DebtMatters Podcast

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. 

John 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. 

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

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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.

John 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. 

Adamson & Associates - Licensed Insolvency Trustee

Bankruptcy VS Consumer Proposal, Which Is Better?

Canadian Debt Relief Programs: 5 Strategies to Recover from Debt

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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

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 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.

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 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. 

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.  

• 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

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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.

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.  

• 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

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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. 

Mark 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.

• Allan Marshall & Associates - Licensed Insolvency Trustee | Bankruptcy Trustee
• Bankruptcy Defined | Personal Bankruptcy | Filing & Declaring Bankruptcy
• Learn About Consumer Proposals in Canada | Consumer Proposal Calculator

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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.

Mark 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.

• 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

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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. 

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.

• 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

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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.

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.

• 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

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