DebtMatters Podcast

Everyday there are more signs that Canadians are struggling with inflation and the skyrocketing cost of borrowing, finding it increasingly difficult to make ends meet. Many are leaning on credit. But when is it time to acknowledge the fact that you are in over your head and need to reach out for help? Leigh Taylor has been a Licensed Insolvency Trustee for over 40 years. His experience helping people with their unmanageable debt has given him a solid understanding of the stresses and emotional toll being in deep debt causes. 

Leigh talks about:

• Warning signs that you are in over your head
• Relationship problems caused by debt
• The embarrassment financial difficulties causes
• Tax and repayment requests - financial fallout from COVID
• When and where to seek help
• Advantages of dealing with a local Licensed Insolvency Trustee

If you are struggling with insurmountable 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.

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
• Don’t Let a Money Problem Turn Into a Debt Crisis

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Divorce is not an easy process but when there is a substantial amount of debt involved, it can be more complex. Along with the many legal consequences, filing for Bankruptcy comes with an emotional aspect that can sometimes be overwhelming. Your marital assets will be affected by the timing of your Bankruptcy. Talking to a professional before you make any decisions will allow you to determine what is best for you and your spouse. 

In today’s podcast, Licensed Insolvency Trustee, Leigh Taylor, talks about divorce and debt. Topics discussed include:

• How does filing Bankruptcy or a Consumer Proposal affect the divorce?
• What happens to joint and individual debt?
• When to declare Bankruptcy - before or after filing for divorce?
• Does filing Bankruptcy discharge spousal and child support?
• The emotional component of divorce

If you need further advice about the timing of your Bankruptcy vs your divorce, contact a Licensed Insolvency Trustee. They are federally regulated and licensed by the Canadian government and will give you honest, unbiased advice.

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
• Divorce, Debt and Finances – What You Need to Know
• Bankruptcy Services

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The news is full of stories about the rise of household debt. More Canadians are having to rely on their credit cards to make their paycheques stretch. Financial trouble can stem not from the amount of debt that you owe but your ability to repay that debt. Whereas some people struggle with $1,000 dollars of debt, others can handle $100,000.  

How do you know when you are heading for trouble? Licensed Insolvency Trustee, Amanda Sherwood discusses the warning signs you may have a debt problem.

Other topics covered:

• Finding out your net worth - assets and liabilities
• Setting up a good budget 
• Different strategies for repaying debt
• Advantages of budgeting with your family
• When it’s time to make the phone call to explore your options

If you are struggling with your debt, Licensed Insolvency Trustees can help you take back control of your finances. They are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. 

Amanda started with Allan Marshall and Associates in 2008 as an Estate Administrator. She has since received her Chartered Insolvency & Restructuring Professional (CIRP) and her Licensed Insolvency Trustee (LIT) designation in 2022. 

The most rewarding part of her job, Amanda says, is hearing her clients say how relieved they are after meeting with their office. She reminds everyone that they are not alone and that help is available to get relief from insurmountable debt.  

• Allan Marshall & Associates Licensed Insolvency Trustee
• Financial Management: Warning Signs of Financial Problems
• Financial Problems and Solutions: Finding Your Way Out of Debt

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Debt problems can cause stress in any relationship. But what happens when one partner files for Bankruptcy? How does it affect the other? To understand what happens to your spouse’s finances, first it is important to know what the difference is between personal debt and joint debt. As a Licensed Insolvency Trustee, Amanda Sherwood, helps couples navigate insolvency, as each family situation is unique. In this podcast find out:

• What happens to your spouse’s/partner’s credit score when you file Bankruptcy
• When you get married are you marrying your partner’s debt also?
• The benefits and drawbacks of separate or joint finances
• Co-signing loans - who is responsible when one defaults
• Personal information needed by a Licensed Insolvency Trustee from both parties

If you and your partner are having financial difficulties and need 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. 

Amanda started with Allan Marshall and Associates in 2008 as an Estate Administrator. She has since received her Chartered Insolvency & Restructuring Professional (CIRP) and her Licensed Insolvency Trustee (LIT) designation in 2022. 

The most rewarding part of her job, Amanda says, is hearing her clients say how relieved they are after meeting with their office. She reminds everyone that they are not alone and that help is available to get relief from insurmountable debt. 

• Allan Marshall & Associates Licensed Insolvency Trustee
• Canadian Bankruptcy Rules
• Become Debt Free In 3 Easy Steps

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Financial resolutions are merely money goals that you commit to attaining. The start of a new year is a perfect time to set the course to get back on track with your financial health. New Year money resolutions can help you get to where you want to be. Where would you like to be financially one year from now? Establishing a start date like the new year, makes it easier to commit and less likely you find excuses to procrastinate. 

