolvency
- Three options you have if you can’t keep up with your Consumer Proposal payments
- Advantages and disadvantages of making changes
- How your credit score will be affected when you make a switch
- Why it’s important to work closely with your LIT to make the right choices
Licensed Insolvency Trustees are regulated by the federal government of Canada and are the only professionals who can administer a Consumer Proposal or Bankruptcy. With their extensive knowledge, you can be assured they will give you honest advice to help you make the best possible decision.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Understanding the Top 5 Reasons for Declaring Bankruptcy * What Is the Consumer Protection Act?
Living paycheque to paycheque can be stressful, to say the least. A recent poll by Leger found that almost half of Canadians are living that way. Stepping off that treadmill is possible with a few sacrifices and a bit of hard work. Licensed Insolvency Trustee, Leigh Taylor talks about the paycheque trap - how it can slowly happen if we don’t pay close attention and become a bit more proactive. He also discusses:
- Advertising tricks we may not be aware of
- The slippery slope that can lead to debt problems
- How lack of budgeting can be one of the biggest factor
- Steps to creating a realistic budget
- High interest lenders
- Talking to a Licensed Insolvency Trustee to find out your options
You can be assured that the advice you receive from a Licensed Insolvency Trustee will be unbiased and have your best interests in mind. They are licensed by the federal government and follow a strict code of ethics.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * 9 Debt Warning Signs to Watch Out for * How to Get Out of Debt Fast: Debt Help for Your Debt Problems
Even though Canada’s economy is thriving in many ways, the rising cost of living is putting pressure on Canadian’s finances. As the price of goods continues to rise, household budgets are getting squeezed from all angles. Rising inflation is affecting most of us and in this podcast, Licensed Insolvency Trustee, Leigh Taylor discusses how we can protect ourselves. Topics covered:
- How the cost of living is measured by the consumer price index
- Deflation and the effects on the economy
- How quantitative easement controls inflation
- Ways to protect ourselves as the cost of living rises
- Talking to a Licensed Insolvency Trustee sooner rather than later
Federally regulated, Licensed Insolvency Trustees should be the first call you make when you are struggling with unmanageable debt. They will discuss with you all the options available to you and help you determine the best way forward. Your initial consultation is always free.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * How Your Habits Can Impact Your Finances * Maximum Rent Increases In Manitoba
The top 2 insolvency options that provide debt relief in Canada are personal Bankruptcy and Consumer Proposals. Both resolve debt problems and provide legal protection from your creditors. However, they are significantly different from each other. Everyone’s situation is different and there is no one size fits all solution in determining which is the best option for you. Your assets, income and the total amount of debt are some of the key factors to be considered.
In this podcast, Licensed Insolvency Trustee, Julie Drane looks at the differences and how she helps determine the best way forward. Topics include:
- When a filing a Bankruptcy is the best option
- When filing a Consumer Proposal is better
- The effect on your credit rating
- Paying your Consumer Proposal off quicker
- How choosing to file Bankruptcy or a Consumer Proposal can affect different professions and the ability to sit on a board
Licensed Insolvency Trustees are regulated by the federal government of Canada and are the only professionals who can administer a Consumer Proposal or Bankruptcy. With their extensive knowledge, you can be assured they will give you honest advice to help you make the best possible decision.
About Julie DraneJulie began her career in the insolvency industry in 1997 with Canada Trust, Citi Financial and then with a corporate trustee. She achieved her goal of becoming a Licensed Insolvency Trustee in 2008 and now focuses on consumer insolvency.
Julie’s depth of knowledge and commitment to service allows her clients to find the best option for a fresh start. She is now working in the Victoria, BC offices.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Debt Consumer Proposal: What Types of Debt Can It Pay Off? * Considering Hiring a Financial Advisor to Help Manage Your Money? Here’s What You Need to Know
The mere mention of the word Bankruptcy can send shivers down most people’s spines, but it doesn’t have to be a scary process. As with most fears, they stem from the ‘unknown’. Most people who have been through a Bankruptcy don’t tend to share their experiences. This podcast is meant to lift the curtain on this debt relief option and take the mystery out of it.
Julie Drane, Licensed Insolvency Trustee describes the steps involved, before, during and after you have filed for Bankruptcy.
She discusses:
- How to tell when it’s time to seek help
- Steps you should take before filing for Bankruptcy
- Process of filing with your Licensed Insolvency Trustee
- What a Stay of Proceeding does
- Rebuilding credit after your discharge
If you are unsure of where to turn, a Licensed Insolvency Trustees should be your first call. They are considered some of the best debt professionals in the country and the only ones licensed by the federal government of Canada. The initial consultation is always free and you can be assured that you will receive unbiased advice.
About Julie DraneJulie began her career in the insolvency industry in 1997 with Canada Trust, Citi Financial and then with a corporate trustee. She achieved her goal of becoming a Licensed Insolvency Trustee in 2008 and now focuses on consumer insolvency.
Julie’s depth of knowledge and commitment to service allows her clients to find the best option for a fresh start. She is now working in the Victoria, BC offices.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Why You Should Open a New Bank Account Before Filing a Bankruptcy or Consumer Proposal * FAQ about Bankruptcy
It has been said that money can be like a silent third partner in a relationship. Whether you’re married or just starting to get serious with someone, it’s a good idea to cultivate open and honest communication about your financial situation. Licensed Insolvency Trustee, Bonnie Hooley has had a lot of experience with couples, helping them navigate their unmanageable debt. She understands how much stress debt can put on a relationship. Today she talks about:
- Partnering with someone who is in debt
- Separate finances as opposed to joint accounts
- How shared assets are dealt with in an insolvency
- Discussing finances and spending habits before committing to a relationship
- Dealing with financial differences.
- How Bankruptcy may be a saving grace in a relationship
If your finances are causing stress in your relationship, consult with a Licensed Insolvency Trustee where you live. They will explore all options with you and help you make a decision on the best way forward. Licensed and regulated by the Canadian government, you can be assured you are getting the best unbiased advice.
About Bonnie HooleyBonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Leaving Debt Behind: What Happens to Debt When You Die * Will Bankruptcy affect my spouse?
Debt is on the rise as Canadians deal with surging prices and interest rates. Many may not realize that they’re on the precipice, only making their minimum payments on a large amount of debt. But all it takes is one major change for the house of cards to fall. In this timely podcast, Licensed Insolvency Trustee, Bonnie Hooley talks about the causes of Bankruptcy - taking the judgment out and knowing that when we have credit, Bankruptcy can happen to anyone. Bonnie also discusses:
- Seeing Bankruptcy as a tool for honest but unfortunate debtors to get back on track
- How changes in life’s circumstances can be a contributing factor
- Societal factors are not the only causes of Bankruptcy
- A common mistake that can lead to self employed insolvency
- Small business versus corporate Bankruptcy
- The role of counselling sessions and why they are important
If you are struggling with your debt, Licensed Insolvency Trustees can help. They are licensed by the federal government of Canada and the only professionals who can administer Consumer Proposals and Bankruptcies.
About Bonnie HooleyBonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * $200 Away from Bankruptcy * Answers to the 7 Most Important Bankruptcy Questions
Being in debt doesn’t mean that you are bad at budgeting or don’t know how to manage your money. Right now, debt is affecting most Canadians. Having a plan to follow can help you pay off your debt faster so you can regain financial stability.
In this podcast, Licensed Insolvency Trustee, Amanda Sherwood talks about how to create an effective debt management plan. She covers:
- What debt management means and where to start
- Savings versus debt repayment - incorporating both into your plan
- How much debt is too much debt
- Checking out your bank for the options available for you
- Apps and computer programs to assist you
- How cancelling credit cards can affect your credit score.
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of finances and debt management. You can be assured you are receiving the best unbiased advice from these,debt professionals.
About Amanda SherwoodAmanda started with Allan Marshall and Associates in 2008 as an Estate Administrator. She has since received her Chartered Insolvency & Restructuring Professional (CIRP) and her Licensed Insolvency Trustee (LIT) designation in 2022.
The most rewarding part of her job, Amanda says, is hearing her clients say how relieved they are after meeting with their office. She reminds everyone that they are not alone and that help is available to get relief from insurmountable debt.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * How New Brunswick Household Debt Compares to the Rest of Canada * Debt Management: Read This First!
Canadians’ debt is on the rise with increased interest rates and the soaring costs of living resulting in many teetering on the brink of insolvency. Still, most people cling to the notion that Bankruptcy only happens to 'deadbeats', but nothing could be further from the truth. In this podcast Licensed Insolvency Trustee, Amanda Sherwood dispels some of the myths surrounding Bankruptcy. She addresses the fears around this debt relief option. Amanda also discusses:
- Looking at Bankruptcy as a tool that will reset your finances
- How and when to speak to your bank
- Licensed Insolvency Trustee’s role is to mediate between you and your creditors
- The number one myth that you will lose everything
- How the Bankruptcy process is tailored to individual situations
If you are struggling with your finances, Licensed Insolvency Trustees can help. They are considered some of the best debt advisors in the country and the only ones licensed by the federal government of Canada.
About Amanda SherwoodAmanda started with Allan Marshall and Associates in 2008 as an Estate Administrator. She has since received her Chartered Insolvency & Restructuring Professional (CIRP) and her Licensed Insolvency Trustee (LIT) designation in 2022.
The most rewarding part of her job, Amanda says, is hearing her clients say how relieved they are after meeting with their office. She reminds everyone that they are not alone and that help is available to get relief from insurmountable debt.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Money and Stress: Connecting the Dots * When Is the Right Time to Declare Personal Bankruptcy?
Owning a home has traditionally been a solid form of investment. But with inflation at an all-time high, interest rate hikes are beginning to cause a slowdown in the real estate market. As the market continues to fall, many recent buyers are beginning to regret their decision to buy.
In today’s podcast, Licensed Insolvency Trustee, Matt Fader, addresses the widespread remorse that is building as many Canadians face the prospect of renewing their mortgages. He offers suggestions about how to prepare and be proactive with your finances before your renewal date. Additional topics covered are:
- How did we get here
- The true cost of home ownership versus renting
- Pitfalls of a Home Equity Lines Of Credit (HELOC)
- Preparing and budgeting for increased mortgage payments
- Why consult with an LIT to review your options before things fall apart
If you are struggling to pay your mortgage, contact a Licensed Insolvency Trustee. They are debt professionals that will review your overall finances and go through all the options available to you. Licensed by the federal government of Canada, you can be assured of honest advice.
About Matthew FaderMatthew has worked in the insolvency field since 2005 and joined Allan Marshall and Associates in 2017. His positive outlook helps reassure his clients with any financial insecurities they may have. Matt’s goal is to ensure that everyone has the best possible experience and is treated with respect.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * The Cost of Living in B.C. Versus The Rest of Canada * Buy vs Rent: Is Homeowernship a Cheaper Option?
The latest polls have found that nearly half of Canadians are living paycheck to paycheck as the cost of living continues to rise. Household budgets are getting squeezed causing debt levels to increase. Once you find how much money you need to stay on top of your expenses, you’ll either need to make sacrifices or find a way to increase your income. Licensed Insolvency Trustee, Matthew Fader discusses options and strategies to break the cycle of living paycheque to paycheque. He covers:
- Where to start
- The psychological component of money management
- Identifying recurring and occasional expenses
- Is the shortfall is due to spending issues or insufficient income
- Pros and cons of consolidation loans versus a line of credit
- Consulting with an LIT to help evaluate your options and find a solution
Licensed Insolvency Trustees are considered to be the best debt advisors in the country and the only ones licensed by the federal government of Canada. They can help you navigate a path forward to becoming debt free.
About Matthew FaderMatthew has worked in the insolvency field since 2005 and joined Allan Marshall and Associates in 2017. His positive outlook helps reassure his clients with any financial insecurities they may have. Matt’s goal is to ensure that everyone has the best possible experience and is treated with respect.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * My Paycheck Never Lasts: Tips For Budgeting To Cover Bills * A Budget Plan Prevents You From Living Beyond Your Means
A new report predicts that all food categories could rise by as much as 4.5% in 2024. This may mean that we need to be more diligent in how and where we shop and look for new opportunities to save on our grocery bills. This podcast features, LIT Derek Chase, strategizing ways we can fight back and be more creative with our food budget. Topics include:
- Finding out what you are been paying for food in a month
- The resurgence of canning, growing food and batch cooking
- Best times of the day to shop
- Trading resources and networking on social media
- How an LIT can help when you are struggling with your finances
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Chase & Associates Licensed Insolvency Trustee * Everything You Need to Know About Canadian Inflation Rates & Hyperinflation * Household Debt and Insolvencies are Surging in Canada
The end of the year is a good time to reflect on the past year, not only on your physical fitness or weight but also on your finances. There may not be much you can do to control the uncertainties of the economy but you can create a plan to help you achieve your financial goals.
This podcast gives you some steps to help set your finances on the right track for 2024. Licensed Insolvency Trustee, Derek Chase talks about:
- 5 things you can do to improve your finances
- Ways to reduce your expenses
- Evaluating your financial goals
- How to start saving even though it may seem impossible
- Steps to take if you are under too much financial pressure
You can be assured that the advice you receive from a Licensed Insolvency Trustee will be unbiased and have your best interests in mind. They are licensed by the federal government and follow a strict code of ethics.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Chase & Associates Licensed Insolvency Trustee * Grocery Shopping Tips: Eat Your Way to Healthy Finances * 5 Spending Habits That Will Keep You Poor
Over the last few years, Canadians have seen the ‘financial confidence’ drop. But that doesn’t mean that we shouldn’t still be planning for the future. Preparing a budget for the new year doesn’t have to take too much effort. You’ll reap the benefits of knowing where you stand in each upcoming month.
Licensed Insolvency Trustee, Daniel Maksymchak talks about starting fresh in the new year. We can make changes in our spending habits that will improve our finances. He also discusses:
- Reviewing expenses from the past year
- Making changes to discretionary spending
- Setting a budget for the year and reviewing it monthly
- Figuring out your priorities
- Developing a plan to get out of debt
- Contacting a Licensed Insolvency Trustee to discuss your debt relief options
Whether you need help with your budget or need to file a Bankruptcy, you can be assured that a Licensed Insolvency Trustee will have your best interest in mind. Federally regulated, they are knowledgeable in all aspects of debt management.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Personal Finance Basics for Beginners * How to Set Achievable Financial Goals That Matter
The increased cost of living and interest rate hikes have had a cumulative effect on most of Canadians’ finances this holiday season. Finding ways to keep within your budget can increase your well being. And you’ll thank yourself in the new year. As we head into this holiday season, Licensed Insolvency Trustee, Daniel Maksymchak talks about how to set ourselves up for success. He covers topics around:
- Creating a clear and realistic budget
- Making your holiday budget go further
- Spreading your spending over the year
- Consequences of overspending on credit
- Recovering from financial overindulgence during the holiday season
If you are struggling with your finances from overspending this holiday season or your debt has become unmanageable, reach out. Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * The Gift of Being Practical at Christmas * Are Your Credit Card Payments Harder to Make Due to the Credit Crisis?
Debt is a normal part of life for most people. Recent data from StatsCan shows that only 30.2% Canadians live debt free. But how much debt is too much and how do you know when it’s time to reach out for help?
These are the questions Licensed Insolvency Trustee, Mark Marshall answers in this timely podcast. Other topics covered are:
- Warning signs to watch out for
- Using credit for short term pleasure creating long term payments
- Asking your financial institution for a line of credit
- What happens when you file a Consumer Proposal or Bankruptcy
- Why you should reach out to a Licensed Insolvency Trustee
- Where to find information and resources.
Licensed Insolvency Trustees will give you honest advice about all the options that are available for your unique financial situation. They are federally regulated and licensed by the Canadian government. Get the help you need from an experienced debt expert.
About Mark MarshallMark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Reduce Your Financial Stress & Experience Debt Relief * Which Canadian Debt Relief Program Can Help Me Eliminate My Debt?
A recent Leger poll taken in September 2023 has found that nearly half of Canadians are living paycheque to paycheque as the cost of living continues to rise. Skyrocketing inflation means that there is less money available to save for emergencies or retirement.
Is there a way to break this cycle? Licensed Insolvency Trustee, Mark Marshall, talks about strategies that can help find unnecessary expenses to cut to save money.
Mark also covers:
- How to track your expenses
- Asking for an increase in your wage
- Paying yourself first
- Putting money into a savings account that is difficult to access
- When to contact a Licensed Insolvency Trustee
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of finances and debt management. You can be assured you are receiving the best unbiased advice from these knowledgeable debt professionals.
About Mark MarshallMark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Household Debt in Canada is on the Rise * Consumer Debt in Canada
With rising interest rates, paying off debt can feel like it has to be your only financial priority. But should you not be saving for those unexpected expenses that keep popping up? How do you build financial resilience in these challenging times? Savings versus paying down debt, it’s a balancing act. Licensed Insolvency Trustee, Mary-Ann Marriot talks about strategies you can use to do both at the same time.
He also discusses:
- Finding out and tracking the expenses you are using credit for
- Typical savings objectives divided into 3 categories
- Advantages of using multiple bank accounts
- Common mistakes we make when saving
- Options to consider when your income is not meeting your expenses
Licensed Insolvency Trustees are federally regulated and governed by the Canadian government. You can be assured you are receiving the best unbiased advice from these debt professionals.
About Mary-Ann MarriotMary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.
Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * What Happens if I Can’t Pay My Credit Card Bills? Late Payments & Credit Scores * Debt Podcasts
Credit card spending in Canada has reached a historically high level. With such high demands for credit, credit card companies are finding ways to be more competitive. Some offer lower-interest or no-interest cards for a limited time when you do a balance transfer. But is it a good idea to pay one credit card down with another? Today, Licensed Insolvency Trustee, Mary-Ann Marriot, discusses low-interest credit cards and how to make them work for you.
She also answers the questions:
- How will my credit score be affected?
- Should I cancel my credit card once it’s paid off?
