DebtMatters Podcast

Most money problems are caused by events beyond our control. It’s a common misconception to think that people who are insolvent have spent their way into Bankruptcy. A job loss, illness, injury or marital breakdown can often be the last straw for someone in a precarious financial position.

In today’s podcast, Derek Chase talks about Bankruptcy and the people who file, from a Licensed Insolvency Trustee perspective. He discusses:

• The demographics of who is filing
• The most common factors that can lead to Bankruptcy
• Surface reasons versus underlying causes of insolvency
• How filing for Bankruptcy can free funds to carry on living
• The importance of credit counselling after being discharged
• Reasons people avoid seeking help

If you are looking for stellar advice about how you can best manage your debt, a Licensed Insolvency Trustee can help. They are federally regulated and licensed by the Canadian government. You can rest assured that you will be treated fairly, without being judged. 

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. 

• Chase & Associates - Licensed Insolvency Trustee
• Bankruptcy Advice: 3 Reasons Bankruptcy Could Be the Right Choice
• Bankruptcy Eligibility: Do I Qualify for Bankruptcy?

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If you are heading deeper into debt, know you are not alone. Many Canadians are struggling to keep afloat in these precarious times. Filing for Bankruptcy may be your best option, depending on your individual circumstances. But is there a better time of the year to file? You may be surprised to find out that - yes there is. When you declare Bankruptcy will affect how many tax returns you will lose. 

In this podcast, Licensed Insolvency Trustee, Derek Chase  talks about why Bankruptcy can be the most practical thing to do, often being the fastest, least expensive way to get relief from your debt. He also explains the benefits of filing before the end of the year. 

Other optics covered are:

• Why professional advice is so very important
• How long the Bankruptcy process takes and how much it costs
• Consequences of waiting too long
• Bankruptcy duties after filing and how to start the process
• Red flags to watch for when dealing with debt companies

Licensed Insolvency Trustees can help you take control of your unmanageable debt. They are considered some of the best debt 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. 

• Chase & Associates - Licensed Insolvency Trustee
• Should I Declare Bankruptcy Now or Later?
• What to Expect if You File for Bankruptcy

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Many Canadians increased their debt levels during the pandemic due to low interest rates and now are finding themselves vulnerable to interest rate spikes. In challenging situations, most debtors will typically miss credit card payments, lines of credit or auto loans before mortgages. Whatever payments Canadians are struggling with - the higher interest rates will likely continue stressing household budgets. Experts are predicting a rise in insolvencies in the near future. 

How are you coping with skyrocketing inflation and higher interest rates? Are you wondering what might happen if you can’t make your mortgage payment or your next car payment? 

Derek Chase, Licensed Insolvency Trustee explains what happens and what you can do if the bank forecloses on your home or your vehicle gets  repossessed. Derek also explains:

• Each province’s rules differ as to how repossession and foreclosures work 
• When repossession of your vehicle would be advantages
• The rights of secured creditors to foreclose or repossess
• Notice required before foreclosure and repossession
• Reaching out to your lender when things are getting difficult

If you are struggling to make ends meet, reach out to a Licensed Insolvency Trustee sooner rather than later. They can help you take back control of your finances. They are considered some of the best debt 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
• Soaring Mortgage and Interest Rate Increases Are Making Housing In Canada Unaffordable
• My Mortgage Is in Foreclosure – Now What?

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It’s a common sentiment that we don’t want to burden our loved ones when we pass away. But despite all good intentions - many Canadians will die in debt. If you die with debt in Canada, does your spouse or kids inherit your debt or does it simply disappear when you do? Which of your debts have to be paid and how is your estate affected? 

Licensed Insolvency Trustee, Derek Chase, tackles these questions and explains what you need to know if you are in debt or an executor of a loved one's estate. Derek also answers the following questions:

• What kind of debt doesn’t have to be paid?
• What happens when there are no assets to sell to pay debt?
• Can the estate of the deceased go into Bankruptcy?
• How does the CRA handle the debt of the deceased?
• At what point do you need professional advice?

Licensed Insolvency Trustees are licensed by the federal government to provide debt advice. You can be assured that the advice you receive from them will be unbiased and have your best interests in mind.   

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
• Death & Debt: Will My Family Have to Pay?
• BC Bankruptcy Exemptions: Will I Lose Everything if I File for Bankruptcy?

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Receiving money from an inheritance or some sort of random windfall is something we all dream about. But what happens when that dream becomes a reality and the money becomes payable to you when you are in Bankruptcy? And what happens if your financial situation improves while you are bankrupt?

These questions and more are answered by Julie Drane, Licensed Insolvency Trustee with Allan Marshall & Associates. Julie also discusses:

• Surplus income - how it is calculated and when it is payable
• Receiving an inheritance or windfall after filing a Consumer Proposal
• How to start rebuilding your credit score
• When it is advantages to switch from Bankruptcy to a Consumer Proposal 
• Changes to your Bankruptcy or Consumer Proposal if your income increases or marriage breaks up

Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management and adhere to strict ethical guidelines. You can be assured you are receiving the best unbiased advice. 

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.

