Tag: credit counselling

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DAVID CASSIDY PARTRIDGE FAMILY TOUR BETTER START SOON

David Cassidy
David Cassidy

What happened to David Cassidy?


This YouTube David Cassidy video says it all. His bankruptcy, notwithstanding he refutes it, must be related in some small part to his alcoholism and the several David Cassidy DUI events. The US Bankruptcy Court has ordered that he now must have his Florida home sold by auction.

For those of you too young to remember him, here is the link to the David Cassidy bio. As you can see, he was a huge music and television star heartthrob. Whatever happened to him over the years, David Cassidy now must pull his life back together. Like all of us, he must learn to live within his means and budget properly. Mr. Cassidy certainly isn’t the first, and won’t be the last celebrity having financial problems.

Next Steps

So who knows? Maybe Mr. Cassidy will have to go back on tour with a Partridge Family revival tour, or at least a David Cassidy tour, to earn extra income! Like all of us, he will have to learn to live within his means. Dealing with his personal problems will also be a great new beginning for him.

And what if you were not famous but are struggling?

If you’re struggling to support a lifestyle you can no longer afford, take immediate action and contact a professional trustee and explore your alternatives to bankruptcy. There are alternatives to personal bankruptcy – credit counselling, debt consolidation and consumer proposals. However, regardless of the choice that’s right for you, a balanced budget is always part of the equation. As we’ve stressed before, a balanced budget is to financial health what a balanced diet is to physical health. You’ll have to take a realistic look at your lifestyle and a serious look at your big ticket items – luxury home(s), exotic vacations, luxury cars, designer clothes and expensive entertaining and start living within your budget in order to benefit from one of the alternatives to bankruptcy .

The Ira Smith team approaches every file with the attitude that corporate or personal financial problems can be solved given immediate action and the right plan. Contact us today and Starting Over, Starting Now you can be on the path to a debt free life.

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ALTERNATIVES TO BANKRUPTCY IF YOUR INCOME DECLINES SUBSTANTIALLY

alternatives to bankruptcy, bankruptcy, trustee, alternatives to personal bankruptcy, credit counselling, debt consolidation, consumer proposals, budget, balanced budget, financial, insolvency, personal insolvency, starting over starting nowAlternatives to bankruptcy

Our insolvency clients, be they personal or corporate, usually want to start a consultation by asking us bankruptcy questions. However, I first start by obtaining a full understanding of the person’s or company’s financial challenges, so that we may consider all of the realistic options before discussing the topic of bankruptcy. I first wish to find the best alternative to bankruptcy.

I am finding now that many families, even high earners, are struggling in the “new economy”. We’ve spoken about their plight in our blogs:

There is yet another group that is now in great danger of bankruptcy – families whose previously very healthy income has taken a serious downturn and are now struggling to maintain a lifestyle they can no longer support. These families need to act fast and consider their alternatives to bankruptcy before it is too late to take remedial action. The natural inclination is to tough it out and hope for better times, but serious financial times demand serious financial decisions, not a hope and a prayer. As these families wait for better times to come they are burning through whatever savings they have, going further into debt by living off credit and will eventually run out of both money and credit.

This is not the best approach. At the first sign of financial trouble, these families should seek the advice of their legal counsel or accountant. These trusted professionals will be able to refer the families in financial trouble to a trustee in bankruptcy that they trust. With the trust factor bridge now in place with the trustee, that trustee can review the situation and provide the families with their realistic alternatives to bankruptcy.

If you’re struggling to support a lifestyle you can no longer afford, take immediate action and contact a professional trustee and explore your alternatives to bankruptcy. There are alternatives to personal bankruptcy – credit counselling, debt consolidation and consumer proposals. However, regardless of the choice that’s right for you, a balanced budget is always part of the equation. As we’ve stressed before, a balanced budget is to financial health what a balanced diet is to physical health. You’ll have to take a realistic look at your lifestyle and a serious look at your big ticket items – luxury home(s), exotic vacations, luxury cars, designer clothes and expensive entertaining and start living within your budget in order to benefit from one of the alternatives to bankruptcy .

The Ira Smith team approaches every file with the attitude that corporate or personal financial problems can be solved given immediate action and the right plan. Contact us today and Starting Over, Starting Now you can be on the path to a debt free life.

http://youtu.be/qcr1ga9Jtw4
pingler

 

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HOW ADVANTAGES OF CONSUMER PROPOSALS SAVES YOU FROM DEBT SETTLEMENT COMPANIES

advantages of consumer proposals, bankruptcy trustees, collection agency, Collection Agencies Act, consumer proposals, credit counselling, debt, debt settlement companies, debt settlement services, Ontario Collection and Debt Settlement Services Act, starting over starting now, trustee, trustee in bankruptcy
HAPPY CANADA DAY!

The advantages of consumer proposals with a Trustee can save you from debt settlement companies. Here’s how.

Continue reading “HOW ADVANTAGES OF CONSUMER PROPOSALS SAVES YOU FROM DEBT SETTLEMENT COMPANIES”
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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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MILLENNIAL HOME OWNERSHIP: MILLENNIALS ARE STRUGGLING WITH DEBT

Millennials, Gen Y, debt, student loans, credit card debt, credit counselling, debt consolidation, consumer proposals, bankruptcy, millennial home ownership, starting over starting nowMillennial home ownership may be out of reach because there is no doubt that Millennials are struggling with debt and it’s a serious issue. We’ve addressed this problem in two previous blogs – Millennials Debt; A Plan for Escape and Gen Y Trapped: Millennials in Debt. For those of you unfamiliar with the term Millennial, the Census Canada definition is kids born between 1977 and 1994. In Canada Millennials represent a large group; they make up approximately 27% of the population. And unfortunately they also have a lot of debt, the majority of which is student loans and a good proportion can also be attributed to credit card debt.

