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Understanding the Designation Name Change from "Trustees in Bankruptcy" to "Licensed Insolvency Trustee"

Sunday, May 28, 2017

Despite changing the term bankruptcy trustee to Licensed Insolvency Trustee in Vancouver—announced December 2015 and established last April—for personal bankruptcy matters, there were no changes to what the advisors actually do for individuals who rely on them for debt help. This may include obtaining a debt consolidation loan, receiving debt counselling, filing a consumer, filing for personal bankruptcy, or other alternatives. 

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Discussing Automation and Job Loss: Are you at Risk?

Monday, May 15, 2017

Is your job secure? Life is full of variables and possibilities, some of which can be predicted and others that you never see coming. But when it comes to your future livelihood, wouldn’t you rather see what’s around the bend? Many Canadians are already aware of the impact of offshoring but fewer are cognizant of the risks attached to advancements in robotics and artificial intelligence. New technologies like 3D printers and driverless cars may well threaten your job security and make accruing debt or even bankruptcy a possibility. Here’ some information that may help ascertain if your position is at risk. 

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The Role of a Power of Attorney in Canadian Debt

Friday, December 02, 2016

A power of attorney is a person that an individual appoints through a written document in the event that he or she becomes incapable of making financial or health decisions. The assigned person does not have to work within the legal profession and, usually, tends to be a family member or close friend. However, both the individual who selects their power of attorney and the individual appointed as power of attorney may not realize what is required of such an important role in its entirety. 

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How long does the bankruptcy process last?

Friday, October 21, 2016

Like the circumstances of the people who are filing for personal bankruptcy, the process involved in discharging your debts is unique in each case. The first step is discussing the best course of your action for yourself and your troubled finances with a licensed insolvency trustee. If you have already received debt help or credit counseling and decided to file for personal bankruptcy, there are several additional steps awaiting you. 

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What Happens in a Business Bankruptcy Consultation?  

Thursday, May 26, 2016

In recent months many news outlets have been reporting on the bankruptcy of major Canadian retailer Danier Leather Inc. (“Danier”). Like many Canadian businesses Danier faced high real estate costs and periods of prolonged low growth in the Canadian economy. Despite efforts to turn things around, “the company continues to face declining financial performance and anticipates further operating losses in its current fiscal year”. 

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Consumer Proposals With Canada Revenue Agency

Friday, May 13, 2016

Back taxes are one of the most difficult debts to absolve because they are owed to the government and required by all income-producing residents. Making a consumer proposal can be a good option when you have tax debt as you could potentially pay less than what you owe. Canada Revenue Agency (CRA) will not approve a proposal as easily as other creditors however. CRA may not consider the same terms that credit card companies and financial institutions may accept because they never actually approved you for credit – your outstanding debt forcibly involved them. 

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