- Would a consolidation loan be a better option?
- Where can I get a low-interest or no-interest credit card?
- Is it beneficial to increase my credit limit?
- What is the optimum percentage of credit utilization to get a good credit score?
If you are struggling to keep up with your credit payments, talking to a Licensed Insolvency Trustee can help. They are qualified debt professionals that offer resources and strategies to improve your financial well-being.
About Mary-Ann MarriotMary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.
Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Can I Pay Off A Credit Card With Another Credit Card Or Line Of Credit? * 8 Tips to Take Charge of Your Finances During Financial Literacy Month
Personal Bankruptcy is a legal process overseen by the federal government to help Canadians who can’t afford to repay their debts find debt relief. The number of people struggling with insolvency has increased substantially as the cost of living remains high. No-one really wants to go bankrupt but as Licensed Insolvency Trustee, Derek Chase explains, Bankruptcy can be viewed as a tool to help fix your finances. This podcast answers some of the most frequently asked questions about this debt relief option.
- Will I lose my paycheque?
- Which of my assets are exempt?
- Will someone come to my house and inventory my belongings?
- Will I have to go to court?
- What happens to my vehicle?
- What will life be like in the months that I am in Bankruptcy?
Before you make any decisions about how to deal with your debt, consulting with a Licensed Insolvency Trustee will assure you that all options will be explored. Bankruptcy is just one of the solutions available to Canadians. Your initial consultation with a Trustee is free.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Chase & Associates Licensed Insolvency Trustee * Is Bankruptcy a Bad Thing? * Personal Bankruptcy Facts: How to Declare Bankruptcy
With the cost of living consistently increasing, many Canadians are stretched thin and trying to prioritize where their money is going. Saving for your child's education makes good financial sense and starting early means your money has more time to work for you. Canadian parents have a powerful savings tool to help.
In today’s episode, Licensed Insolvency Trustee, Derek Chase, talks about how to save for your child’s education. Derek covers these topics and more:
- Benefits of starting a Registered Education Savings Plan (RESP)
- Family and friends contribution to your child’s RESP
- Setting up pre-authorized debits to go to savings each month
- Benefits of compound interest received through your RESP
- When budgets are maxed out - planning in 5 year increments
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government.You can be assured you are receiving the best unbiased advice from these knowledgeable debt professionals.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Chase & Associates Licensed Insolvency Trustee * Spring into Savings: Way to Save Money and Reach Your Financial Goals * Help With Student Loan Debt
All debts are not created equal. The kind of debt you hold may affect your options when you seek help. Most debt falls into two categories: secured and unsecured. And before you come up with a plan to pay your debt, it’s important to understand how different types of debt work. Everyone’s financial situation is unique and for that reason there is no one-size-fits-all solution. A Licensed Insolvency Trustee is the only debt professional that is required by law to explain all the debt relief options that are available to you.
This podcast looks at the different types of debt and which are eliminated when you file a Bankruptcy. LIT Genn Steiner also discusses:
- The difference between secured and unsecured debt
- Tax debt and when it can and cannot be included in Bankruptcy
- How EI overpayments are dealt with
- Giving false information leading to fraud charges
- Examples of real life scenarios
Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best debt advisors in the country and the only ones licensed by the federal government of Canada.
About Glenn SteinerGlenn received his Trustee license in 1998, working in various departments in the public service for 30 years. Since 2011 he has been working in the private sector in Alberta as a Licensed Insolvency Trustee.
Born and raised in Saskatchewan, Glen has a passion for helping people. He walks them through the various financial options, allowing them to make life changes that can give them a fresh start.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Debt Services for Canadians: How a Licensed Insolvency Trustee Can Help You Take Control of Your Debt * Licensed Insolvency Trustee Services – Become Debt Free
The Bankruptcy process gives you the chance to reestablish your financial security. Receiving a discharge is the final step and means you are released from all obligations to repay all debts in your Bankruptcy filing. You can then start to rebuild your credit score. A record of your Bankruptcy will remain on your credit report for 6 years after your discharge for a first time Bankruptcy. You will have the ability to begin rebuilding your credit score even before your discharge.
Licensed Insolvency Trustee, Glenn Steiner, discusses what life will be like after you have been discharged from your Bankruptcy. He also discusses:
- Debts that are not included in a Bankruptcy filing
- The importance of a good credit rating and how to start rebuilding it
- What to do if the information at the credit bureau is wrong
- Teaching your kids about savings and the difference between needs and wants
- 2 mandatory counselling sessions to help you get back on your feet
Licensed Insolvency Trustees are licensed by the federal government and provide unbiased debt advice. They are the only professionals that can file a Bankruptcy or a Consumer Proposal.
About Glenn SteinerGlenn received his Trustee license in 1998, working in various departments in the public service for 30 years. Since 2011 he has been working in the private sector in Alberta as a Licensed Insolvency Trustee.
Born and raised in Saskatchewan, Glen has a passion for helping people. He walks them through the various financial options, allowing them to make life changes that can give them a fresh start.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * What Does Bankruptcy Discharge Mean? How Do I Get Discharged From My Bankruptcy? * 3 Forms of Payment That Help Build Credit After Bankruptcy
Many debt collectors and collection agencies assume that debtors are not aware of their rights. And because of this, some resort to unscrupulous methods to persuade you to pay. There are rules and regulations that they must adhere to, though each of the province’s laws vary. This raises a lot of questions around exactly what collection agencies can and cannot do. Licensed Insolvency Trustee, Daniel Maksymchak explains what you need to know to protect yourself and the first thing you need to do when initially contacted.
Daniel also covers:
- How to negotiate with your creditors
- The importance of getting agreements you make in writing
- How to verify the company and debt are legitimate
- What you need to know to avoid scams
- Contacting an LIT to discuss your options to stop collection calls
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest advice about all the options that are available to you. The sooner you take that first step the more options you will have.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * What Should You Do if You Get a Call From a Collection Agency? * Having Trouble with Winnipeg Collection Agencies? Know Your Rights
Bad credit can be a hindrance for many things, including finding a place to live. Many landlords use credit scores as a way to gauge an applicant's financial stability. However, having an imperfect credit history doesn’t mean that you will never be able to rent a home. There are plenty of landlords who will rent to tenants with a low credit score. In this podcast Licensed Insolvency Trustee, Daniel Maksymchak explains the steps you can take as a potential tenant, to secure the rental home you want.
Daniel also answers the following questions:
- Do all landlords check the credit scores of potential renters?
- Do you need to consent to having a credit check?
- Can I be evicted if I file a Bankruptcy or Consumer Proposal?
- Will my landlord find out about my Bankruptcy if I don’t owe back rent?
- What proactive steps can I take to give me a better chance at being accepted?
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. They will give you unbiased advice and there is no charge for your first consultation.
About Daniel Maksymchak
Daniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Meet the LCTaylor Team of Local Manitoba Debt Help Experts * Six Top Tips That Help Avoid Debt
Fraudsters and scammers are getting more creative and innovative as technology evolves. They are operating increasingly elaborate schemes and are able to prey on anyone with a phone, email address or a credit card. It’s important to be aware of the different types of scams and to know how to spot them. When it comes to fraud, everyone is a potential target no matter how intelligent or tech-savvy you may be. Fraudsters will use every trick to convince you to send them money or your personal information.
Licensed Insolvency Trustee, David Macdonald, is also a certified fraud examiner. He has in depth knowledge of how fraudsters operate and how you can protect yourself from even the most well-laid traps.
In this podcast David also discusses:
- How Artificial Intelligence (AI) is making it easier for fraudsters to harvest person information
- What to do if you are a victim of fraud
- How to spot red flags
- Scare tactics to be aware of
- The importance of reporting the crime to the Canadian Anti Fraud Center
If you are struggling financially or have been a victim of fraud, consulting with a Licensed Insolvency Trustee can help you get back on track. They are licensed and regulated by the federal government of Canada.
About David MacdonaldDavid Macdonald has been helping people and small business owners resolve their financial problems since 2003 in British Columbia, Alberta and the Maritime provinces. He has been retained as a trusted advisor and service provider by many of Canada’s banks, private lenders, First Nations and the CRA.
David brings a practical, down-to-earth approach to his work, without judgement. In his spare time he volunteers his time to a number of charitable and non profit organizations.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Learn These 5 Tips to Protect Yourself from Financial Fraud * How to Avoid Scams and Scammers
Many of us, from all walks of life, are worried about money. There is an abundance of research that indicates that financial worry and stress can have a detrimental affect on both our mental and physical health. Whether the problems stem from a job loss, divorce, unexpected expenses or a combination of factors, stressing about money can take a toll on your overall quality of life.
But no matter how hopeless your situation might seem, help is available. By tackling your money problems head on, you can regain control of your finances - and your life.
Todays’ podcast explores the link between our financial health and our physical health. David Macdonald, Licensed Insolvency Trustee, talks about:
- Keeping problem finances a secret - overcoming the stigma
- Episodic stress (traumatic event) versus chronic stress (long term)
- Finding the right professionals and resources to help
- When to seek help and why go see a Licensed Insolvency Trustee
- Three most common causes of Bankruptcy: job loss, divorce and medical issues
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. They are considered to be one of the best advisors and will provide you with unbiased advice. Your initial consultation is always free of charge.
About David MacdonaldDavid Macdonald has been helping people and small business owners resolve their financial problems since 2003 in British Columbia, Alberta and the Maritime provinces. He has been retained as a trusted advisor and service provider by many of Canada’s banks, private lenders, First Nations and the CRA.
David brings a practical, down-to-earth approach to his work, without judgement. In his spare time he volunteers his time to a number of charitable and non profit organizations.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Money and Stress: Connecting the Dots * Reduce Your Financial Stress & Experience Debt Relief
Household debt in Canada has risen steadily year after year. The high levels of debt make the economy vulnerable to any global economic crisis. As a result, more Canadians are having to face insolvency options as it becomes increasingly difficult to manage their debt. In today’s podcast Licensed Insolvency Trustee, Derek Chase, talks about what Canadians high levels of debt mean for you. What can you do to protect yourself?
Derek also discusses:
- Federal debt relief programs available
- The ripple effect of interest rate hikes
- Who keeps track of the Canadian insolvency statistics
- Why you need to become financially literate
- Involving the whole family in a savings challenge
If you need further advice about how to manage your debt, contact a Licensed Insolvency Trustee. They are federally regulated and licensed by the Canadian government and will give you honest, unbiased advice.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Chase & Associates Licensed Insolvency Trustee * Household Debt and Insolvencies are Surging in Canada * Everything You Need to Know About Canadian Inflation Rates & Hyperinflation
Filing a Consumer Proposal has become the most popular option to help Canadians manage their debt. In fact, 75% of insolvent debtors are choosing to file a Consumer Proposals as opposed to only 25% filing for Bankruptcy. There is good reason for this choice. But what happens if your circumstances change for the better and you are in a position to pay your proposal off sooner? What would be the advantages or would it be disadvantageous?
Derek Chase, Licensed Insolvency Trustee, answers these questions and discusses different scenarios where this may come up. He explains:
- Why Consumer Proposals have become so popular
- How long a Consumer Proposal lasts and the effect on credit ratings
- Why a creditor would agree to accept less than they are owed
- When it would make sense to pay the proposal off earlier
- Two mandatory counselling sessions when the pros and cons of increasing payments or paying it off would be discussed with your LIT
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government.You can be assured you are receiving the best unbiased advice from these knowledgeable debt professionals.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Chase & Associates Licensed Insolvency Trustee * Consumer Proposal Calculator * Consumer Proposal: What Is a Consumer Proposal & Other FAQs
Contrary to what you may believe, life doesn’t end after Bankruptcy. You will be cleared of your unsecured debts and can start to rebuild your credit and regain financial stability. Once you receive your discharge, you have the opportunity for a fresh start. Filing Bankruptcy may be the best viable option to help you overcome insurmountable financial challenges and take back control of your financial future.
Licensed Insolvency Trustee, Leigh Taylor, discusses what life will be like after Bankruptcy. Other topics covered are:
- The stigma of Bankruptcy
- Seeing Bankruptcy as a solution not a problem
- Two mandatory counselling sessions to develop a contingency plan
- The credit rebuilding process
- Life after Bankruptcy success stories
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. They can walk you through the Bankruptcy process and help you determine if this might be the best solution for your individual financial situation.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Rebuilding Your Credit After Bankruptcy * What to Do After You Claim Bankruptcy in Winnipeg
We tend to think that anyone calling themselves a Debt Advisor, Debt Consultant, or Credit Counsellor must be qualified and have a formal financial education. This is not always the case. In Canada, anyone can offer debt advice and call themselves an expert. If you are struggling with overwhelming debt, you are probably searching for a debt advisor. But how do you know who you can trust?
Leigh Taylor has been a Licensed Insolvency Trustee for over 40 years. He relates his experience of seeing many people who have been taken advantage of with ‘too good to be true’ promises of debt relief.
In this podcast, Leigh discusses:
- How to spot ‘magic bullet’ solutions and how to protect yourself
- Lack of regulation around credit/debt counsellor and their companies
- Advantages of dealing with local professionals, person to person
- Differences between unregulated counsellors and Licensed Insolvency Trustees
- Why you shouldn’t pay upfront for debt advice
Licensed Insolvency Trustees (LIT) are considered some of the best debt advisors in the country and are licensed and regulated by the federal government of Canada. There is no cost for your initial consultation where you will be able to find out about all the debt relief options that are available to you.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Warning – Not All Debt Advisors are Equal * A Local Licensed Insolvency Trustee
When it comes to finances, you can probably come up with a list of excuses as to why you haven’t done certain things, like saving money. You can probably come up with another long list of bad financial decisions you have made. Not every financial mistake is a big deal, but some have serious repercussions that could affect you for years to come. It’s important to know how you make decisions that are not in your best financial interest so you don’t have to repeat them.
Regardless of the financial decisions you’ve made, there is always some room for improvement when it comes to managing your money.
Licensed Insolvency Trustee, Francyne Myers looks at healthy financial habits and how we can be led down the wrong path.
Other topics covered are:
- Bad financial decisions affecting mental health
- Social networks influencing our spending - healthy vs unhealthy influencers
- Setting personal values to help uncover our priorities
- Peer pressure and the fear of missing out (FOMO)
- How to find good financial advice
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of finances and debt management. Whether you need help with your budget or you are filing for Bankruptcy, you can be assured they will have your best interest in mind.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Learn How to Survive a Personal Financial Crisis * Make the Most of Isolation – 6 Things You Can Do Now to Improve Your Finances Now and Later
Have you noticed that package sizes seem to be shrinking - that the grocery item in your cart is smaller but the price is the same or even more? This is called shrinkflation and it isn’t new. It’s the inflation that you’re not supposed to see. Manufacturers are quietly shrinking package sizes without lowering the prices. It happens more often in times of high inflation and is impacting almost every packaged product.
It seems that shrinkflation is happening in a grocery store near you and is here to stay. But is there something we can do about it?
Licensed Insolvency Trustee, Francyne Myers, discusses shrinkflation and how it is impacting our budgets. She also covers:
- The difference between shrinkflation and inflation
- The most common products affected
- Navigating ways to make price comparisons
- Checking the price of your goods as they are scanned
- Consumer education sites
If you are struggling with debt or just need help managing your finances, a Licensed Insolvency Trustee (LIT) should be your first call. They will talk you through all the debt relief options available to you. LIT’s are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Canadian Inflation Rates – How To Protect Against Hyperinflation & Avoid Debt * Canada Inflation: Find Out What You Can Do About Today’s Soaring Prices
Consumer debt in Canada is on the rise as many Canadians are using their credit cards to alleviate some of their financial pressures. This reliance on credit cards is driving many further into debt as they lose the ability to pay credit off. Inflation has driven prices of nearly everything up and rising interest rates are making it more expensive to carry credit card debt. If you are carrying credit card debt, know you are not alone and there is help available.
It’s pretty difficult these days to live without a credit card. They do make our lives simpler and purchasing things more convenient.
Daniel Maksymchak, Licensed Insolvency Trustee talks about when credit cards become a problem and how they have become the primary form of unsecured debt.
Other topics covered are:
- The advantages of having a credit card and your credit rating
- Consequences of low minimum payment requirements
- Balance transfer offers with lower interest rates
- Benefits and disadvantages of supplemental credit cards
- Filing joint Consumer Proposals and Bankruptcies
- Why cashing in assets to pay down debt is never a good idea
If you are stressing over your finances, speak to a Licensed Insolvency Trustee (LIT). They can help you take back the control of your finances and break the cycle of debt. LIT’s are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Is Your Credit Card Debt Getting the Best of You? * 4 Steps to Credit Card Debt Help
A recent report on Canadians’ confidence in their personal finances, found that roughly half were worried about how they will pay their next round of bills. And nearly one-third said they were finding it harder than ever before to pay down their debt. There are options available to you to get out of debt. A Consumer Proposal is one of Canada’s best debt relief programs that allows you to avoid Bankruptcy while providing the same creditor protection.
In today’s podcast, Licensed Insolvency Trustee, Daniel Maksymchak, explains the ins and outs of filing a Consumer Proposal.
He also discusses:
- How a Consumer Proposal differs from Bankruptcy
- Why creditors would accept less than you owe
- Your responsibilities and what happens if you don’t fulfill them
- How filing affects your partner when to file a joint Consumer Proposal
- Benefits of the 2 mandatory counselling sessions
- What life is like after you have completed your proposal
If you are having financial difficulties and need advice about how to get out of debt, your first call should be to a Licensed Insolvency Trustee. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines. There is no charge for your first consultation.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * An Alternative to Bankruptcy: Consumer Proposal * Five Reasons You Should Consider a Consumer Proposal
Most money problems are caused by events beyond our control. It’s a common misconception to think that people who are insolvent have spent their way into Bankruptcy. A job loss, illness, injury or marital breakdown can often be the last straw for someone in a precarious financial position.
