Tag: budget

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40 PARK LANE CIRCLE, 44 PARK LANE CIRCLE TORONTO FOR SALE: ARE FINANCIAL PROBLEMS CONTAGIOUS?

40 Park Lane Circle, 44 Park Lane Circle Toronto

40 Park Lane Circle, 44 Park Lane Circle Toronto for sale, 44 Park Lane Circle, 40 Park Lane Circle, debt, budget, collection agencies, trustee, financial plan, starting over starting now
40 Park Lane Circle, 44 Park Lane Circle

40 Park Lane Circle, 44 Park Lane Circle Toronto for sale: it seems that life in Toronto’s very exclusive Bridal Path is not always what it appears to be. We tend to categorize the people who own these properties as “the rich and famous” while in reality some of them are “not so rich and infamous”. Two Bridal Path properties have garnered quite a bit of attention #40 Park Lane Circle which used to be owned by Mahvash Lechcier-Kimel and #44 Park Lane Circle which used to be owned by Norma Walton and Ronauld Walton.

Are financial problems contagious?

Are financial problems contagious between 40 Park Lane Circle, 44 Park Lane Circle Toronto for sale or just the entire street? Of course not; but when you get caught up in a high flying Bridal Path lifestyle and have to support a massive property like either one of these, or any other property that the average person would describe as a mansion, it’s very easy to accumulate enormous amounts of debt, leaving you to house rich and cash poor. And, if the spending is not controlled and the debts keep piling up it can be easy to lose everything.

Everyone needs a realistic and proper budget

A realistic and proper budget should be an important part of your life. It will keep you from overextending yourself while trying to keep up with your next-door neighbours. Without a proper budget, it’s very easy to get caught up in a cycle of overspending – bigger houses, faster cars, and exotic vacations. The lure of luxury is intoxicating, especially in the low-interest-rate environment we currently live in; but what happens when you wake up and find letters from creditors in the mail demanding payment? How many of those demand letters do you think found their way to the mailboxes of these two luxury Bridle Path?

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So whether you are in over your head with debt due to the ownership of a massive property or for other reasons, such as you’re living a lifestyle that you can’t afford and are being hounded by creditors and collection agencies, now’s the time to contact a professional trustee today. The Ira Smith team can set you back on a path to financial health with immediate action and a solid financial plan. Starting Over, Starting Now you can live a debt-free life.

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Brandon Blog Post

HOLIDAY DEBT; ARE YOU DROWNING IN IT?

Some debts are fun when you are acquiring them, but none are fun when you set about debt, debts, holiday debt, New Year’s resolutions, budget, credit counselling, debt consolidation, consumer proposal, bankruptcy, bankruptcy alternatives, starting over starting now
retiring them.

Ogden Nash

Holiday debt; every year, one of the top New Year’s resolutions is to reduce debt and 2015 is no exception. In December, Equifax Canada reported that the average Canadian household was $20,891 in debt. In spite of already carrying a dangerously high debt load, many Canadians threw caution to the wind, and without a financial plan and/or a budget, they spent way too much money to burden themselves with holiday debt.

After the spending spree was over, many Canadians made New Year’s resolutions to pay off debt in 2015. CIBC did a poll on Canadian’s financial priorities for 2015 and reported the following:

  • Paying off what they owe: 22%
  • Building savings: 12%
  • Paying bills or getting by: 10%
  • Budgeting or managing day-to-day spending: 9%

No one’s ever achieved financial fitness with a January resolution that’s abandoned by February.

Suze Ormon

 

The reality is that January has now arrived and so have the credit card bills, with the holiday debt showing up for payment. You have no idea how you’re going to pay these bills but you made resolutions to pay them.

Without vision you don’t see, and without practicality the bills don’t get paid.

Paul Engle

You need more than resolutions and good intentions to pay off your holiday debt; you need professional help in the form of a trustee. Contact Ira Smith Trustee & Receiver Inc. as soon as possible. If you’re in serious debt, from holiday debt or otherwise, there are many options including credit counselling, debt consolidation, consumer proposal and bankruptcy. We approach every file with the attitude that financial problems can be solved given immediate action and the right plan for you. Debt is an enemy that can be conquered and Starting Over, Starting Now we can get you back on the path towards a debt free life.

Don’t let holiday debt ruin your 2015 so early in the New Year. Take positive action by contacting us today!

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Brandon Blog Post

BANKRUPTCY TRUSTEE SAYS A BALANCED BUDGET IS TO FINANCIAL HEALTH WHAT A BALANCED DIET IS TO PHYSICAL HEALTH

balanced budget, bankruptcy trustee, budget, financial health, debt, bankruptcy, proposal, credit card debt, trustee, starting over starting nowIn our last bankruptcy trustee blog A Balanced Budget Is To Financial Health What A Balanced Diet Is To Physical Health – Part 1, we discussed the importance of a budget to help you establish your spending limits, reduce your spending and if you stick to your budget, live within your means. This week in A Balanced Budget is to Financial Health What a Balanced Diet is to Physical Health – Part 2, we’ll be discussing a case from our files and explaining how important a balanced budget is when working with a bankruptcy trustee.

When we consult with a consumer debtor, one of the most important things for them to have is a balanced budget. In the cases of bankruptcy or proposal, a balanced budget is not optional; it is a requirement that they present us with a balanced budget as it needs to be filed in the public domain as part of their bankruptcy or proposal. In fact I will not sign off on one that doesn’t balance (except in extenuating circumstances). There are several reasons that a bankruptcy trustee says a balanced budget is a requirement for bankruptcy or proposal:

1. An insolvency filing cuts off access to credit for the debtor so they have to live within their means.
2. It is a requirement of the Act to show rehabilitation.
3. Living off credit is a likely contributor to the financial difficulty in the first place. While a proposal or bankruptcy will settle the present debts, if the lifestyle changes aren’t made the greater problem, chronic debt, won’t be solved. A bankruptcy trustee has the duty to ensure that rehabilitation has taken place.

From the files of Ira Smith Trustee & Receiver Inc.: Brian and Julie are married with no children. They can no longer afford their present lifestyle based on their income. Brian works limited part-time hours (and clings to the belief that he needs to be home at all times to work on call so he can work his way up in the ranks). Julie lost her full-time job and is having trouble finding one with equivalent hours/pay. This has been going on for over 2 months now and they have not readjusted their budget to account for the change in income. Although they do not live an extravagant lifestyle, they have become reliant on credit to maintain their lifestyle. Now they are caught in a viscous cycle; they are taking on new debt at a time they are seeking relief from the old debt they can’t pay. The reality is that until they balance a budget, even on a temporary basis, as a bankruptcy trustee, we can’t help with the old debt as they cannot live on their combined family income without incurring more debt. Therefore, they are stuck in limbo.

There are many ways to get into debt, but getting out of debt is not a do-it-yourself project. If you’re experiencing serious debt issues you need professional help from a bankruptcy trustee as soon as possible. Contact Ira Smith Trustee & Receiver Inc. today. Starting Over, Starting Now we can put you back on track to financial health.

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