Today’s podcast features Bonnie Hooley, Licensed Insolvency Trustee, talking about setting attainable financial resolutions. She also discusses:

• Finding resolutions that make sense to you
• Purposeful spending within your budget
• Short, medium and long term goals
• Compound interest calculator for savings
• Ways of working together with your partner
• The number one financial resolution to focus on

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 financial advisors 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
• How to Review, Fund, and Track Your New Year’s Resolutions
• Tackling Your Post Holiday Debt

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For many Canadians, overspending on Christmas is just a way of life. After all, is it not the season of giving and forgiving? But after the tree comes down and the lights are put away, you may be left with a holiday hangover, dreading the mailman’s arrival in January. This debt cycle isn’t going to end unless you decide that you’ve had enough. And if this is the year you draw that line in the sand - this is the podcast for you. Licensed Insolvency Trustee, Bonnie Hooley discusses Christmas debt hangovers and how to avoid them. If you regret overspending again this year on gifts, travel, food or other forms of holiday merriment, tune in to this podcast.

Bonnie also covers:

• Coming to terms with feelings of regret after the holidays
• Traditions that are no longer practical and do not serve any more
• Planning ahead and setting realistic goals
• Avoiding impulse buying
• Creative ways to give that are affordable and meaningful

If you have overspent this holiday season and are deep in debt, a Licensed Insolvency Trustee can help you get your finances back on track. They are the only federally regulated debt advisors in Canada and will give you honest advice about the options that are available to you. 

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
• Are You Singing the Post-Holiday Bills Blues? Here’s How to Change Your Tune
• Six Smart Money Goals for the New Year

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Despite their differences, Consumer Proposals and Bankruptcy both guarantee protection from creditors. But both debt relief options are unique in how they deal with tax refunds. In a Bankruptcy, your Trustee will prepare and file your returns and any refunds will be distributed to your creditors. In a Consumer Proposal, you are required to file your own returns and must be up to date with past filings. If you do not owe the CRA money and are entitled to a tax refund, you make keep it. 

Licensed Insolvency Trustee, Derek Chase, walks us through the different scenarios and how when you file may have an impact on your tax returns. He also covers:

• When it is advantageous to file a Consumer Proposal vs Bankruptcy
• The best time of the year to file
• What happens to the money if you are owed a tax refund
• Effect on GST and Canada Child Benefits
• CRA’s Right of Set-Off to offset tax debts 

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 about all the debt relief options available to you while taking into account your tax situation. 

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

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The start of a new year is a great time to set goals especially around your personal finances. By setting financial resolutions, you can move forward into the coming year with added security and stability. If you have overspent or strayed from your holiday budget, now is the time to get back on track. Licensed Insolvency Trustee, Mark Marshall, shares his experiences and talks about ways to set the course to improve your finances in the coming year. 

Mark also discusses:

• Setting realistic goals
• Tips for making your financial plan
• Tracking expenses for an accurate assessment of your finances 
• Short, medium and long term goals
• Accountability challenges with your friends

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. 

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
• Holiday Debt: Recover From Your Christmas Debt
• Keeping Track of Your Money

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A merry Christmas shouldn’t depend on how much money you spend. But if you are someone who is obsessed with picking up the perfect gift for family and friends, feeding and entertaining them - it can often mean facing tough credit card debt in the New Year. If the holiday season is something you haven’t budgeted for in the past, maybe it’s time to get ahead of the mage next year by starting early. In today’s podcast, Licensed insolvency Trustee, Derek Chase talks about avoiding Christmas credit card debt. 

Derek also covers the following topics:

• Breaking the cycle of big gift giving
• Changing your mindset - focusing on experiences and relationships
• Budgeting for Christmas 2023
• Using your circle of influences to come up with new ideas
• Having conversations about what is important and realistic
• Advice for better finances for the year ahead

Looking for the best financial advice? Look no further than a Licensed Insolvency Trustee in your area. With their extensive knowledge of financial services you can be assured 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.  

• Derek L Chase & Associates Ltd. Licensed Insolvency Trustee
• How to Start a Budget
• Young Adults and Credit Card Debt

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For many Canadians, overspending at Christmas is just a way of life. But the cycle of going into debt to buy presents isn’t going to end until you change the way you ‘do’ Christmas. There are ways you can still have a holly jolly celebration without dreading the January credit card statements. A merry Christmas doesn’t have to depend on how much money you spend. Sharing time making memories with family and friends without overspending can be the new normal. 

Licensed Insolvency Trustee, Mark Marshall shares his personal experiences and a few ideas of how to scale back on Christmas giving. Other topics discussed are:

• Cost effective ways to give
• Importance of communicating with family members about gift giving
• Community associations that help with presents for children
• Incorporating the Yankee swap game into your gift exchange
• Boxing Day and thrift store shopping

If you are drowning in debt this holiday season or at any time of the year, speak to a Licensed Insolvency Trustee. They are federally regulated and approved by the Canadian government and will give you honest advice and help you find a solution to your debt problem.

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
• Holidays That Don’t Break The Bank – Holiday Spending & Budget Management
• Stick to a Christmas Budget When Buying Gifts for Your Kids

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.