In today’s podcast, Derek Chase talks about Bankruptcy and the people who file, from a Licensed Insolvency Trustee perspective. He discusses:
- The demographics of who is filing
- The most common factors that can lead to Bankruptcy
- Surface reasons versus underlying causes of insolvency
- How filing for Bankruptcy can free funds to carry on living
- The importance of credit counselling after being discharged
- Reasons people avoid seeking help
If you are looking for stellar advice about how you can best manage your debt, a Licensed Insolvency Trustee can help. They are federally regulated and licensed by the Canadian government. You can rest assured that you will be treated fairly, without being judged.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Bankruptcy Advice: 3 Reasons Bankruptcy Could Be the Right Choice * Bankruptcy Eligibility: Do I Qualify for Bankruptcy?
If you are heading deeper into debt, know you are not alone. Many Canadians are struggling to keep afloat in these precarious times. Filing for Bankruptcy may be your best option, depending on your individual circumstances. But is there a better time of the year to file? You may be surprised to find out that - yes there is. When you declare Bankruptcy will affect how many tax returns you will lose.
In this podcast, Licensed Insolvency Trustee, Derek Chase talks about why Bankruptcy can be the most practical thing to do, often being the fastest, least expensive way to get relief from your debt. He also explains the benefits of filing before the end of the year.
Other optics covered are:
- Why professional advice is so very important
- How long the Bankruptcy process takes and how much it costs
- Consequences of waiting too long
- Bankruptcy duties after filing and how to start the process
- Red flags to watch for when dealing with debt companies
Licensed Insolvency Trustees can help you take control of your unmanageable debt. They are considered some of the best debt advisors in the country and the only ones licensed by the federal government of Canada.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Should I Declare Bankruptcy Now or Later? * What to Expect if You File for Bankruptcy
Many Canadians increased their debt levels during the pandemic due to low interest rates and now are finding themselves vulnerable to interest rate spikes. In challenging situations, most debtors will typically miss credit card payments, lines of credit or auto loans before mortgages. Whatever payments Canadians are struggling with - the higher interest rates will likely continue stressing household budgets. Experts are predicting a rise in insolvencies in the near future.
How are you coping with skyrocketing inflation and higher interest rates? Are you wondering what might happen if you can’t make your mortgage payment or your next car payment?
Derek Chase, Licensed Insolvency Trustee explains what happens and what you can do if the bank forecloses on your home or your vehicle gets repossessed. Derek also explains:
- Each province’s rules differ as to how repossession and foreclosures work
- When repossession of your vehicle would be advantages
- The rights of secured creditors to foreclose or repossess
- Notice required before foreclosure and repossession
- Reaching out to your lender when things are getting difficult
If you are struggling to make ends meet, reach out to a Licensed Insolvency Trustee sooner rather than later. They can help you take back control of your finances. They are considered some of the best debt advisors in the country and the only ones licensed by the federal government of Canada.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Soaring Mortgage and Interest Rate Increases Are Making Housing In Canada Unaffordable * My Mortgage Is in Foreclosure – Now What?
It’s a common sentiment that we don’t want to burden our loved ones when we pass away. But despite all good intentions - many Canadians will die in debt. If you die with debt in Canada, does your spouse or kids inherit your debt or does it simply disappear when you do? Which of your debts have to be paid and how is your estate affected?
Licensed Insolvency Trustee, Derek Chase, tackles these questions and explains what you need to know if you are in debt or an executor of a loved one's estate. Derek also answers the following questions:
- What kind of debt doesn’t have to be paid?
- What happens when there are no assets to sell to pay debt?
- Can the estate of the deceased go into Bankruptcy?
- How does the CRA handle the debt of the deceased?
- At what point do you need professional advice?
Licensed Insolvency Trustees are licensed by the federal government to provide debt advice. You can be assured that the advice you receive from them will be unbiased and have your best interests in mind.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Death & Debt: Will My Family Have to Pay? * BC Bankruptcy Exemptions: Will I Lose Everything if I File for Bankruptcy?
Receiving money from an inheritance or some sort of random windfall is something we all dream about. But what happens when that dream becomes a reality and the money becomes payable to you when you are in Bankruptcy? And what happens if your financial situation improves while you are bankrupt?
These questions and more are answered by Julie Drane, Licensed Insolvency Trustee with Allan Marshall & Associates. Julie also discusses:
- Surplus income - how it is calculated and when it is payable
- Receiving an inheritance or windfall after filing a Consumer Proposal
- How to start rebuilding your credit score
- When it is advantages to switch from Bankruptcy to a Consumer Proposal
- Changes to your Bankruptcy or Consumer Proposal if your income increases or marriage breaks up
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management and adhere to strict ethical guidelines. You can be assured you are receiving the best unbiased advice.
About Julie DraneJulie began her career in the insolvency industry in 1997 with Canada Trust, Citi Financial and then with a corporate trustee. She achieved her goal of becoming a Licensed Insolvency Trustee in 2008 and now focuses on consumer insolvency.
Julie’s depth of knowledge and commitment to service allows her clients to find the best option for a fresh start. She is now working in the Victoria, BC offices.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Surplus Income Payments: What Are They and How Do They Affect You? * What Are the Bankrupt’s Duties?
More and more Canadians are finding it difficult to keep their head above water, financially. Debt can be debilitating no matter what province you live in. British Columbia is no different. Carrying debt comes at a high cost. The stress of managing your finances in these unpredictable times can also have an emotional toll. But you don’t have to go it alone. Licensed Insolvency Trustee, Julie Drane, talks about the debt relief options available to BC residences.
- How the debt cycle starts and who is using food banks now
- At what point should you seek professional help
- Licensed Insolvency Trustee - their qualifications and licensing
- The range of debt solutions available
- The difference between a Consumer Proposal and Bankruptcy
- Benefits of counselling sessions
Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best debt professionals in the country and the only ones licensed by the federal government of Canada.
About Julie DraneJulie began her career in the insolvency industry in 1997 with Canada Trust, Citi Financial and then with a corporate trustee. She achieved her goal of becoming a Licensed Insolvency Trustee in 2008 and now focuses on consumer insolvency.
Julie’s depth of knowledge and commitment to service allows her clients to find the best option for a fresh start. She is now working in the Victoria, BC offices.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Exploring Your Debt Solution: Personal Bankruptcy in Victoria * Get Debt Help from a Victoria BC Licensed Insolvency Trustee
Retirement isn’t the same as it was in our parents' day. Declining workplace pension plans and the increased lifespan of Canadians are factors that need to be taken into account when planning. When you start saving and investing can make a difference in how much retirement income you will eventually have access to. But wherever you are on the scale, retirement planning can provide you with an outline of where you want to go and how you’ll get there.
How prepared are you for your retirement? Are there things you can be doing now to compensate for the loss of your income in the future?
Bonnie Hooley answers these questions and more. She discusses:
- How the inflation rate affects retirement income
- Having debt when you retire
- Health insurance, life insurance and estate planning
- Making lifestyle adjustments - living on 70% of your income
- Clearing up debt before retirement
- Talking to an expert sooner rather than later
Speaking with a Licensed Insolvency Trustee ensures that you are getting the best qualified advice. They are federally regulated and licensed by the Canadian government and will give you information you can trust.
About Bonnie HooleyBonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * The Senior Citizen Debt Crisis: How to Cope With Debt in Your Golden Years * What Options Are There for Seniors in Debt?
Debt is sometimes divided into two categories - good and bad. It’s important to understand the difference between the two so you can improve your financial situation. But as we all know, nothing is ever all good just like nothing is ever all bad. Can good debt turn into bad? And is there ever a circumstance where bad debt turns into good?
In this timely podcast Licensed Insolvency Trustee, Bonnie Hooley, lifts the lid on Canadian’s finances and their debt. Topics covered include:
- Resisting the urge to overextend when taking out a mortgage
- Intelligent ways to use credit cards
- When renting may be better than buying
- Cash back credit cards with annual fees
- Using a secured line of credit to pay off unsecured debt
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of finances and debt management from budgeting to Bankruptcy.They are considered some of the best debt consultants in the country and will provide you with unbiased advice.
About Bonnie HooleyBonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * When Debt Is Not A Four Letter Word * What is Debt Consolidation?
Shopping where you live has a huge impact on the local economy. Your support can be far-reaching as every dollar spent locally gets circulated 3 or 4 more times ensuring your money stays in the community. While it’s not always possible to buy everything you need locally, finding a balance between e-commerce sites and buying locally can be a step in the right direction. Today’s podcast features Leigh Taylor, Licensed Insolvency Trustee and Bruce Duggan, Associate Professor of Management at Providence Buller School of Business. Bruce and Leigh discuss what it means to the local economy of locally owned businesses.
Their discussion also covers:
- Advantages of buying local and how to support local businesses
- The price local economies pay for the convenience of online shopping
- Possibility of a recession in Canada
- The high level of consumer debt - rising 5-6% per year
- Advantages of dealing with a local Licensed Insolvency Trustee
If you are having financial difficulties, whether business or personal, talking to a local Licensed Insolvency Trustee should be your first call. You will have the opportunity to meet them face to face in your initial consultation and be assured they are knowledgeable about provincial regulations.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Warning – Not All Debt Advisors are Equal * A Local Licensed Insolvency Trustee
Tax debt is one of the most serious kinds of debt given the powers of the CRA to collect. The main difference between the CRA’s and other creditors' ability to collect, is that they can freeze your bank account without a court order. Since they don’t need to go to court, they are much more likely to use this method. This is a very strong power and one of the ways that the CRA pressures people into paying their debts. Can the CRA freeze your bank account without notice? What can you do when this happens and how can you avoid it? Derek Chase, Licensed Insolvency Trustee, answers these questions.
Derek also discusses:
- How to stop wage garnishment and unfreeze bank accounts
- When a Stay of Proceedings can be put in place
- How to communicate with the CRA
- Work out a payment plan to avoid penalties and collection practices
- Consulting with a Licensed Insolvency Trustee and the services they provide
If you are struggling with tax debt and need someone to talk to, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Wage Garnishment: How It Works, What You Can Do, and Other FAQs * Canada Revenue Agency Has Frozen My Bank Account. What Do I Do?
Financial literacy is the ability to understand and effectively use skills such as budgeting, saving, taxation, and investing. When you are financially literate you have the foundation of a relationship with money. Achieving financial literacy is crucial in today’s world as we navigate through everyday facets of life, such as student loans, mortgages, credit cards, investments and at some point - retirement. But not all of us can afford the time to get a degree in finance. The old joke of how you eat an elephant - just one bite of a time comes to mind when Licensed Insolvency Trustee, Derek Chase breaks financial literacy down for us.
Derek discusses:
- A starting point to change the family lineage financial illiteracy
- Importance of finding a mentor
- Where to find resources with good Canadian content
- Strategies to make time to learn
- The payoff of families and partners pulling together and getting onboard
If you are struggling with your finances, Licensed Insolvency Trustees can help you get back on track. From budgeting to Bankruptcy, they are considered one of the best resources to consult, licensed and regulated by the federal government of Canada.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Financial Literacy in Canada * How to Break the Debt Cycle
If you are overwhelmed with credit card debt, student loans, tax debt, payday loans or any other unsecured liabilities filing a Consumer Proposal may be your best option. A Consumer Proposal is a debt settlement solution where an offer is made to your unsecured creditors to settle your debts. When the terms are agreed upon, you will then make affordable monthly payments with no interest for up to 5 years. A proposal is based on your financial circumstances at the time of filing. But what happens if your circumstances change or you simply change your mind? Can you cancel or withdraw?
These are questions answered by Matthew Fader, a Licensed Insolvency Trustee at Allan Marshall & Associates. Along with cancellation information, Matthew also discusses:
- Why a Consumer Proposal in a good alternative to Bankruptcy
- How long creditors have to approve a proposal
- The importance of being properly informed before you file
- Withdrawing a Consumer Proposal before 60 days
- What happens when there is joint debt
- Consequences of defaulting payments for 3 months
- Filing for Bankruptcy while in a Consumer Proposal
Licensed Insolvency Trustees can help you make the best decision about how to get your finances back on track. They are considered some of the best debt professionals in the country and the only ones licensed by the federal government of Canada.
About Matthew FaderLicensed Insolvency Trustee Matthew Fader has worked in the insolvency field since 2005 and joined Allan Marshall and Associates in 2017. His positive outlook helps reassure his clients with any financial insecurities they may have. Matt’s goal is to ensure that everyone has the best possible experience and is treated with respect.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Consumer Proposals in Canada * What Is a Consumer Proposal?
Canadians think they need savings of $1.7 million to retire according to a recent BMO survey. WIth a large majority of people struggling to make ends meet, saving for retirement seems out of reach. Realistically, how much do you need to retire? And what happens if you don’t have enough money saved? How much longer will you have to keep working before you can retire?
Licensed Insolvency Trustee, Matthew Fader talks about what Canadians are doing to prepare and how you can budget for your retirement. Other topics covered are:
- Why slowing down may be the new version of retirement
- Shifting perception and retirement trends
- Saving while in debt
- Options to get you back on track
- Free or cost effective resources available
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you unbiased advice about your finances and options for managing your debt.
About Matthew FaderMatthew has worked in the insolvency field since 2005 and joined Allan Marshall and Associates in 2017. His positive outlook helps reassure his clients with any financial insecurities they may have. Matt’s goal is to ensure that everyone has the best possible experience and is treated with respect.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Are You Retiring With Debt in Canada? * Retirement Planning Tools: Old Age Security (OAS), RRSP’s & Pension Plans
Most of us have experienced money stress to some degree, but left unchecked, it can put you in a state of fear which can prevent you from facing your situation and moving forward. Financial worries can have an adverse effect on both your psychological and physical health. Taking measurable action to improve your economic situation can help you overcome financial stress. These are unprecedented times we are living in as rising prices are putting even more pressure on fragile finances.
Francyne Myers, Licensed Insolvency Trustee, talks about the financial stress most Canadians are dealing with. She covers:
- How conventional wisdom does not apply anymore in this
- Mortgage renewal advice and negotiating with your bank
- Tracking your expenditures - even the small ones
- Government savings programs for homebuyers
- Money saving tips
If you are struggling with debt and can’t seem to find a way out, contact a Licensed Insolvency Trustee where you live. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Reduce Your Financial Stress & Experience Debt Relief * Learn How to Survive a Personal Financial Crisis
A will is a legal and binding document that allows you to determine how you want to have your assets distributed after you die. Having a will in place gives you a chance to clearly communicate your intentions and to name an Executor that will manage your estate according to your wishes. Do you actually need a will if you don’t have a lot of assets? The short answer is ‘absolutely’. Licensed Insolvency Trustee, Francyne Myers, will tell you why.
This podcast covers:
- The importance of having a will and what happens if you don’t
- How not having a will affects common law partners and step children
- Cost of preparing a will
- Using a will kit versus an estate lawyer
- Why naming an Enduring Power of Attorney and Executor is important
Licensed Insolvency Trustees do more than file insolvencies. They are licensed and regulated debt professionals that can give you unbiased advice about your financial affairs.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Licensed Insolvency Trustee Services – Become Debt Free * Declaring Personal Bankruptcy in Canada
Very few Canadians are 100% debt-free. Debt is normal but over the past year consumer debt has notably increased. Even though inflation is slowly easing, it is still relatively high. Unfortunately wages haven’t grown with inflation leaving the average Canadian with less money to spend. This means many have had to increase their reliance on credit cards to purchase necessities. This timely podcast features Licensed Insolvency Trustee, Leigh Taylor, discussing the rise of consumer debt in Canada and what the future might look like. What can you do when your debt is mounting and where you can turn.
Leigh also covers:
- How past low interest rates are contributing to insolvencies
- The possible effects of a looming recession
- Insolvency statistics
- First signs of debt becoming and problem and steps to take
- Why a Licensed Insolvency Trustee should be your first port-of-call
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. Whether you require assistance in creating a better budget or need to file for Bankruptcy, you can be assured they will go through all of the options available before you make a decision.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Changing Financial Times * Post-Covid Inflation and Its Effect on Individuals, and Businesses, Including Farms
As the cost of living continues to rise, more Canadians are finding themselves in financial trouble. While it’s normal to have some level of debt, it becomes a problem when it becomes unmanageable. According to a recent report from Equifax, the average credit score of Canadians is between 600 and 650. People with scores equal or above 650 are considered to be financially stable and those above 760 are considered excellent.
But what happens to your credit score if you file for Bankruptcy or a Consumer Proposal? How is your credit rating affected and how can you rebuild it?
Licensed Insolvency Trustee, Mary-Ann Marriot answers those questions and more. She also covers:
- How long it takes to rebuild your score
- The difference between your credit score and your credit worthiness
- Common mistakes made when rebuilding credit scores
- How often you should check your score
- Credit reporting services: Borrowell and Credit Karma
- Applying for credit after an insolvency and secured credit cards
If you need advice about anything from budgeting to Bankruptcy contact a Licensed Insolvency Trustee. They are federally regulated and licensed by the Canadian government and will give you honest, unbiased advice.
About Mary-Ann Marriot Mary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.
Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Rebuilding Credit: How Long Will It Take To Get My Credit Back? * 3 Forms of Payment That Help Build Credit After Bankruptcy
A spending freeze is simply a commitment you make to not spend money on anything that isn’t necessary. You would still pay your bills and make sure your family is fed and taken care of, but no other spending is allowed. Taking this challenge can reset the way you think about money. Licensed Insolvency Trustee, Mary Ann Marriott speaks from personal experience, setting up her own personal spending freeze. She talks about the pros and cons and how being aware of your spending habits can help you reevaluate what is important.
Mary Ann also covers:
- Using the spending freeze as a learning tool
- Identifying needs from wants and shedding light on spending habits
- The benefits of practicing delayed gratification
- Fun ways to make the freeze affective
- Choosing a realistic time frame
If you are having financial difficulties and need advice about budgeting or how to get out of debt, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.
