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. 

Glenn 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. 

• 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. 

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.  

• 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.

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. 

• 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. 

Jillian 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.

• 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.   

Jillian 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.

• 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.

In 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.

• 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.

In 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.

• 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.

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.  

• 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. 

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.  

• 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. 

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. 

• 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