134 - Buyer's Remorse In Canadian Housing Market

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 Drane

Julie 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 Drane

Julie 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 Hooley

Bonnie 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 Hooley

Bonnie 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 Sherwood

Amanda 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 Sherwood

Amanda 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 Fader

Matthew 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 Fader

Matthew 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 Chase

Derek 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 Chase

Derek 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