About Mary-Ann Marriot Mary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.
Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Canadian Debt Is Rising – Here’s How It Affects You & What You Can Do About It * Canada Inflation: Find Out What You Can Do About Today’s Soaring Prices
If you earn income from a sole proprietorship or partnership, in other words self employed, you’re responsible for tracking your income and expenses and paying taxes. But as you know or will find out, self employed taxes are a bit more complicated than regular taxes. Ideally, to keep on top of your taxes, they should be paid quarterly or annually to avoid any interest charges or penalties. But many self employed people don’t live in that ideal world and struggle with bookkeeping and accounting.
Derek Chase has been a Licensed Insolvency Trustee for over 25 years and shares his knowledge about filing taxes and avoiding tax debt. In this podcast he covers:
- Different types of taxes for the self employed
- Consequences of missing deadlines or not filing taxes
- Fines, penalties, and interest rates charged by the CRA
- Strategies to stay on top of your taxes
- Advantages of hiring a bookkeeper
If you are struggling with tax debt and need advice, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Tax Debt Help – What You Need to Know * How Your Income Tax Return Is Filed During Bankruptcy
Money management isn’t always easy but teaching it to our kids can be just as difficult. But if they grow up without a proper understanding of their finances it can create a gap in their life skills. Although some schools do teach the basics of financial literacy, we can still have an impact on our kids' understanding of money. Talking about finances and finding teachable moments can give them the leg up that may make all the difference in their lives.
Licensed Insolvency Trustee, Derek Chase, shares his thoughts about how to better prepare our kids for their financial future. He covers the following topics and more:
- When is the right time to start
- The practically of handling their own money
- Teaching the different acronyms and explaining their functions
- Advantages and eventual outcomes of starting to save early
- The cost of holding debt and not filing taxes
- Resources such as The Wealthy Barber
Licensed Insolvency Trustees are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. With their knowledge and expertise you can be assured they will give you the best unbiased advice.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Young Adults and Credit Card Debt * Help With Student Loan Debt
Everyday there are more signs that Canadians are struggling with inflation and the skyrocketing cost of borrowing, finding it increasingly difficult to make ends meet. Many are leaning on credit. But when is it time to acknowledge the fact that you are in over your head and need to reach out for help? Leigh Taylor has been a Licensed Insolvency Trustee for over 40 years. His experience helping people with their unmanageable debt has given him a solid understanding of the stresses and emotional toll being in deep debt causes.
Leigh talks about:
- Warning signs that you are in over your head
- Relationship problems caused by debt
- The embarrassment financial difficulties causes
- Tax and repayment requests - financial fallout from COVID
- When and where to seek help
- Advantages of dealing with a local Licensed Insolvency Trustee
If you are struggling with insurmountable debt and need someone to talk to, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * A Local Licensed Insolvency Trustee * Don’t Let a Money Problem Turn Into a Debt Crisis
Divorce is not an easy process but when there is a substantial amount of debt involved, it can be more complex. Along with the many legal consequences, filing for Bankruptcy comes with an emotional aspect that can sometimes be overwhelming. Your marital assets will be affected by the timing of your Bankruptcy. Talking to a professional before you make any decisions will allow you to determine what is best for you and your spouse.
In today’s podcast, Licensed Insolvency Trustee, Leigh Taylor, talks about divorce and debt. Topics discussed include:
- How does filing Bankruptcy or a Consumer Proposal affect the divorce?
- What happens to joint and individual debt?
- When to declare Bankruptcy - before or after filing for divorce?
- Does filing Bankruptcy discharge spousal and child support?
- The emotional component of divorce
If you need further advice about the timing of your Bankruptcy vs your divorce, contact a Licensed Insolvency Trustee. They are federally regulated and licensed by the Canadian government and will give you honest, unbiased advice.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Divorce, Debt and Finances – What You Need to Know * Bankruptcy Services
The news is full of stories about the rise of household debt. More Canadians are having to rely on their credit cards to make their paycheques stretch. Financial trouble can stem not from the amount of debt that you owe but your ability to repay that debt. Whereas some people struggle with $1,000 dollars of debt, others can handle $100,000.
How do you know when you are heading for trouble? Licensed Insolvency Trustee, Amanda Sherwood discusses the warning signs you may have a debt problem.
Other topics covered:
- Finding out your net worth - assets and liabilities
- Setting up a good budget
- Different strategies for repaying debt
- Advantages of budgeting with your family
- When it’s time to make the phone call to explore your options
If you are struggling with your debt, Licensed Insolvency Trustees can help you take back control of your finances. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Amanda SherwoodAmanda started with Allan Marshall and Associates in 2008 as an Estate Administrator. She has since received her Chartered Insolvency & Restructuring Professional (CIRP) and her Licensed Insolvency Trustee (LIT) designation in 2022.
The most rewarding part of her job, Amanda says, is hearing her clients say how relieved they are after meeting with their office. She reminds everyone that they are not alone and that help is available to get relief from insurmountable debt.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Financial Management: Warning Signs of Financial Problems * Financial Problems and Solutions: Finding Your Way Out of Debt
Debt problems can cause stress in any relationship. But what happens when one partner files for Bankruptcy? How does it affect the other? To understand what happens to your spouse’s finances, first it is important to know what the difference is between personal debt and joint debt. As a Licensed Insolvency Trustee, Amanda Sherwood, helps couples navigate insolvency, as each family situation is unique. In this podcast find out:
- What happens to your spouse’s/partner’s credit score when you file Bankruptcy
- When you get married are you marrying your partner’s debt also?
- The benefits and drawbacks of separate or joint finances
- Co-signing loans - who is responsible when one defaults
- Personal information needed by a Licensed Insolvency Trustee from both parties
If you and your partner are having financial difficulties and need solid advice, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.
About Amanda SherwoodAmanda started with Allan Marshall and Associates in 2008 as an Estate Administrator. She has since received her Chartered Insolvency & Restructuring Professional (CIRP) and her Licensed Insolvency Trustee (LIT) designation in 2022.
The most rewarding part of her job, Amanda says, is hearing her clients say how relieved they are after meeting with their office. She reminds everyone that they are not alone and that help is available to get relief from insurmountable debt.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Canadian Bankruptcy Rules * Become Debt Free In 3 Easy Steps
Financial resolutions are merely money goals that you commit to attaining. The start of a new year is a perfect time to set the course to get back on track with your financial health. New Year money resolutions can help you get to where you want to be. Where would you like to be financially one year from now? Establishing a start date like the new year, makes it easier to commit and less likely you find excuses to procrastinate.
Today’s podcast features Bonnie Hooley, Licensed Insolvency Trustee, talking about setting attainable financial resolutions. She also discusses:
- Finding resolutions that make sense to you
- Purposeful spending within your budget
- Short, medium and long term goals
- Compound interest calculator for savings
- Ways of working together with your partner
- The number one financial resolution to focus on
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of finances and debt management from budgeting to Bankruptcy. They are considered some of the best financial advisors in the country and will provide you with unbiased advice.
About Bonnie HooleyBonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * How to Review, Fund, and Track Your New Year’s Resolutions * Tackling Your Post Holiday Debt
For many Canadians, overspending on Christmas is just a way of life. After all, is it not the season of giving and forgiving? But after the tree comes down and the lights are put away, you may be left with a holiday hangover, dreading the mailman’s arrival in January. This debt cycle isn’t going to end unless you decide that you’ve had enough. And if this is the year you draw that line in the sand - this is the podcast for you. Licensed Insolvency Trustee, Bonnie Hooley discusses Christmas debt hangovers and how to avoid them. If you regret overspending again this year on gifts, travel, food or other forms of holiday merriment, tune in to this podcast.
Bonnie also covers:
- Coming to terms with feelings of regret after the holidays
- Traditions that are no longer practical and do not serve any more
- Planning ahead and setting realistic goals
- Avoiding impulse buying
- Creative ways to give that are affordable and meaningful
If you have overspent this holiday season and are deep in debt, a Licensed Insolvency Trustee can help you get your finances back on track. They are the only federally regulated debt advisors in Canada and will give you honest advice about the options that are available to you.
About Bonnie HooleyBonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Are You Singing the Post-Holiday Bills Blues? Here’s How to Change Your Tune * Six Smart Money Goals for the New Year
Despite their differences, Consumer Proposals and Bankruptcy both guarantee protection from creditors. But both debt relief options are unique in how they deal with tax refunds. In a Bankruptcy, your Trustee will prepare and file your returns and any refunds will be distributed to your creditors. In a Consumer Proposal, you are required to file your own returns and must be up to date with past filings. If you do not owe the CRA money and are entitled to a tax refund, you make keep it.
Licensed Insolvency Trustee, Derek Chase, walks us through the different scenarios and how when you file may have an impact on your tax returns. He also covers:
- When it is advantageous to file a Consumer Proposal vs Bankruptcy
- The best time of the year to file
- What happens to the money if you are owed a tax refund
- Effect on GST and Canada Child Benefits
- CRA’s Right of Set-Off to offset tax debts
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest advice about all the debt relief options available to you while taking into account your tax situation.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources* Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * How Your Income Tax Return Is Filed During Bankruptcy * Tax Debt Help – What You Need to Know
The start of a new year is a great time to set goals especially around your personal finances. By setting financial resolutions, you can move forward into the coming year with added security and stability. If you have overspent or strayed from your holiday budget, now is the time to get back on track. Licensed Insolvency Trustee, Mark Marshall, shares his experiences and talks about ways to set the course to improve your finances in the coming year.
Mark also discusses:
- Setting realistic goals
- Tips for making your financial plan
- Tracking expenses for an accurate assessment of your finances
- Short, medium and long term goals
- Accountability challenges with your friends
Licensed Insolvency Trustees can help you take control of your finances. From simple budgeting techniques to insolvency filings, they are considered some of the best financial advisors in the country, licensed by the federal government of Canada.
About Mark MarshallMark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision.
Additional Resources * Allan Marshall & Associates - Licensed Insolvency Trustee * Holiday Debt: Recover From Your Christmas Debt * Keeping Track of Your Money
A merry Christmas shouldn’t depend on how much money you spend. But if you are someone who is obsessed with picking up the perfect gift for family and friends, feeding and entertaining them - it can often mean facing tough credit card debt in the New Year. If the holiday season is something you haven’t budgeted for in the past, maybe it’s time to get ahead of the mage next year by starting early. In today’s podcast, Licensed insolvency Trustee, Derek Chase talks about avoiding Christmas credit card debt.
Derek also covers the following topics:
- Breaking the cycle of big gift giving
- Changing your mindset - focusing on experiences and relationships
- Budgeting for Christmas 2023
- Using your circle of influences to come up with new ideas
- Having conversations about what is important and realistic
- Advice for better finances for the year ahead
Looking for the best financial advice? Look no further than a Licensed Insolvency Trustee in your area. With their extensive knowledge of financial services you can be assured that you are getting the best qualified advice.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * How to Start a Budget * Young Adults and Credit Card Debt
For many Canadians, overspending at Christmas is just a way of life. But the cycle of going into debt to buy presents isn’t going to end until you change the way you ‘do’ Christmas. There are ways you can still have a holly jolly celebration without dreading the January credit card statements. A merry Christmas doesn’t have to depend on how much money you spend. Sharing time making memories with family and friends without overspending can be the new normal.
Licensed Insolvency Trustee, Mark Marshall shares his personal experiences and a few ideas of how to scale back on Christmas giving. Other topics discussed are:
- Cost effective ways to give
- Importance of communicating with family members about gift giving
- Community associations that help with presents for children
- Incorporating the Yankee swap game into your gift exchange
- Boxing Day and thrift store shopping
If you are drowning in debt this holiday season or at any time of the year, speak to a Licensed Insolvency Trustee. They are federally regulated and approved by the Canadian government and will give you honest advice and help you find a solution to your debt problem.
About Mark MarshallMark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision.
Additional Resources* Allan Marshall & Associates Licensed Insolvency Trustee * Holidays That Don’t Break The Bank – Holiday Spending & Budget Management * Stick to a Christmas Budget When Buying Gifts for Your Kids
When you decide to start your own business, you must consider the type of business structure that best suits your needs. The most common forms are either a sole proprietorship or a corporation. Both have different tax benefits and implications. Licensed Insolvency Trustee, Glenn Steiner talks about the differences between sole proprietorship and corporations. The advantages and disadvantages of being a director of a corporation or choosing to be a sole proprietor.
Topics covered in this podcast include:
- Tax filing and source deduction remittances to the CRA
- Personal liabilities for debt as a sole proprietor vs a director of a corporation
- How incorporating will protect your assets
- What happens to the company’s debt if the business fails
- CRA’s Directors Liability can decide you personally owe tax for your business
If you have a business that is in financial trouble, contact a Licensed Insolvency Trustee. They are considered to be the best financial advisors in the country and the only ones licensed by the federal government of Canada. You can be assured they will give you the best unbiased advice about debt relief options.
About Glenn SteinerGlenn received his Trustee license in 1998, working in various departments in the public service for 30 years. Since 2011 he has been working in the private sector in Alberta as a Licensed Insolvency Trustee. Born and raised in Saskatchewan, Glen has a passion for helping people. He walks them through the various financial options, allowing them to make life changes that can give them a fresh start.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * 3 Tax Debt Relief Options: Dealing With the Canada Revenue Agency * Canadian Business Bankruptcies Surge – Support Your Local Small Businesses
Canadians’ confidence in their personal finances and ability to repay their debt has hit a record low. As inflation continues to rise, many are pulling out their credit cards and living on borrowed cash. If your unsecured debt has also hit record highs and is becoming unmanageable, you are probably investigating your options. In today's podcast, Licensed Insolvency Trustee, Glenn Steiner explains how and when a Consumer Proposal may be the best way to tackle your debt.
Here is just a few of the questions answered:
- What is the process involved in filing a Consumer Proposal?
- Can tax debt be included in the proposal?
- What kind of debt cannot be included?
- What happens if your income increases or you receive an inheritance?
- Can you pay off the Consumer Proposal quicker?
If you are losing sleep over your finances the first port of call should be a consultation with a Licensed Insolvency Trustee. They are licensed by the federal government to provide debt advice and are the only professionals that can file a Bankruptcy or a Consumer Proposal.
About Glenn SteinerGlenn received his Trustee license in 1998, working in various departments in the public service for 30 years. Since 2011 he has been working in the private sector in Alberta as a Licensed Insolvency Trustee. Born and raised in Saskatchewan, Glen has a passion for helping people. He walks them through the various financial options, allowing them to make life changes that can give them a fresh start.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Consumer Proposals in Canada * Debt Consumer Proposal: What Types of Debt Can It Pay Off?
As Canadians businesses struggle to find their feet in a new post pandemic era, a significant number report their concern over the potential for Bankruptcy. Add to the mix staff shortages, skyrocketing inflation and rising interest rates - it is a critical time for many small businesses. How does Bankruptcy work for the self employed vs an incorporated or limited company? Derek Chase, Licensed Insolvency Trustee, discusses business Bankruptcy and how it affects individuals within the business.
He also covers:
- The difference in the terminology between the US and Canada
- How various businesses are structured
- The decision making process with a Licensed Insolvency Trustee
- How employees are covered with the Wage Earners Protection Act
- Company Creditors Arrangement Act - Division One Proposals
- Steps for filing a business Bankruptcy
If you are struggling financially with your business, Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Wage Earner Protection Program: Help for Employees During Bankruptcy * Understanding Receivership vs Bankruptcy
The Canada Revenue Agency (CRA) has special powers for collections of unpaid taxes. These may include wage garnishments, freezing bank accounts, seizure of investments or putting a lien on your home. But when it comes to the Bankruptcy & Insolvency Act, the CRA is treated like any other creditor in a Consumer Proposal or a personal Bankruptcy. Licensed Insolvency Trustee, Derek Chase, shed some light on the subject of taxes - unpaid taxes, unfiled taxes and ways to deal with tax debt.
Other topics covered in this podcast are:
- Different kinds of tax debt
- CRA’s penalties and fees
- When you receive an unfair assessments from the CRA
- Consequences of not filing your taxes
- Options when dealing with tax debts
If you have tax debt that you cannot manage, speak to a Licensed Insolvency Trustee. They are federally regulated and approved by the Canadian government, and will give you honest advice about the options available to you.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * How Your Income Tax Return Is Filed During Bankruptcy * Tax Debt Help – What You Need to Know
If you’ve ever borrowed money to buy a car or applied for a credit card, you have a credit report. Your credit score is considered a measure of your financial health and financial trustworthiness. It is a key consideration for your future financial plans.vAre you familiar with how the credit reporting system works? Most of us know we should have a good score but don’t understand why or how we can improve it. Jillian Taylor-Mancusi, Licensed Insolvency Trustee talks about this somewhat mysterious system that judges our financial worthiness.
Here are a few of the topics covered in this podcast:
- Why your credit score matters
- The difference between credit reports and credit scores
- Who has access to your credit scores
- Conventional lenders and high risk lenders
- Best ways to build and rebuild your score
- What a hard hit and a soft hit is when checking your credit score
If you are having financial difficulties and need someone to give you solid advice, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.
About Jillian Taylor-MancusiJillian is a Licensed Insolvency Trustee in Manitoba and Northern Ontario. She has been working in the insolvency field since 1992. A member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), Jillian also serves as chair for Dressage Winnipeg.
Additional Resources * LCTaylor Licensed Insolvency Trustee * The Truth About Your Credit Score in Canada * Rebuilding Your Credit After Bankruptcy
No one ever sets out to go bankrupt but life happens. Dealing with unmanageable debt can spill over into other parts of your life. It can affect your personal health, your relationships, and your overall well being. Filing a Bankruptcy can be the best way forward. Is there a better time of the year to file for Bankruptcy? How will filing affect your taxes and what happens to the money if you are entitled to a refund? Licensed Insolvency Trustee, Jillian Taylor-Mancusi answers these questions and more. She explains how pre-filing and post-filing taxes are handled when you are in Bankruptcy.