• Allan Marshall & Associates Licensed Insolvency Trustee
• Surplus Income Payments: What Are They and How Do They Affect You?
• What Are the Bankrupt’s Duties?

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More and more Canadians are finding it difficult to keep their head above water, financially. Debt can be debilitating no matter what province you live in. British Columbia is no different. Carrying debt comes at a high cost. The stress of managing your finances in these unpredictable times can also have an emotional toll. But you don’t have to go it alone. Licensed Insolvency Trustee, Julie Drane, talks about the debt relief options available to BC residences.

• How the debt cycle starts and who is using food banks now
• At what point should you seek professional help
• Licensed Insolvency Trustee - their qualifications and licensing
• The range of debt solutions available 
• The difference between a Consumer Proposal and Bankruptcy
• Benefits of counselling sessions

Licensed Insolvency Trustees can help you take control of your debt. They are considered some of the best debt professionals in the country and the only ones licensed by the federal government of Canada. 

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.

• Allan Marshall & Associates Licensed Insolvency Trustee
• Exploring Your Debt Solution: Personal Bankruptcy in Victoria
• Get Debt Help  from a Victoria BC Licensed Insolvency Trustee

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Retirement isn’t the same as it was in our parents' day. Declining workplace pension plans and the increased lifespan of Canadians are factors that need to be taken into account when planning. When you start saving and investing can make a difference in how much retirement income you will eventually have access to. But wherever you are on the scale, retirement planning can provide you with an outline of where you want to go and how you’ll get there.

How prepared are you for your retirement? Are there things you can be doing now to compensate for the loss of your income in the future?

Bonnie Hooley answers these questions and more. She discusses:

• How the inflation rate affects retirement income
• Having debt when you retire
• Health insurance, life insurance and estate planning
• Making lifestyle adjustments - living on 70% of your income
• Clearing up debt before retirement
• Talking to an expert sooner rather than later

Speaking with a Licensed Insolvency Trustee ensures that you are getting the best qualified advice. They are federally regulated and licensed by the Canadian government and will give you information you can trust.

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
• The Senior Citizen Debt Crisis: How to Cope With Debt in Your Golden Years
• What Options Are There for Seniors in Debt?

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Debt is sometimes divided into two categories - good and bad. It’s important to understand the difference between the two so you can improve your financial situation. But as we all know, nothing is ever all good just like nothing is ever all bad. Can good debt turn into bad? And is there ever a circumstance where bad debt turns into good?

In this timely podcast Licensed Insolvency Trustee, Bonnie Hooley, lifts the lid on Canadian’s finances and their debt. Topics covered include:

• Resisting the urge to overextend when taking out a mortgage
• Intelligent ways to use credit cards 
• When renting may be better than buying
• Cash back credit cards with annual fees
• Using a secured line of credit to pay off unsecured debt

Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of finances and debt management from budgeting to Bankruptcy.They are considered some of the best debt consultants in the country and will provide you with unbiased advice. 

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
• When Debt Is Not A Four Letter Word
• What is Debt Consolidation?

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Shopping where you live has a huge impact on the local economy. Your support can be far-reaching as every dollar spent locally gets circulated 3 or 4 more times ensuring your money stays in the community. While it’s not always possible to buy everything you need locally, finding a balance between e-commerce sites and buying locally can be a step in the right direction. Today’s podcast features Leigh Taylor, Licensed Insolvency Trustee and Bruce Duggan, Associate Professor of Management at Providence Buller School of Business. Bruce and Leigh discuss what it means to the local economy of locally owned businesses. 

Their discussion also covers:

• Advantages of buying local and how to support local businesses
• The price local economies pay for the convenience of online shopping
• Possibility of a recession in Canada
• The high level of consumer debt - rising 5-6% per year
• Advantages of dealing with a local Licensed Insolvency Trustee

If you are having financial difficulties, whether business or personal, talking to a local Licensed Insolvency Trustee should be your first call. You will have the opportunity to meet them face to face in your initial consultation and be assured they are knowledgeable about provincial regulations.

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
• Warning – Not All Debt Advisors are Equal
• A Local Licensed Insolvency Trustee

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Tax debt is one of the most serious kinds of debt given the powers of the CRA to collect. The main difference between the CRA’s and other creditors' ability to collect, is that they can freeze your bank account without a court order. Since they don’t need to go to court, they are much more likely to use this method. This is a very strong power and one of the ways that the CRA pressures people into paying their debts. Can the CRA freeze your bank account without notice? What can you do when this happens and how can you avoid it? Derek Chase, Licensed Insolvency Trustee, answers these questions.

Derek also discusses:

• How to stop wage garnishment and unfreeze bank accounts
• When a Stay of Proceedings can be put in place 
• How to communicate with the CRA
• Work out a payment plan to avoid penalties and collection practices
• Consulting with a Licensed Insolvency Trustee and the services they provide

If you are struggling with tax debt and need someone to talk to, a Licensed Insolvency Trustee should be your first call. They are licensed and regulated by the Canadian government and adhere to strict ethical guidelines.

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 Garnishment: How It Works, What You Can Do, and Other FAQs
• Canada Revenue Agency Has Frozen My Bank Account. What Do I Do?

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