DebtMatters Podcast

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

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. 

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
• 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. 

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
• Everything You Need to Know About Canadian Inflation Rates & Hyperinflation
• Utility Bills: Rebates, Budgeting, and Saving Energy

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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. 

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
• Our Team of Licensed Insolvency Trustees and Insolvency Administrators
• Debt Podcasts

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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. 

Leigh 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. 

• LCTaylor Licensed Insolvency Trustee
• A Local Licensed Insolvency Trustee
• Where Can I Find Trustworthy Debt Management Help?

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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. 

Leigh 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. 

• 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

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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. 

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
• 6 Payday Loan Debt Relief Options: Tactics to Resolve Payday Advances
• Learn How to Survive a Personal Financial Crisis

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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.

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
• Buy vs Rent: Is Homeowernship a Cheaper Option?
• Preparing for Higher Interest Rates When You Have Mortgage Debt

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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. 

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
• 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. 

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
• Debt Counselling
• Debt Getting You Down? 3 Tips to Pay Off Debt