Other questions answered are:
- When you would benefit from filing Bankruptcy in December
- What the costs of filing Bankruptcy are
- How is Bankruptcy different when you are self employed
- What the Bankruptcy Assistance Program is and who would qualify
- What happens to your tax credits and refunds
Licensed Insolvency Trustees are licensed by the federal government to provide debt advice. They are the only professionals that can file a Bankruptcy or a Consumer Proposal. You can be assured that the advice you receive from them will be unbiased and have your best interests in mind.
About Jillian Taylor-MancusiJillian is a Licensed Insolvency Trustee in Manitoba and Northern Ontario. She has been working in the insolvency field since 1992. A member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), Jillian also serves as chair for Dressage Winnipeg.
Additional Resources * LCTaylor Licensed Insolvency Trustee * How to Claim Bankruptcy * $200 Away from Bankruptcy
High inflation can make budgeting an even bigger challenge than usual and with prices rapidly rising, it can seem almost impossible. Higher prices mean you may need to be more strategic about your spending in order to stretch your income. Learning how to budget for periods of high inflation can help you rethink how you spend your money. Living in these times of high inflation all comes down to budgeting. Francyne Myers, Licensed Insolvency Trustee, talks about how you can budget your way through rising costs.
More than budgeting, she speaks about:
- Maximizing your dollars - getting more bang for your buck
- Household spending - defining your priorities
- The difference between secured debt and unsecured debt
- Challenging yourself to a spending moratorium - not purchasing anything for a set period of time
- Grocery shopping - meal planning, making lists, and using cash
- Instore credit cards - taking advantage of points
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. From budgeting to Bankruptcy, you can be assured you are receiving the best unbiased advice from these knowledgeable professionals.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Monthly Budget Template – Budgeting Made Easy * A Budget Plan Prevents You From Living Beyond Your Means
We all want the best for our children. That doesn’t necessarily mean you want them to have the best but you want them to make the best decisions. One of the key lessons that will have an enormous impact for the rest of their lives - is the lesson about money. The earlier they learn financial literacy, the greater the long-term impact. But how do you cultivate financial independence in your children? When is the best time to start? Licensed Insolvency Trustee, Francyne Myers (and mother of 2 teenagers) shares her experiences and gives her advice.
She covers these topics and more in this podcast:
- How to teach your children to save
- Tactile experience of young kids handling money and having their own allowance
- High standards set by social media
- When they should start paying for their own car, gas, phone
- The art of switching from being a parent to being a consultant in your grown child’s life
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of financial management. With their knowledge and expertise you can be assured they will give you the best unbiased advice.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources* Allan Marshall & Associates Licensed Insolvency Trustee * Stick to a Christmas Budget When Buying Gifts for Your Kids * How to Teach Kids Money Management at Home
It’s a well known fact that money is one of the most common subjects that couples argue about. Research has shown that the more couples argue over money, the more likely the relationship is to break up due to financial concerns. But money doesn’t have to be a wedge in your relationship - whether you are just starting out or you are in a long term relationship. With practice, you and your partner can learn to talk about finances in a healthy way.
Derek Chase, Licensed Insolvency Trustee shares his advice about how and when to tackle those awkward money conversations. In this podcast Derek also discusses:
- When, in a new relationship, is the right time to talk about finances
- Finding out about your partner's attitude towards money and debt
- Warning signs at the beginning of a relationship to be aware of
- The importance of working towards common goals
- Taking advantage of premarital counselling
Licensed Insolvency Trustees are the only professionals licensed by the federal government of Canada. You can be assured that they offer unbiased advice about managing your finances.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Debt and Divorce: A Common Cause of Bankruptcy * Young Adults and Credit Card Debt
Recent studies have found that most Canadians’ pay raises haven’t matched the increase in the cost of living. As a result, personal Bankruptcies across Canada are spiking. But what happens to my job if I file for Bankruptcy? Will my employer find out and is there a possibility that I may lose my job? These are relevant questions that most people worry about when they are searching for debt relief options. Licensed Insolvency Trustee, Derek Chase answers these questions and dispels some of the myths around Bankruptcy.
Derek also discusses:
- Who actually will know that you have filed for Bankruptcy
- When your employer may find out
- How and when your Bankruptcy may affect your future employment
- The importance of following through and receiving a discharge
- Why a Consumer Proposal may be a better choice
Licensed Insolvency Trustees are the only debt professionals licensed to administer Bankruptcies and Consumer Proposals. These two insolvency procedures are designed to help honest debtors out of debt and onto a path towards a brighter financial future.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Will Filing Bankruptcy or a Consumer Proposal Affect My Current Job or Future Employment? * Personal Bankruptcy Facts: How to Declare Bankruptcy
A financial windfall is any unexpected amount of money you receive. Whether it be from a lottery win or an inheritance - it’s the things we dream about. But what happens when you receive an unexpected windfall when you have filed for Bankruptcy? Today’s podcast features Daniel Masymchak, Licensed Insolvency Trustee answering questions about windfalls and surplus income while in Bankruptcy.
- What happens to windfall money when you are in Bankruptcy and then when you have been discharged?
- What is surplus income and how is it calculated?
- How does Bankruptcy affect your credit score?
- Who goes bankrupt and why?
- How long does Bankruptcy last?
Choosing a debt advisor is an important step in your debt recovery. Licensed Insolvency Trustees provide guidance on how to resolve your debts. They are the only federally regulated debt advisors in Canada.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * What You Need to Know About Your Life Income Fund and Bankruptcy * Bankruptcy and Insolvency Act in Canada: What You Need to Know
During the pandemic the demand for vehicles was high when interest rates dropped to record lows. Fast forward to the present where interest rates and fuel costs have risen sharply. In Canada, defaults are rising as repossession activities are back in full force. What happens when you can’t make your vehicle payments? Should you or can you just surrender it and walk away? Licensed Insolvency Trustee, Daniel Maksymchak, answers these questions and explains the Canadian laws for repossession.
Daniel also covers:
- The consequences of financing a vehicle over a long period of time
- Dealing with negative equity
- What happens to your vehicle if you file a Bankruptcy or Consumer Proposal
- Financing a vehicle versus leasing
- The difference in provincial laws when surrendering your vehicle
Before you make any decisions about dealing with any kind of debt, contact a Licensed Insolvency Trustee. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources:* LCTaylor Licensed Insolvency Trustee * Can I Keep My Car? * Bankruptcy Exemptions: Will I Lose Everything in a Manitoba Bankruptcy?
Inflation remains prevalent across all aspects of our lives, not just concentrated in a few areas such as food and gas. Alongside this, wage increases are not keeping up with inflation and households are losing purchasing power. Experts say it will be a while before Canadians can breathe a sigh of relief. How are we Canadians coping with rising interest rates and inflation? What advice could help us through these precarious times? Derek Chase, Licensed Insolvency Trustee tackles these questions and shares his thoughts on adjusting our spending habits and budgets.
Other topics covered include:
- Reducing discretionary spending to combat inflation
- The difference between demand and supply driven inflation
- Rising interest rates affecting variable rate loans
- The renaissance of gardening and preserving
- The advantage of talking to a Licensed Insolvency Trustee sooner rather than later
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest unbiased advice and options for managing your debt.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Everything You Need to Know About Canadian Inflation Rates & Hyperinflation * Utility Bills: Rebates, Budgeting, and Saving Energy
Exchange-Traded funds (ETFs) are an easy way to begin investing. THey are simple to understand and can generate good returns without much effort or expense. Investors are able to buy stocks or bonds that may not be easily accessed otherwise. Why would Licensed Insolvency Trustee, Derek Chase be talking about ETFs? For the most part, because that is what is discussed in one of the mandatory counselling sessions after completing a Bankruptcy or Consumer Proposal. What can you do with your extra money when you don’t have massive debt to service?
Derek answers the following questions:
- What are the advantages of investing in ETFs?
- Is there a difference between an ETF and Mutual Funds?
- How do you know an ETF is the right choice for you?
- Have you identified what your risk tolerance is before investing?
- What are the tax benefits and how do you go about setting up an ETF?
Although Licensed Insolvency Trustees don’t give investment advice, they are knowledgeable about products such as ETFs, RRSPs, TFSAs. With accounting and finance backgrounds, LITs are well qualified to help you become debt free, giving you a fresh financial start.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Our Team of Licensed Insolvency Trustees and Insolvency Administrators * Debt Podcasts
It’s not easy to find the right debt relief solution that will help you get out of debt. Internet searches and TV advertisements can be misleading in their promises. Where can you turn for the best advice? Today’s podcast will shed some light on the murky waters of debt counselling. Leigh Taylor, Licensed Insolvency Trustee, takes a look at the different services explaining what they can and can’t do.
Here’s a few of the questions Leigh addresses:
- Where do you start when you want advice about managing your debt?
- What is the difference between a Debt Consultant, Credit Counsellor and a Licensed Insolvency Trustee?
- What are the qualifications and licensing of each service?
- Why should you deal with a local professional?
- Are the laws the same in each province?
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They will give you honest advice about all the options that are available for your unique financial situation.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * A Local Licensed Insolvency Trustee * Where Can I Find Trustworthy Debt Management Help?
Low interest rates and the promise of riches from rising home prices could be linked to Canadians ever increasing debt load. The latest figures from StatsCan revealed that Canadians owe $1.83 in consumer debt for every dollar of income they have. So, how well are you managing your debt? How much is too much? Licensed Insolvency Trustee, Leigh Taylor, discusses household debt. He talks about debt-to-income ratios and the danger signals that you should watch for.
Along with those important topics, Leigh also covers:
- The cost of servicing the debt you carry
- How government subsidies caused the inflation rate increase
- Available options when you can’t make your debt payments
- How to bring down your debt ratio
- When to seek professional help
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. You can be assured of receiving unbiased advice and they will help you formulate a plan to get out of debt, once and for all.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * What Should I Do If I Can’t Pay My Bills? Your Debt Help Options * How to Avoid Financial Difficulty When Good Intentions Leave You Broke
Owning a car can give you the freedom to go where you want and when you want, but there are costs that are rarely calculated. Unless you plan on paying for your car with cash, monthly car loan payments generally last from 3 to 8 years. Things have changed in the new and used car market since the pandemic. There is apparently a microchip shortage that is impacting manufacturers across the globe. But what does that mean to you?
Licensed Insolvency Trustee, Francyne Myers takes a look under the hood. Is it better to lease or finance a new car? What is happening in the used car market?
Francyne also covers:
- Questions to ask before you sign the financing agreement
- What to watch out for when you a leasing a vehicle
- Tips for reducing you car costs
- The difference between depreciable and appreciable assets
- When you aren’t able to afford to have a car any more
Licensed Insolvency Trustees are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. You can be assured of receiving unbiased advice about managing your finances and reducing your debt.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates - Licensed Insolvency Trustee * 6 Payday Loan Debt Relief Options: Tactics to Resolve Payday Advances * Learn How to Survive a Personal Financial Crisis
Renting versus buying is one of those questions that has been asked by millions of Canadians in every generation. But the answer is not as straightforward as it used to be. With the real estate market slowing down and interest rates rising, it is a difficult decision. Many are wondering if this may be a good time to buy or is it more economical to keep renting. There are other factors to consider, including your lifestyle, your finances and what the property market is like where you are buying.
Francyne Myers, Licensed Insolvency Trustee with Allan Marshall & Associates, discusses the merits of both renting and buying. She speaks to the changes brought about by the pandemic in the last few years.
If you’re wondering if home ownership is for you - here are some of the topics covered:
- The extra costs of home ownership, over and above your mortgage
- When renting may be a better choice
- How your credit score can affect your chances getting a good rental
- Tax free savings accounts to put your extra money into
- Housing market predictions for the next couple of years
Licensed Insolvency Trustees (LIT) are the only federally regulated debt advisors in Canada. Speaking with an LIT ensures that you are getting the best qualified advice.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates - Licensed Insolvency Trustee * Buy vs Rent: Is Homeowernship a Cheaper Option? * Preparing for Higher Interest Rates When You Have Mortgage Debt
Although the economy has started to improve, small businesses are burdened with a staggering level of debt. COVID related debt and rising costs have posed a major challenge to small business recovery in Canada. Like Bankruptcy, Receivership occurs when a business has secured debt that they are unable to pay. But unlike a Bankruptcy, it is usually a creditor that calls in a Licensed Insolvency Trustee to act as a Receiver. Daniel Maksymchak, Licensed Insolvency Trustee with LCTaylor explains what the term Receivership means. He clarifies the difference between Bankruptcy and Receivership.
Daniel also covers:
- The role of a Licensed Insolvency Trustee in Receiverships
- The benefit to the business of having a Receiver take over
- At what point will the bank start the process
- What happens when the business is sold
- Why reaching out to an LIT can minimize personal damage
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They can give you unbiased advice, whether you are struggling with personal debt or your business is in financial trouble.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Receiverships * 5 Ways to Get Manitoba Debt Help: Your Key to Debt Relief
The economic impacts of the pandemic continue to hit some Canadians harder than others. Those with lower incomes have saved less and relied more on government aid. As supports dried up, credit card balances have risen as the cost of living skyrockets. Debt counselling can help. Sometimes creating a new budget or getting advice from a professional can make a difference in the way you handle your finances. Licensed Insolvency Trustee, Daniel Maksymchak talks about the different aspects of debt counselling. He shares his experiences working with people who have benefited from the guidance of a professional.
He also discusses:
- The different types of debt couselling
- Where to seek help prior to becoming insolvent
- The 2 mandatory counselling sessions after a Bankruptcy and Consumer Proposal
- When you should call on a Licensed Insolvency Trustee
Speaking with a Licensed Insolvency Trustee can be the best place to start on your journey to becoming debt free. Thay are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Debt Counselling * Debt Getting You Down? 3 Tips to Pay Off Debt
To be discharged from Bankruptcy means that you are released from your obligations to repay all debts that have been included in the Bankruptcy filing. Although this is an important step in eliminating debt, the process is not complete until you receive your discharge. After you have gone through all of the requirements, your Licensed Insolvency Trustee will issue you a Certificate of Discharge. What actually happens after you have been discharged from your Bankruptcy? Is there a possibility of getting credit? How do you reestablish your credit score - if in fact you are able to obtain credit.
Licensed Insolvency Trustee, Mary-Ann Marriot answers some of these questions and more. She discusses:
- The different types of Bankruptcy discharges
- Prepaid credit cards versus secured credit cards
- Requirements to obtain a discharge
- Steps to rebuild your credit
- How long Bankruptcy lasts
Speaking with a Licensed Insolvency Trustee ensures that you are getting the best qualified help with your debt. They are the only federally regulated debt advisors in Canada. From budgeting to Bankruptcy, you can be assured you are receiving unbiased advice.
About Mary-Ann MarriotMary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.
Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * What Happens When You File Bankruptcy & How to File Bankruptcy in Canada * Declaring Personal Bankruptcy in Canada
If you are like the average Canadian who will carry some level of debt, your 3 digit credit score can have a lot of influence on your life. It is a financial gauge that tells you and others how you are doing financially and if you can be trusted to use credit responsibly. How credit worthy are you? Licensed Insolvency Trustee, Mary-Ann Marriot explains the difference between credit worthiness and what your credit score is. She talks about the 3 elements that can ensure the best score.
Other topics covered include:
- Why a good credit rating matters
- How to improve your score
- Credit utilization and the optimum amount of balances
- Increasing your credit limit for a better score
- The biggest mistake people make with their credit score
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of finances and debt management. Whether you need help improving your credit score or you are filing for Bankruptcy, you can be assured they will have your best interest in mind.
About Mary-Ann MarriotMary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.
Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Understand the Power of Your Credit Score * What Does Your Credit Report Say About You?
Contrary to popular belief, you will not lose everything when you file for Bankruptcy. Each province has its own exemptions. The Bankruptcy law dictates which assets and how much equity you are allowed to retain. Licensed Insolvency Trustee, Derek Chase walks us through the BC Bankruptcy exemptions rules that allow some assets to be retained. He explains that the Bankruptcy asset exemptions are set to help people get a fresh financial start and not to cause hardship.
Derek also explains:
- How the Bankruptcy process works
- The exemption amounts for homes, vehicles, and tools of the trade
- What kind of RRSPs and company pensions contributions are exempt
- Bankruptcy duties and the discharge process
- How court mediation works
Bankruptcy laws are in place to give the honest debtor a chance to break free from the cycle of debt. Licensed Insolvency Trustees are federally regulated and the only professionals licensed to administer Consumer Proposals and Bankruptcies.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * BC Bankruptcy Exemptions: Will I Lose Everything if I File for Bankruptcy? * Bankruptcy Myths: Debunking the Misconceptions of Bankruptcy
A recent Canadian Survey of Financial Security found that people with disabilities, or who have spouses with disabilities, held 25% less in assets, not including housing. In accordance, they are less able to save for hard times or retirement. With the added stresses of a pandemic many are struggling. Today's podcast features Derek Chase, Licensed Insolvency Trustee talking about disability and debt. Debt is debt whether you are disabled or not, but there are programs and tax benefits specifically set up to help.
Topics covered include:
- Short and long term disability insurance
- Earning money while on disability
- Repossession laws and consequences of stopping your payments on a secured loans
- Disability tax credits
- When to seek the advice of a Licensed Insolvency Trustee
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest advice and help you find a solution to your debt problem.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * When Should I Seek Debt Relief? * Get Financial Assistance or Debt Forgiveness Through a Debt Relief Program
The rising cost of nearly all aspects of daily living is taking a toll on Canadians. Many are feeling less hopeful about their financial future than they did a year ago and are looking for ways to get out of debt. As the cost of living rises, more Canadians are realizing they need to get a handle on their finances. Leigh Taylor, Licensed Insolvency Trustee, takes a look at the different professionals that may be able to help and what they offer. He also covers:
- The first step to taking back control of your finances
- Understanding the different debt relief options that are available
- What Licensed Insolvency Trustees do and how they can help
- Strategies to reduce debt
- What happens in an initial consultation with a Licensed Insolvency Trustee
Licensed Insolvency Trustees are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. They can help you take control of your debt and offer full services from budgeting to Bankruptcy.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Six Top Tips That Help Avoid Debt * How to Get Out of Debt Fast: Debt Help for Your Debt Problems
The rising cost of housing, groceries, gas and most other goods and services are weighing heavily on Canadian’s minds and budgets. Record inflation rates are taking a toll on stress levels. This is causing many to take action to get a handle on their finances. Licensed Insolvency Trustee, Leigh Taylor, addresses these concerns in today’s podcast. Taking positive steps to get a handle on your finances can alleviate the stress. Leigh talks about some of the options to deal with debt.
Other topics covered include:
- Current rates of insolvencies and what the future may hold
- How government programs have affected Canadian’s finances
- The first step to taking back the control of your finances
- The importance of getting all the family onboard with budgeting
- The role of a Licensed Insolvency Trustee and how they can help
Licensed Insolvency Trustees are considered to be some of the best financial advisors. They are licensed and regulated by the federal government of Canada and can help you take control of your debt.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources* LCTaylor Licensed Insolvency Trustee * $200 Away from Bankruptcy * How to Avoid Financial Difficulty When Good Intentions Leave You Broke
Canadian’s consumer debt has climbed to $2.3 trillion over the last year. With this spike many are realizing how bad their debt is and now is the time to do something about it. With the internet full of so many different resources, it can be mind boggling. Where do you go for help? The first thing to do is to get over the stigma associated with debt. Bad debt can happen to anyone, for any number of reasons. Seeking help doesn’t mean you have failed - it means you are being proactive in taking the first step in eliminating the stress of carrying too much debt.
Today’s podcast features Licensed Insolvency Trustee, Daniel Maksymchak from LCTaylor in Winnipeg. Daniel guides us through the ins and outs of finding the right type of help for your unique situation.
Daniel also discusses:
- Different types of financial advice available
- What to look for in a financial consultant
- The role of a Licensed Insolvency Trustee
- What to be wary of when you speak to an advisor
- The advantages of dealing with a local professional
A Licensed Insolvency Trustee is a federally regulated, highly qualified debt professional. They are considered some of the best financial advisors in the country. You can be assured that they will give you honest advice about how you can take control of your debt. Booking a consultation will not cost you anything. What do you have to lose - other than the stress of carrying too much debt?
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Meet the LCTaylor Team of Local Manitoba Debt Help Experts * 5 Ways a Licensed Insolvency Trustee Can Help
With the rising cost of living and higher interest rates, Canadians are struggling to keep up. Increasingly they are adding to their debt load in order to cover their day to day living expenses. Consolidating multiple debt payments into one can be a way to simplify finances. But not all consolidation loans are created equal. When is a debt consolidation loan the right option when you’re dealing with debt that has got out of control? Could this be the right choice for you? Licensed Insolvency Trustee, Daniel Maksymchak talks about the ins and outs of consolidation loans. He also covers:
- Why people take out consolidation loans and the advantages
- Using your house to obtain a Home Equity Line of Credit (HELOC)
- Where to start when applying for a consolidation loan
- How to evaluate if the terms of the loan are good
- The similarities of a Consumer Proposal and its benefits
Licensed Insolvency Trustees are debt experts. They are federally regulated and approved by the Canadian government. With their extensive knowledge they will give you honest advice and help you find a solution to your debt problem.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Pros and Cons of Debt Consolidation * What is Debt Consolidation?
Lending money to family or friends is tricky terrain to navigate both financially and personally. Before co-signing that loan or writing that cheque, make sure you take measures to reduce your financial risk and avoid lasting damages to the relationship. If your efforts to help someone you care about lead to disagreements or put your own finances in disarray, then saying ‘no’ is the right thing to do. Licensed Insolvency Trustee, Matthew Fader, sees people who have had lasting consequences when co-signed loans have defaulted or money has not been paid back. He gives his advice on:
- How to protect yourself when lending money or co-signing loans
- What to can do when the money you lend is not paid back
- The percentage of the loan you are liable for when you co-sign
- When a request for money gives you an opportunity to get involved with their finances
- Possible lasting consequences to your finances when things go sideways
If you are in financial trouble, speak with a Licensed Insolvency Trustee. They are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest advice and help you find a solution to your debt problem.
About Matthew FaderMatthew has worked in the insolvency field since 2005 and joined Allan Marshall and Associates in 2017. His positive outlook helps reassure his clients with any financial insecurities they may have. Matt’s goal is to ensure that everyone has the best possible experience and is treated with respect.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Licensed Insolvency Trustee Services – Become Debt Free * Payday Loans: Instant Loans or Fast Loans to Be Wary About
Housing prices in Canada are set to keep rising throughout 2022. The trend is not expected to slow down even with the prospect of higher interest rates. Homeowners with existing mortgages are the ones benefiting from the gap between low interest rates and high inflation. But what is the true cost of home ownership? Is it still a good investment? In today's podcast Licensed Insolvency Trustee, Matthew Fader, talks about mortgage and debt. He goes through the different refinancing options available and explains some of the terms used to describe them. He also covers:
- The basics of conventional mortgages
- The pros and cons of Home Equity Lines of Credit (HELOC)
- Your mortgage’s paper equity
- Shopping for mortgage insurance
- Options for 2nd and 3rd mortgages
If you are struggling with your mortgage payments, Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Matthew FaderMatthew has worked in the insolvency field since 2005 and joined Allan Marshall and Associates in 2017. His positive outlook helps reassure his clients with any financial insecurities they may have. Matt’s goal is to ensure that everyone has the best possible experience and is treated with respect.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Preparing for Higher Interest Rates When You Have Mortgage Debt * Is a Home Equity Line of Credit (Heloc) A Good Way to Get Out of Debt?
Being stuck in the debt cycle can seem like a never ending struggle to try to keep ahead of repayments. Many Canadians are trapped in long-term debt cycles they can’t escape. But with a little planning and a bit of discipline, you don’t have to be stuck in the cycle forever. No one needs to live under a cloud of debt indefinitely. This podcast features Derek Chase talking about debt cycles and how to break them.
Derek also speaks to:
- What keeps us in the cycle of debt
- How inflation is affecting the amount of debt being carried
- Things you can do when you feel overwhelmed
- Using aps to control spending
- Ways to pay down high interest rate loans and credit cards
Licensed Insolvency Trustees can help you take back the control of your finances and break the cycle of debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Young Adults and Credit Card Debt * Minimize Debt – Borrow Only What You Need
It can be hard sometimes to try to figure out financially where your company ends and where you, as a person, begins. This is especially true when personal and business debts and assets have become entwined. If a business is not a corporation, then there’s not much difference between personal Bankruptcy and that of a small business. This podcast takes a look at the differences between business Bankruptcy and personal Bankruptcy. Licensed Insolvency Trustee, Derek Chase, talks about the similarities and how they differ. This is a must listen if you are experiencing unmanageable debt in your business or personal life.
Derek also covers:
- Who to talk to first for advice about your business debt
- If a business has to close after filing for Bankruptcy
- What happens if the business has a personal guarantor or a co-signer
- What is the role of a Receiver and when in one appointed
- When does the court system need to get involved
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest advice about whether Bankruptcy is your best option.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Personal Bankruptcy Facts: How to Declare Bankruptcy * Wage Earner Protection Program: Help for Employees During Bankruptcy
Being self-employed is about being independent. Most people enjoy the feeling until it comes to tax season. Obligations to the Canada Revenue Agency (CRA) can feel like you’re twisted in red tape and paperwork. But it doesn’t have to be so. In this podcast, Licensed Insolvency Trustee, Derek Chase talks about taxes and self-employment. How can you avoid the stress of the annual tax season? What systems can you put in place that will keep you on track through the year.
Derek also discusses:
- Why self-employed people run into tax problems
- Why the CRAs penalties and interest charges make tax debt the hardest to catch up with
- What a good bookkeeper can do for you
- The advantage of setting up monthly or quarterly tax installment payments
- What options are available when you aren’t able to pay your taxes
If you are struggling with any kind of debt, Licensed Insolvency trustees can help you regain control of your finances. They are considered some of the best financial advisors in the country and are licensed by the federal government of Canada.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Canada Tax: How to Get Tax Debt Relief from CRA * Tax Debt Help – What You Need to Know
Licensed Insolvency Trustees (LIT) are licensed through the federal government. Many are accountants by trade and have specialized in debt management. They have completed an extensive program of training and examination. Jillian Taylor-Mancusi watched her father, Leigh Taylor, work as a Licensed Insolvency Trustee as she grew up. She saw how he helped people manage their debt and how it changed their lives. Jillian realized that she too wanted to be able to do the same. She received her Licensed Insolvency Trustee designation in 2007.
In this podcast, Jillian describes what her job entails. She also talks about:
- What a Licensed Insolvency Trustee is and what they do
- What kind of experience and qualifications are required
- What happens in an initial consultation with a Trustee
- What kind of people become clients
- What makes this job a worthwhile profession
Licensed Insolvency Trustee are federally regulated and are the only debt professionals with access to all debt relief options. They can help you take control of your debt.
About Jillian Taylor-MancusiJillian is a Licensed Insolvency Trustee in Manitoba and Northern Ontario. She has been working in the insolvency field since 1992. A member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), Jillian also serves as chair for Dressage Winnipeg.
Additional Resources * LCTaylor Licensed Insolvency Trustee * A Local Licensed Insolvency Trustee * Meet the LCTaylor Team of Local Manitoba Debt Help Experts
Statistics Canada says the ratio of household debt to disposable income has hit a record level. Canadians are taking on more debt. Looking for ways to get debt relief can be a stressful and bewildering process. In this podcast, Licensed Insolvency Trustee Jillian Taylor-Mancusi talks about her experiences working with people dealing with unmanageable debt. She shares the Bankruptcy questions she most frequently gets asked and also gives her advice on how to reframe these questions.
The five topics that Jillian addresses are:
- Avoiding Bankruptcy and managing debt
- Losing homes and cars
- Damage to credit rating
- How spouses may be affected
- Will employers find out
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest advice and help you find a solution to your debt problem.
About Jillian Taylor-MancusiJillian is a Licensed Insolvency Trustee in Manitoba and Northern Ontario. She has been working in the insolvency field since 1992. A member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), Jillian also serves as chair for Dressage Winnipeg.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Answers to the 7 Most Important Bankruptcy Questions * 7 Benefits of Bankruptcy in Manitoba to Consider
Women have made gigantic strides toward equality in recent years but still face financial challenges that men don’t. It’s hard to believe that, in this day and age, women are still not considered equals when it comes to money management. This podcast takes a look at the myths surrounding women and money. Licensed Insolvency Trustee, Francyne Myers shares her insights gathered over the 20 years she has been working with people in debt.
Along with busting the myths around women’s poor money management skills, she also discusses:
- How women (and men) get into debt
- The influence social media has on young women
- Why you’re not responsible for the financial health of others
- How to teach kids about money and how to stand on their own 2 feet
- Having difficult conversations and setting boundaries with your kids
- What is disposable income and how to increase it
Licensed Insolvency Trustees like Francyne Myers are federally regulated and approved by the Canadian government. With their extensive financial knowledge, they will give you honest advice about how to deal with unmanageable debt.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources* Allan Marshall & Associates Licensed Insolvency Trustee * Myths About Bankruptcy * Considering Hiring a Financial Advisor to Help Manage Your Money? Here’s What You Need to Know
Sitting down and talking about your financial values is going to help your relationship be much more open now and in the years to come. Discussing finances early on in your relationship is one of the best ways to make sure you both can get on the same page. It is important to understand each other’s financial status, expectations, and habits when it comes to money. You can then make informed financial decisions based on mutual agreements.
Francyne Myers, Licensed Insolvency Trustee with Allan Marshall & Associates speaks to the importance of having these difficult money conversations with your partner. She advocates for the ‘sooner rather than later’ approach that could save relationship problems down the road.
Francine also speaks about:
- The important questions to ask your partner about their financial values
- The honeymoon stage early in relationships and the importance of having financial conversations
- Power struggles around how to spend money
- Advantages and disadvantages of having separate accounts
- When your kids become adults and evolving your role from parent to consultant
Licensed Insolvency Trustees are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. With their knowledge and expertise you can be assured they will give you the best unbiased advice.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Avoiding Financial Stress in Your Relationship * How Will Filing a Consumer Proposal Affect My Spouse?
Many Christians and people of faith feel guilty about not being able to pay their debts. Is it righteously or morally wrong to file for Bankruptcy, knowing it would mean not being able to adhere to the original terms of agreement with creditors? Bonnie Hooley is a Licensed Insolvency Trustee and a person of faith. In this podcast she shares her experiences working with people who have concerns about managing their debt with their religious beliefs. Is it morally wrong to file for Bankruptcy?
This podcast explores some of the issues including:
- How will I be seen in the eyes of my community
- Which verses in the Bible refer to not paying your debt
- What should people of faith do when they are struggling financially
- Can I bring someone from my church to the consultation for support
- Why Bankruptcy is the wrong choice if you goal is not to pay your creditors
Licensed Insolvency Trustees are not going to judge you. knowing that debt can happen to anyone at any time. They have access to all the debt relief options and can assist you with everything from budgeting to Bankruptcy.
About Bonnie HooleyBonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Your Fastest Way Out of Debt in Manitoba * 5 Mistakes Not to Make When in Debt
During the ongoing pandemic, Canadians have increasingly relied on the internet to conduct everyday activities. But with increased activity online scams have also been on the rise. People of all ages can become victims of fraud. The Canadian anti-fraud centre estimates that less than 5% of fraud victims report their occurrences. Today’s podcast delves into online fraud. Licensed Insolvency Trustee, Bonnie Hooley discusses the different types of scams and how anyone can become a victim. She answers these questions and more:
- Who are the most likely people to be victims of online fraud
- How to protect yourself from being scammed
- What are the red flags and warning signs
- Will you be liable for the debts if you have been scammed
- Why Bankruptcy can be a good option
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services and debt relief options, you can be assured that you are getting the best qualified advice.
About Bonnie HooleyBonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Expert Tips to Protect Yourself From Financial Fraud * How to Spot Canadian Debt Relief Scams in Manitoba
Technology has changed our world in many profound ways. It really is impossible to ignore it. With the high price of cell phone, internet and streaming services it’s hard to remember that there are pieces of tech and software that can actually help you save money. Mary-Ann Marriot, Licensed Insolvency Trustee with Allan Marshall & Associates explores ways of using technology to save money. She offers advice on:
- Points cards and how to stack points
- Cash back apps and how to increase your earnings
- No-fee banking and asking your bank for a break on fees
- Using technology for selling items
- Budgeting and tracking expenses with MINT
- Increasing your credit score with a credit establishment program
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest information
About Mary-Ann MarriotMary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.
Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.
Additional Resources:* Allan Marshall & Associates Licensed Insolvency Trustee * 8 Tips to Take Charge of Your Finances * My Paycheck Never Lasts: Tips for Budgeting to Cover Bills
Our money beliefs are something we rarely consider and almost never talk about. So where do they come from? What we believe about money is born of our past experiences and can predict our actions in the future. In today's podcast, Licensed Insolvency Trustee, Mary-Ann Marriot of Allan Marshall & Associates takes a deep dive into money beliefs. Where do these beliefs come from and how can we shift them. She also explores:
- The top 3 money beliefs that get in the way of
- Resources for learning about money
- How changing the word budget to spending plan can shift your thinking
- The advantage of having 3 bank accounts
- What happens when people take the first step to reach out for help
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. Whether you need help with your spending plan or need to file for Bankruptcy, you can be assured they will have your best interest in mind.
About Mary-Ann MarriotMary-Ann Marriot has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014.
Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives.
Additional Resources:* Allan Marshall & Associates Licensed Insolvency Trustee * Money Management : Joe's Story * Bad Money Habits and How to Break Them
Do you have bad financial habits? You are not alone. A recent survey found that two-thirds of Canadians confess that they have personal financial habits that they plan to work on. A financial habit is just the value standards and routine practices that people rely on to move through their day to day financial lives. It supports our ability to effectively manage money and respond quickly to financial decisions and challenges that occur.
Licensed Insolvency Trustee, Rob Johnsom from Allan Marshall & Associates joins us today to talk about financial habits - the good and the bad. What are some of the basic financial habits that we all should have and what are the ones to be careful to avoid. Rob also discusses:
- The top 5 financial habits for effective money management
- Five financial habits to avoid
- The negative effect of bad financial habits
- How to avoid the debt cycle and keep on top of your financial obligations
- Budget, budget, budget
Licensed Insolvency Trustees are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. With their knowledge and expertise you can be assured they will give you the best unbiased advice about debt relief options.
About Robert JohnsonRob Johnson joined Allan Marshall & Associates in April, 2010. Prior to joining the practice, he was a Vice President with Ernst & Young Inc.’s Corporate Restructuring Group. Rob holds a Bachelor of Business Administration, is a Chartered Accountant, and a Chartered Insolvency and Restructuring Professional.
Rob enjoys helping people restore balance and improve their quality of life by working together with the goal of solving their financial burdens.
Additional Resources:* Allan Marshall & Associates - Licensed Insolvency Trustee * Bad Money Habits and How to Break Them * Keeping Track of Your Money
APR is an acronym for annual percentage rate. It is a calculation that includes both the interest rate and the finance charges of a loan. In other words it is the annual cost over the life of a loan - the total cost of credit. Do you know how much the loan you just signed will end up costing you? Have you calculated the true financing costs? Most people see only the interest rate calculations.
Today’s podcast interview is with Licensed Insolvency Trustee, Rob Johnson of Allan Marshall & Associates. Rob discusses brokerage fees, loan fees and the hidden costs in financing agreements with lenders. Other topics discussed include:
- Calculating the interest rate and APR on your mortgage
- Payday loan companies interest rates and additional fees
- What affects the interest rate that lenders offer you
- Using the APR instead of the interest rate to compare the cost of loans
- When the APR is the same as the interest rate - there are no hidden charges.
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services you can be assured that you are getting the best qualified advice.
About Robert JohnsonRob Johnson joined Allan Marshall & Associates in April, 2010. Prior to joining the practice, he was a Vice President with Ernst & Young Inc.’s Corporate Restructuring Group. Rob holds a Bachelor of Business Administration, is a Chartered Accountant, and a Chartered Insolvency and Restructuring Professional.
Rob enjoys helping people restore balance and improve their quality of life by working together with the goal of solving their financial burdens.
Additional Resources:* Allan Marshall & Associates - Licensed Insolvency Trustee * Preparing for Higher Interest Rates When You Have Mortgage Debt * Canadian Inflation Rates – How to Protect Against Hyperinflation & Avoid Debt
Whether you are an online shopper or shop in store, you have undoubtedly been offered the option to make your purchase now and pay for it later. Known as the Buy Now, Pay Later, this type of instant, no-cost financing has become increasingly popular. But is there a catch? How is it that these companies can offer this kind of service and how can they make money? Daniel Maksymchak, with LCTaylor, Licensed Insolvency Trustees in Winnipeg, takes a look at how to make delayed payments work for you. He also discusses:
- What happens when you aren’t able to make payments when they become due
- Hidden costs in the terms and conditions to be aware of
- Under what circumstances would it be to your advantage to use this service
- Alternatives to the Buy Now, Pay Later financing
- The necessity of budgeting
Licensed Insolvency Trustees are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. They can help you take back control of your finances by eliminating your unmanageable debt.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources:* LCTaylor Licensed Insolvency Trustee * Budget Planning Basics: 7 Reasons Why Budgeting Is a Must * LCTaylor Debt Services
Inflation is defined as a decline in the purchasing power of currency over time. The inflation rate in Canada is driving up the cost of living which means your money is losing some of its value. Unless you have savings to rely upon or are someone who can demand better compensation during an inflationary period, inflation will affect your standard of living.
Today's podcast features Licensed Insolvency Trustee, Daniel Maksymchak of LCTaylor discussing what impact rising inflation means to Canadians. He specifically looks at how it affects those in debt and how to make the best of where you are. Questions answered include:
- How will rising interest rates affect my mortgage and unsecured debt?
- Are there advantages to inflation increasing?
- What advice would you give to people who don’t have savings and are in debt?
- What are second tier lenders and how to avoid them.
- Why should your first point of contact for debt relief be a Licensed Insolvency Trustee?
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. They have access to all the debt relief options and can assist you with everything from budgeting to Bankruptcy.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources:* LCTaylor Licensed Insolvency Trustee * How to Avoid Financial Difficulty When Good Intentions Leave You Broke * Anyone Can Go Bankrupt
We’ve all heard the Chinese proverb reminding us that ‘the best time to plant a tree was 20 years ago and the second best time is now’. It also reminds us that the best time to start saving was when we were young. But were we given that advice and if so - did we take it? Today's podcast features Derek Chase, Licensed Insolvency Trustee, on Vancouver Island. We asked Derek what advice he would have given to his younger self. He also discusses:
- How to educate yourself and gain an understanding of terminology
- Teaching our children early by letting them manage their cash flow
- Who the best people are to ask for advice
- Understanding the need to plan for the long term
- Being aware of asset management fees
If you didn’t receive the advice you needed and find yourself deep in debt, it may be time to speak with a Licensed Insolvency Trustee. They are the government regulated professionals that have access to all debt management options, including Consumer Proposals and Bankruptcy.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources:* Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Way to Save Money and Reach Your Financial Goals * Get Financial Assistance or Debt Forgiveness Through a Debt Relief Program
The Bank of Canada says that food price increases will likely outpace inflation. This is mainly due to supply disruptions and higher commodity and energy prices. Canadians may have to change their habits and make different choices that are more affordable. Today's podcast looks at ways to prepare and make adjustments for food price increases. Licensed Insolvency Trustee, Derek Chase discusses creative ways to grocery shop within a budget. Other topics covered are:
- Online apps for food that is nearing their expiry dates
- Importance of knowing how much you are spending on food each month
- Grocery store loyalty credit cards offering points
- When to shop to take advantage of markdowns
- Seeking help when your debt load is increasing paying basic expenses
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. Speaking with an LIT ensures that you are getting the best qualified advice and support creating a workable budget.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Grocery Shopping Tips: Eat Your Way to Healthy Finances * Saving Money During Pandemic: How to Improve Your Quarantine Finances
The COVID-19 pandemic has been a factor in the rise of same day money services. A recent survey found that 80% of those who used payday loans did so to pay for everyday living expenses like rent and groceries. With annual interest rates ranging from 25% - 400% this is a worrisome trend. But is the cost worth the benefit? In this podcast Derek Chase, Licensed Insolvency Trustee, explains the true cost of these same day money services. He also looks at:
- The negative momentum and dangers of starting these loans
- Ease of procuring loans online
- Cost of administration fees, interest rates, and the length of the loan
- Understanding cash flow in order to avoid needing same day money
- Alternative sources for financial assistance
Licensed Insolvency Trustees can help you take control of your finances. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Payday Loans – They’re a Trap! * 5 Debt Warning Signs & How to Deal With Them
Money management isn’t always easy and teaching your kids can be just as difficult. We sometimes forget that our kids do have money from their allowance or from birthdays and they will need to make choices about what to do with that money. This podcast is all about teaching your children money management skills. It’s not a subject many of us are comfortable with. Mark Marshall, Licensed Insolvency Trustee with Allan Marshall & Associates helps us recognize teachable moments to build in money lessons appropriate for their age.
Mark also discusses:
- The best way to get started and at what age
- Tips to get them started saving
- Letting your kids make poor spending decisions early
- The difference between needs / wants and how to avoid impulse buying
- Signs that your kids are making good or poor money management choices
Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Mark MarshallMark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * How to Teach Kids Money Management at Home * Living Within Your Means
According to Statistics Canada, the average graduate finishes school with more than $26,000 in student debt. According to the Canadian Student Loan Program it takes an average of 10 years to pay the loans off in full. But what happens when you are unable to repay your student loans? Mark Marshall, Licensed Insolvency Trustee with Allan Marshall & Associates, talks about all aspects of student loans. He answers the questions:
- When can I include my student loans in a Bankruptcy or a Proposal?
- Why do I need to confirm my end of study date?
- Will I qualify for a student loan if I am or have been bankrupt?
- How do I keep my student loan in good standing?
- What role does credit counselling play after I have been discharged?
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services you can be assured that you are getting the best qualified advice.
About Mark MarshallMark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Student Loans, Student Debt & Bankruptcy * The Source of Student Debt: Tuition
There is no question that carrying a lot of debt can be stressful. While financial difficulties often lead to mental health problems - it is also probable that mental health problems can lead to financial concerns. Today’s podcast is about the effect that financial stress has on mental health. Leigh Taylor, Licensed Insolvency Trustee, explores how the two can go hand in hand and how to prevent a downward spiral.
Leigh relates stories from his many years of experience helping people deal with the stress of their financial problems. He also covers:
- Where to turn for help
- How financial stress affects our mental health
- Best ways to alleviate anxiety around your debt problems
- Outcomes after meeting with a Licensed Insolvency Trustee
Licensed Insolvency Trustees can help you take control of your debt that may be affecting your mental health. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * It’s Only Money and It Can Be Managed * How Your Habits Can Impact Your Finances
The Covid-19 pandemic has changed the way millions of Canadians work. Many people are finding that the money they could depend on coming in each month has now turned into irregular income. How can you make plans and live within a budget when the money that comes in varies from month to month? Licensed Insolvency Trustee, Leigh Taylor, tackles that question and shares his advice on handling finances with an irregular income. Other topics covered include:
- Tracking basic expenses
- Setting short and long term financial objectives
- Recognizing pitfalls
- Budgeting for annual expenditures
- Building and emergency fund with automatic savings deposits
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive financial knowledge they will give you honest advice.
About Leigh TaylorLeigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant and attained his license as a Licensed Insolvency Trustee in 1980.
LCTaylor’s mission is to help people get out of debt through compassionate care and professional service. With over 40 years experience in the insolvency field, Leigh and his staff have helped over 50,000 Manitobans solve their debt problems.
Additional Resources * LCTaylor Licensed Insolvency Trustee * Personal Finance: Why Review Your Finances * Budgeting Tips for Smart Saving and Spending
The millennial generation is typically the children of boomers born between 1981 and 1996 - which means the oldest members are starting to turn 40. One of the statistics about this generation is that they are, on average, holding more debt than their forebears. Today’s podcast looks at the millennial generation and their relationship with money. Matthew Fader, Licensed Insolvency Trustee with Allan Marshall & Associates, delves into what kind of debt is incurred by different age groups, and why. He also explores:
- The difference between how millennials versus boomers perceive money
- What is different today in the kind of debt millennials carry
- The solutions and options available when they reach out for help
- How money has become easier to spend when the physicality has been removed
Whatever your age or generation you belong to, if you are dealing with unmanageable debt it may be time to reach out to a Licensed Insolvency Trustee. They are federally regulated and are the only debt professionals with access to all debt relief options.
About Matthew FaderMatthew has worked in the insolvency field since 2005 and joined Allan Marshall and Associates in 2017. His positive outlook helps reassure his clients with any financial insecurities they may have. Matt’s goal is to ensure that everyone has the best possible experience and is treated with respect.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Solutions For Financial Problems, Debt Services & Free Consultation * Financial Problems And Solutions From A Licensed Insolvency Trustee
Millions of Canadians struggle with addictions and debt. Our concept about addictions has changed over the years. With the ongoing challenges of the COVID-19 pandemic, many seemingly innocent online activities can be turning into addictions without being noticed. Licensed Insolvency Trustee, Matthew Fader with Allan Marshall & Associates, takes a look at how addictions can affect household debt. Addictions are not as easy to spot these days - as online gambling and shopping have evolved over time.
Matt also discusses:
- The different types of addictions
- When an activity becomes an addiction and how to identify it
- Who is susceptible and danger areas to watch out for
- How addictions affect couples and advice on how to work together
- When to seek help
Licensed Insolvency Trustees are licensed and regulated by the federal government of Canada. They are considered to be the best financial advisors and can help you take control of your debt.
About Matthew FaderMatthew has worked in the insolvency field since 2005 and joined Allan Marshall and Associates in 2017. His positive outlook helps reassure his clients with any financial insecurities they may have. Matt’s goal is to ensure that everyone has the best possible experience and is treated with respect.
Additional Resources * Allan Marshall & Associates Licensed Insolvency Trustee * Never Ending Debt And How To Stop It * Reduce Your Financial Stress & Achieve Debt Relief
As living expenses rise faster than income, many Canadians are facing a heavy consumer debt load. Choosing a debt advisor is an important step in debt recovery. The market is flooded with unlicensed and unregulated ‘debt consultants’ who charge a fee and then refer debtors to a Licensed Insolvency Trustee. In this podcast Licensed Insolvency Trustee, Derek Chase, explains in detail who these professionals are and what they do. Other topics cover are:
- Licensed Insolvency Trustees qualifications and education
- Who protects the integrity of the insolvency process
- What a Bankruptcy lawyer does and the terms Chapter 7 and Chapter 11
- Financial Advisors and quality control of their industry
- How to prepare for your first meeting with a Licensed Insolvency Trustee and what to expect.
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest advice about all the options available to you. This podcast will help give you the confidence that you are choosing the right debt professional.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Licensed Insolvency Trustees: How Are They Different from Other Options? * Debt Help Services BC: Debt Solutions from Licensed Insolvency Trustee
According to the latest Stats Canada report there was $1.73 in ‘credit market debt’ for every $1.00 of household disposable income. Canadians are taking on more debt. But taking on debt is fine as long as most of it is ‘good debt’. In this podcast Licensed Insolvency Trustee, Derek Chase takes a look at different kinds of debt. What is classified as ‘good debt’ and what is ‘bad debt’. Derek also offers advice on how to conquer bad debt. Other topics covered are:
- How to avoid bad debt
- How good debt can turn bad
- Why income tax debt is considered bad debt
- The most popular option to deal with tax debt
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest advice about all the options available to you.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources* Derek L Chase & Associates Ltd. Licensed Insolvency Trustee * Good Debt vs Bad Debt: Understanding the Difference * 5 Debt Warning Signs & How to Deal With Them
As the COVID-19 pandemic drags on, debt-ridden Canadians are seeing their quality of life diminish. Seventy percent of those surveyed say that new debt is making their quality of life worse. If you are struggling, you may be wondering just when you should be reaching out for help.
This podcast features Jillian Taylor-Mancusi, Licensed Insolvency Trustee with LCTaylor out of Winnipeg, Manitoba. She describes her experiences working with people who come in stressed and how they leave with a smile on their face, knowing they have options.
Jillian also discusses:
- What to expect when you first meet with a Licensed Insolvency Trustee
- How much debt is too much and when you should seek help
- Cashing in RRSPs to pay down debt
- How a Stay of Proceeding stops collections and and when it takes effect
- The negative outcome of co-signing loans and lending money to family or friends
Licensed Insolvency Trustees are federally regulated and are knowledgeable in all aspects of debt management. Whether it’s budgeting or filing for Bankruptcy, you can be assured that they will give you honest advice to help you deal with your debt.
About Jillian Taylor-MancusiJillian is a Licensed Insolvency Trustee in Manitoba and Northern Ontario. She has been working in the insolvency field since 1992. A member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), Jillian also serves as chair for Dressage Winnipeg.
Additional Resources* LCTaylor - Licensed Insolvency Trustee in Winnipeg * Filing for Bankruptcy in Winnipeg, MB * Declaring Bankruptcy for the First Time in Canada
Although the COVID-19 pandemic has likely created more financial distress for Canadians, Bankruptcy filings have declined. However, there is often a delay between when people start to recognize the severity of their debt problems and when they take action. Who are the people that file for Bankruptcy? You may be surprised. Licensed Insolvency Trustee, Jillian Taylor-Mancusi of LCTaylor delves into who the typical debtor is and why they end up declaring Bankruptcy.
Jillian also explores:
- Why Bankruptcy filings have gone down and what may happen in the future
- The average amount people who file for Bankruptcy owe
- The warning signs you may be heading for Bankruptcy
- When to reach out to a Licensed Insolvency Trustee and why sooner is better than later
Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Jillian Taylor-MancusiJillian is a Licensed Insolvency Trustee in Manitoba and Northern Ontario. She has been working in the insolvency field since 1992. A member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), Jillian also serves as chair for Dressage Winnipeg.
Additional Resources:* LCTaylor - Licensed Insolvency Trustee in Winnipeg * LCTaylor Debt Services * $200 Away from Bankruptcy
While it may be flattering to receive a line of credit offer or a pre-approved credit card limit increase, you should think twice before accepting. You need to weigh the benefits against the risks. While there are a few instances in which a credit limit increase would be to your advantage. On the flip side, having more credit available than you need could lead to problem debt.
In this podcast episode, Francyne Meyers, Licensed Insolvency Trustee with Allan Marshall & Associates, looks at the advantages of accepting a credit limit increase. She also weighs in on the disadvantages and what you need to be aware of.
Other questions answered are:
- What effect a credit limit increase has on your credit score
- Why credit card companies want to increase your limit
- When is it to your advantage to accept the offer of an increase or line of credit
- How to choose the credit card best suited to you
Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates - Licensed Insolvency Trustee * What Does Your Credit Report Say About You? * Free Credit Report in Canada: What You Need to Know
Your credit rating is a score that is used by potential lenders that tells them how much of a credit risk you may be. Most people know they need a good credit history to give them a good credit score. Few of us know how the scoring system works or what we can do to improve our ratings. In today's podcast Licensed Insolvency Trustee, Francyne Myers of Allan Marshall & Associates, sheds some light on this subject. She explains what a good credit score is and how to obtain one. A few of the other topics discussed are:
- Why it is important to have a good credit score and how to increase it
- What a ‘good’ score is versus a ‘bad’ score
- Why your bank may turn you down even with a high score
- Indicators that there are mistakes on you credit report
- The difference between the major reporting services and companies like Borrowell and Credit Karma
Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
About Francyne MyersIn 2012, Francyne left her 23 year public service career and joined Allan Marshall & Associates where she completed her education and became a Licensed Insolvency Trustee in 2013. Alongside with her work she is actively involved in her local Trustee Association. In her spare time Francyne can be found fishing and spending time with her family.
Additional Resources * Allan Marshall & Associates - Licensed Insolvency Trustee * What Is a Good Credit Score in Canada? * What Does Your Credit Report Say About You?
One of the most important things you can do to live a healthy, happy and secure life is to develop basic personal financial skills. Understanding about budgeting, debt and savings will impact every part of your life. It can mean the difference between poverty and prosperity. In today's podcast Licensed Insolvency Trustee, John Adamson, shares his thoughts on how to make budgeting as stress-free as possible. It may seem like a daunting task to create a budget, but there are ways to simplify the process.
John discusses topics around:
- Why budgeting is important when you are making financial decisions
- How to start and stick to a budget
- Breaking your expenditures into needs and wants
- Best ways to save for your retirement
- The benefits of having a chequing and savings account
Licensed Insolvency Trustees can help you take control of your finances. From simple budgeting techniques to insolvency filings, they are considered some of the best financial advisors in the country, licensed by the federal government of Canada.
About John AdamsonJohn founded Adamson & Associates Inc. in 1996. His experience includes more than 25 years of helping individuals, small business owners find solutions to their financial problems. John is approachable, easy to talk to and enjoys helping people solve their debt challenges.
Additional Resources Adamson & Associates - Licensed Insolvency Trustee
Want a Better Budget? Understand Your Income and Expenses
How to Prepare for a Money Emergency Even If You’re Broke
A recent survey showed that 43% of Canadians added to their existing debt thanks to the pandemic. With the added pressure of inflation - many are feeling the strain of making ends meet. Every person in Canada has the option to reach out to a Licensed Insolvency Trustee to find a way to reduce their debt and resolve their financial issues.
In this podcast, John Adamson, Licensed Insolvency Trustee, discusses the two most popular options of debt relief. Today’s discussion focuses on the differences between filing a Consumer Proposal and Bankruptcy.
Questions answered include:
- What happens when I can’t service the debt I have
- How a Consumer Proposal affects your credit rating to a lesser degree than Bankruptcy
- Will you lose your car or home when you become insolvent
- The benefits of filing a Consumer Proposal vs Bankruptcy
- How credit counseling can identify problems and help with budget planning for the future
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest advice about all the options that are available for your unique financial situation.. Get the facts from an experienced debt expert before you make any decisions.
About John AdamsonJohn founded Adamson & Associates Inc. in 1996. His experience includes more than 25 years of helping individuals, small business owners find solutions to their financial problems. John is approachable, easy to talk to and enjoys helping people solve their debt challenges.
Additional Resources Adamson & Associates - Licensed Insolvency Trustee
Bankruptcy VS Consumer Proposal, Which Is Better?
Canadian Debt Relief Programs: 5 Strategies to Recover from Debt
In their fight for survival, small businesses in Canada have had to contend with the effects of added debt loads, supply-chain disruptions, labour shortages and the ongoing threat of further COVID waves. As government pandemic support is being phased out, many businesses will not have the means to carry on. What happens when a business goes into receivership or files for Bankruptcy? As an employee what can you do before and after your employer shuts its doors?
In today’s podcast Daniel Maksymchak, a Licensed Insolvency Trustee with LCTaylor & Associates in Winnipeg, Manitoba answers those questions and more. He explains the insolvency process for both employers and employees.
In this podcast find out:
- The difference between Receivership and Bankruptcy
- Warning signs your employer may be having financial difficulties
- How the Wage Earner Protection Program works and how to recover money owed
- As a small business owner when you should seek the advice of a Licensed Insolvency Trustee
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community
Additional Resources * LCTaylor: Licensed Insolvency Trustee in Winnipeg * Division 1 Proposal: What You Need to Know About “Corporate Proposals” * Bankruptcy
CERB proved a lifesaver for millions of Canadians. Within four months, an estimated 8.5 million people had accessed the benefit. Fast forward to the present where these support programs have come to an end, leaving many Canadians wondering what to do next. In today’s podcast, Licensed Insolvency Trustee, Daniel Maksymchak of LCTaylor & Associates, takes a look at the impact of these benefit programs. How have Canadians been affected by the support ending and what to do if you have been caught off guard.
Some of the topics covered:
- How the money you received will impact your taxes and other government credits and benefits
- What support may be available if your job is still affected by the pandemic
- Options you have if you are facing a large tax bill or are having to repay benefits
- What to do if your debt has become unmanageable
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest information. Speaking with an LIT ensures that you are getting the best qualified advice.
About Daniel MaksymchakDaniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014.
Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community.
Additional Resources * LCTaylor: Licensed Insolvency Trustee in Winnipeg * What Do I Do About My Debt When the Canadian Emergency Response Benefit (CERB) Runs Out? * Do I Have to Make a CERB Repayment?
Money clearly plays a significant role in marriage and is the number one issue married couples fight about. Financial problems are one of the leading causes of divorce which is why it’s so important that you address problems that arise. There’s no one right way to run your household finances. Some couples have separate accounts, some joint, and some work out a combination. But whatever way you decide to manage your money - having good lines of communication is paramount.
In today’s podcast, Licensed Insolvency Trustee Derek Chase discusses how financial stress affects relationships.
- What are the warning signs that there may be trouble ahead
- How financial counselling can be used as a teachable moment for everyone in the family
- Practical advice around talking about money
- Bringing the whole family into the conversation about their needs versus wants
If you are dealing with unmanageable debt that’s affecting your relationship, it may be time to reach out to a Licensed Insolvency Trustee. They are federally regulated and are the only debt professionals with access to all debt relief options.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Licensed Insolvency Trustee - Bankruptcy Trustee BC: Derek Chase & Associates * Debt And Divorce: What Happens To Marital Debt During Bankruptcy * Credit Counselling BC: Debt Counselling, Monthly Budgeting & Other Services
If you are one of the nearly three-quarters of Canadians that have some type of outstanding debt - saving money might seem inconceivable. But financial advisers stress the importance of having emergency savings - even a small amount. In this well timed podcast Licensed Insolvency Trustee, Derek Chase, sheds some light on how to create an emergency fund when you’re in debt. If you’re someone who has more ‘month than money’ - Derek’s common sense ideas can kick start your savings plan. A few of the topics covered:
- Getting started: Start small but start now
- Tracking your income and expenses
- Understanding the ‘why’ and identifying individual needs and wants
- Options available to start over when your debt is insurmountable
- Increasing your income with side hustles
Licensed Insolvency Trustees (LIT) are the only federally regulated debt advisors in Canada. They must all complete and pass rigorous bankruptcy and law courses before being granted a Trustee license. Speaking with an LIT ensures that you are getting the best qualified advice.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Licensed Insolvency Trustee - Bankruptcy Trustee BC: Derek Chase & Associates * Spring Into Savings | Derek L Chase & Associates Ltd | Licensed Insolvency Trustee * How To Start A Budget For Healthy Financial Habits
With the rising cost of housing, groceries, and fuel many Canadians are watching their debt load increase and are exploring solutions that can eliminate debt. The top 2 insolvency options available to Canadians are filing a Bankruptcy and Consumer Proposal. Both are able to resolve debt problems and provide legal protection from creditors.
In this podcast, Mark Marshall of Allan Marshall & Associates delves into these 2 insolvency options - Bankruptcy and Consumer Proposals. Mark goes through the similarities and the differences between the two. He also explores:
- The steps involved in filing a Consumer Proposal or Bankruptcy
- What is a Stay of Proceedings and how it stops all collection activities
- How your credit rating is affected
- What happens in an initial consultation with a Licensed Insolvency Trustee
Licensed Insolvency Trustees are governed by the Federal Government through Industry Canada. They are licensed to provide financial advice and bound by the court. They are, in fact, officers of the Courts and the only professionals that can file Consumer Proposals and Bankruptcies.
About Mark MarshallMark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision.
Additional Resources * Allan Marshall & Associates - Licensed Insolvency Trustee | Bankruptcy Trustee * Bankruptcy Defined | Personal Bankruptcy | Filing & Declaring Bankruptcy * Learn About Consumer Proposals in Canada | Consumer Proposal Calculator
Many Canadians are juggling their finances - trying to keep all their payments current. But if you have become delinquent on any of those credit accounts - that debt may wind up in collections. This means your original lender has sent your account to a collection agency who will contact you repeatedly in an effort to see the debt paid. But what are your rights? Here’s an opportunity to find out what creditors and collection agencies can and can’t do. In today’s podcast Licensed Insolvency Trustee, Mark Marshall from Allan Marshall & Associates delves into this topic.
Find out the best way to deal with collection calls, when and where collection agencies can contact you and how to correspond with them. A few of the topics covered in this episode are:
- How and when creditors are allowed to contact you
- Things you can do to get them to stop
- Informal and formal proposals to clear your debt
- What to do when the contact turns into harassment.
Licensed Insolvency Trustees (LIT) are federally regulated and approved by the Canadian government. They are the only professionals that can administer formal proposals such as a Consumer Proposal or Bankruptcy. An LIT can also help you prepare an informal proposal to settle the debt on your own.
About Mark MarshallMark Marshall has been working in the insolvency field for 20 years. He received his Licensed Insolvency Trustee accreditation in 2012 and has also been an active board member with Music NB. He endeavors to give each client he meets advice on all of their available options so they can proceed with the knowledge they need to make an informed decision.
Additional Resources * Allan Marshall & Associates - Licensed Insolvency Trustee | Bankruptcy Trustee * Stop Collection Calls From Creditors: Dealing With A Debt Collection Agency * Never-Ending Debt And How To Stop It - We Can Help
No one likes to pay taxes. But pay them, you must. The Canada Revenue Agency (CRA) has several powers to collect unpaid taxes. These include wage garnishments, seizure of investments, freezing bank accounts - to name a few. And be assured the CRA will pursue these collection options. This timely podcast Licensed Insolvency Trustee, Bonnie Hooley of LCTaylor discusses the CRA and tax debt. A must listen if you are wondering if you can just ignore your tax problems. Bonnie addresses the following:
- Different options available to assist with tax debt
- Arbitrary assessments and what steps the CRA will take to collect taxes
- How the Bankruptcy & Insolvency Act can eliminate tax debts
- When to seek help from a Licensed Insolvency Trustee
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They have extensive knowledge of the tax system and the options you have available to you if you are struggling with tax debt.
About Bonnie HooleyBonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.
Additional Resources* LCTaylor - Licensed Insolvency Trustee in Winnipeg | Bankruptcy Trustee Canada * Tax Debt: How Unfiled Tax Returns In Canada Get You Into Trouble With CRA * Local Manitoba Debt Help Experts | Winnipeg Debt Relief Specialists
Not everyone sails off into the retirement sunset on a luxury yacht. More and more seniors are carrying substantial consumer debt into their retirement. These are challenging financial times and if you are carrying debt into your retirement, you are not alone. In this reassuring podcast Licensed Insolvency Trustee Bonnie Hooley with LCTaylor & Associates in Winnipeg, discusses senior debt. She is a beacon of hope for anyone who might be hesitant about seeking help.
Today’s topic covers many of the most common debt issues that affect seniors - whether you are thinking about your retirement or you have retired.
- Common reasons why seniors retire with debt
- The effects of filing Bankruptcy as a senior
- What happens to your debt when you die
- Addressing the stigma of debt that keeps seniors from getting help
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest advice and help you find a solution to your debt problem.
About Bonnie HooleyBonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.
Additional Resources * LCTaylor - Licensed Insolvency Trustee in Winnipeg | Bankruptcy Trustee Canada * Bankruptcy Winnipeg & Bankruptcy Trustee Winnipeg - Bankruptcy Services * Senior Citizen Debt in Canada | Seniors Debt Management, Relief & Forgiveness
Most of us have a preconceived notion of what declaring bankruptcy signifies. It may have something to do with being lazy, irresponsible or dishonest. But in reality, the majority of Canadians that file for bankruptcy do so because their economic circumstances have changed. In this podcast, Licensed Insolvency Trustee, Derek Chase answers some of the most frequently asked questions about bankruptcy:
- Who will find out?
- Will my employer have to know?
- How will it affect my credit score and for how long?
- What debts are not covered in a bankruptcy?
- What are the other options I should be considering?
Today’s attitudes have shifted due to the change in the economic conditions in our country. There is no shame in using this legal procedure to deal with unmanageable debt. Bankruptcy should be a strategic decision rather than a stigma.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources * Licensed Insolvency Trustee - Bankruptcy Trustee BC: Derek Chase & Associates * Will Anyone Know If I Declare Bankruptcy? | Declaring Bankruptcy In BC * Personal Bankruptcy Services From Bankruptcy Trustee BC | Filing Bankruptcy
The rising cost of homeownership in Canada is affecting the rental market. The cost of rent is heavily influenced by housing affordability and the amount of rental units available. This is the making of a perfect storm that can lead to an increased debt load just to keep a roof over our heads. When your living expenses are increasing it's important to know where your money is going. Now is the time to take a deep dive into your expenses to find out how much debt you are accruing.
Join Derek Chase, Licensed Insolvency Trustee, in this podcast as he talks about:
- What percentage of your income should be going towards housing
- Suggestions of how to reduce your housing costs
- The value of tracking expenses and budgeting
- One of the most popular debt relief options
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They will give you honest advice about all the options available to you if you find yourself with unmanageable debt.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources:* Licensed Insolvency Trustee - Bankruptcy Trustee BC: Derek Chase & Associates * Vancouver Bankruptcy | Vancouver Island Debt Relief * Canadian Debt Relief: A Proven Debt Solution To Track Expenses & Save Money
Very few people could have predicted the pandemic housing boom in Canada over the last year and a half. Homeowners have found that the equity in their homes has increased substantially. This has led many to wonder if they should utilize that equity to pay down their debts. But where do you start and what are the different options available to you?
In this podcast Licensed Insolvency Trustee, Derek Chase talks about refinancing your home to avoid debt problems. The following topics are explored:
- Refinancing your home with your mortgage lender
- Taking out a second mortgage
- Home Equity Line of Credit (HELOC)
- Risks involved in using the equity in your home
Licensed Insolvency Trustees should be your first point of contact when you are looking for help with unmanageable debt. They are federally licensed and regulated which ensures you get unbiased advice.
About Derek ChaseDerek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted.
Additional Resources:* Licensed Insolvency Trustee - Bankruptcy Trustee BC: Derek Chase & Associates * BC Bankruptcy Exemptions When You File For Bankruptcy * Mortgage Foreclosure Myths | Mortgage Payment & Interest Options To Consider
The COVID-19 pandemic has thrown millions of Canadians into financial distress. Many have been forced into taking on high interest or payday loans without knowing the consequences. Licensed Insolvency Trustee Matt Fader tackles the subject of payday loans. In this podcast he sheds some light on the following topics:
- How payday loans work and how interest is calculated
- The real cost associated with servicing your debt
- How to break the payday loan cycle
- Installment loans, consolidation loans, and credit counselling
Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada.
Additional Resources * Allan Marshall & Associates - Licensed Insolvency Trustee | Bankruptcy Trustee * Payday Loan Debt Relief | Possible Solutions for Payday Advances & Fast Loans * Debt Consolidation & Debt Solutions | Consolidation Loan & Debt Help
While some people may be concerned that they will not be able to retire the way they intended - the steadfast advice is: plan, plan and then maybe plan some more. Even in this changing environment, having a financial retirement plan is still relevant in these changing times. Today’s podcast features Matt Fader, Licensed Insolvency Trustee with Allan Marshall & Associates. Matt talks about assessing what you want your retirement to look like and what you need to do to get there.
A few of the topics covered are:
- The implications of retiring with debt
- Borrowing money to fund RRSP’s
- Balancing saving for retirement with sacrificing the quality of life
- Developing a structured plan for saving
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest advice. This podcast is a ‘must listen’ if you are like millions of Canadians that are wondering how to navigate saving for their retirement.
Additional Resources * Allan Marshall & Associates - Licensed Insolvency Trustee | Bankruptcy Trustee * Licensed Insolvency Trustee Services | Become Debt Free | We Can Help * Ready, Set, Go! Your Path to Debt-Free Living - We Can Help
We are living in precarious financial times. The social and economic impacts of COVID-19 have been felt by all Canadians, many finding themselves deeper in debt. In today’s podcast Jillian Taylor-Mancusi, Licensed Insolvency Trustee with LCTaylor, talks about one of the most common forms of unsecured debt - credit cards.
In this episode Jillian covers:
- How credit card companies make money
- Compound interest - calculating your daily interest revealing how much interest you are paying on the interest
- What happens when your file is sent to a collection agency
- Wage garnishments, statement of claim judgments
Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. Whether you need help with your budgeting or you are filing for Bankruptcy, you can be assured they will have your best interest in mind.
Additional Resources
- LCTaylor - Licensed Insolvency Trustee in Winnipeg | Bankruptcy Trustee Canada
- Manage your credit card debt and avoid a money crisis
- Get These Six Top Tips That Help Avoid Debt
The economic fallout from the COVID-19 pandemic has affected everyone. Many Canadians are carrying more debt than they can handle and are exploring all the options that may be available to them. In today’s podcast, Licensed Insolvency Trustee, Jillian Taylor-Mancusi, looks at two of the most popular debt relief options. She explains the difference between filing a Consumer Proposal and Bankruptcy.
In this episode Jillian talks about at what point you may need to consider either one and answers some of the most frequently asked questions:
- How does a Consumer Proposal differ from a debt consolidation loan?
- If I have equity in my home should I file a Consumer Proposal or a Bankruptcy?
- How do I get a Stay of Proceedings that will stop wage garnishment and all other collection activity?
- Who do I turn to for advice and what is the first step I should take?
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest advice about all the options available to you. This podcast is a great starting point to get the facts from an experienced debt expert before you make any decisions.
Additional Resources:
- LCTaylor – Licensed Insolvency Trustee in Winnipeg | Bankruptcy Trustee Canada
- Consumer Proposals Winnipeg – What Is A Consumer Proposal
- Bankruptcy Winnipeg & Bankruptcy Trustee Winnipeg – Bankruptcy Services
The economic effects of the COVID-19 pandemic on Canadians have varied wildly. Some have thrived while others are hanging on by a thread. Licensed Insolvency Trustee, Derek Chase, talks about the financial challenges that many are facing and what options Canadians with overwhelming debt have.
In this episode, Derek goes through the do’s and don’ts of managing debt and answers some of the most frequently asked questions:
- Should I cash in my RRSPs to pay down my debt?
- Do you actually lose everything when you file a Bankruptcy?
- What’s the difference between filing a Consumer Proposal and a Bankruptcy?
- What actually happens when I make that first call to a Trustee?
Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. They are the ones that will give you honest advice about all the options available to you. This podcast is a great starting point to get the facts from an experienced debt expert before you make any decisions.
Additional Resources:
- Derek Chase & Associates Licensed Insolvency Trustee Website
- Personal Bankruptcy Services From Bankruptcy Trustee BC
- Consumer Proposal in BC – What Is A Consumer Proposal?
A podcast dedicated to discussing consumer and household debt and strategies and ways of dealing with uncontrolled or problematic debt. Featuring debt experts with decades of experience in helping Canadians recover from the burden of debt.