As a result of student debt, credit card debt and lower than anticipated salaries, many Millennials can’t even dream of buying a house and millennial home ownership is a fading dream. In fact, many can’t even afford an apartment and are living at home with their parents or sharing an apartment with multiple roommates. This situation has affected more than just the Millennials and their families; the lack of millennial home ownership has seriously impacted the housing market. “The first-time homebuyer is really absent from the market,” says David Crowe, the chief economist for the National Association of Home Builders. He says only 16% of new-home sales are to first-time homebuyers. That is half of normal. And in terms of the numbers of new homes getting built, “We’re not even halfway back,” Crowe says. This phenomenon will eventually rebound, but it will take time. Millennials will need to feel comfortable that their debt reduction plans are working before millennial home ownership, and therefore a large group of first-time home buyers, will again be able to enter the real estate market.

Millennials need help dealing with debt. Maxing out credit cards is not a solution. If you’re a Millennial in debt, you need professional help. Responsible hard working millennials deserve to have millennial home ownership included in their reality.

Contact Ira Smith Trustee & Receiver Inc. With sound professional advice and a solid plan in place, you can conquer debt. There are many ways to deal with debt which include credit counselling, debt consolidation, consumer proposals and bankruptcy. It may sound ominous, but the Ira Smith team will guide you through the process and Starting Over, Starting Now you can live a debt free life and plan for your future.

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SENIORS ACQUIRING MORE DEBT DELAYS RETIREMENT

debts, debt, retirement, credit counselling, credit card debt, line of credit, trustee, starting over starting now, seniors acquiring more debtSeniors acquiring more debt seems to be more the norm than the commercials featuring retirees driving convertible sports cars, travelling to exotic locations and wining and dining in upscale restaurants, you’ve no doubt watched. The question that seniors acquiring more debt must be asked is will debts prevent your retirement?

Seniors acquiring more debt are not going to be living the life of luxury depicted on television. How many of you are drowning in so much debt that retirement isn’t even an option? According to the BMO Retirement Institute debt is the number one barrier preventing Canadians from saving for retirement and that their priority should be to retire free of debt, including a home mortgage.

The reality is:

  • National Foundation for Credit Counseling says one-third of its 3 million clients last year were 55 or older.
  • More than 41% of families with heads of household between age 55 and 64 had credit card debt in 2010 (up from 33% in 1989), according to the AARP Public Policy Institute and the Demos research group.
  • The median total debt for 55- to 64-year-old households is $76,600, says the Employee Benefits Research Institute.

Among those retired Canadians with debt, a Harris/Decima poll for CIBC found:

  • 37% are juggling two or more debt payments a month
  • 39% are carrying credit card debt
  • 30% have debt on their line of credit
  • 16% are carrying debt on their mortgage, and
  • 14% have loan debt

What should seniors acquiring more debt, or anyone with too much debt, to get debt under control? Make a budget, stick to it and pay down high interest debt like credit card debt. If these measures are not enough to deal with your debt issues, you need professional help.

Seniors acquiring more debt should contact a professional trustee as soon as possible. The Ira Smith team are here to help. With a cumulative 50+ years of experience, we deliver the highest quality of professional service. We offer practical advice so you can clearly see the way to move forward Starting Over, Starting Now. Contact Ira Smith Trustee & Receiver Inc. today.

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HIGH EARNERS LIVING PAYCHEQUE TO PAYCHEQUE

living paycheque to paycheque, living paycheck to paycheck, bankruptcy, alternatives to bankruptcy, credit counselling, debt consolidation, consumer proposals, starting over starting now, trustee, high earners, norma walton, ronauld waltonIt may surprise you to learn that high earners, earning a six figure salary is not a guarantee of financial stability or security. A big house, luxury cars and exotic vacations frequently don’t tell the real story. You may be looking at a lot of smoke and mirrors. Often these high earners become victims of their own success.

The costs of maintaining a high flying lifestyle eventually becomes too great and a debt spiral begins. No one is immune. Famous actors and actresses, lawyers, doctors and captains of industry file for bankruptcy just like the working poor living paycheque to paycheque. According to the Wall Street Journal “some high earners end up leading a lifestyle that they can barely afford, saving little or nothing for retirement and living paycheck to paycheck”.

This problem appears to be global, with no sign of letting up. In fact we reported on it last year in two blogs titled “Is Canada’s 1% Immune from Insolvency or Bankruptcy?” and Famous Celebrity Bankruptcies Happen Too. A recent study at Princeton University calls this phenomena “wealthy hand-to-mouth”. The study reports that the wealthy hand-to-mouth behave in many respects like households with little or no net worth. So, whether you’re a high earner or have little or no net worth, if you’re living paycheque to paycheque, you’re in the same boat and your options are the same.

If you are one of the high earners, or just a normal person, the time to end the spiral of debt is now. There is no time to waste. Debt doesn’t go away on its own. You need professional help and a sound plan for moving forward. Contact Ira Smith Trustee & Receiver Inc. We’re a full service insolvency and financial restructuring practice serving companies and individuals throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now.

There are alternatives to bankruptcy – credit counselling, debt consolidation and consumer proposals or ultimately bankruptcy may be the answer – for both high earners and normal people. Don’t make living paycheque to paycheque a lifestyle. Call us today and take the first step towards a debt free life.

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SCARED TO DECLARE PERSONAL BANKRUPTCY?

scared to declare personal bankruptcy, personal bankruptcy, bankruptcy, bankruptcy alternatives, credit counselling, debt consolidation, consumer proposals, consumer debt, credit card debt, debt, trustee, trusteesScared to declare personal bankruptcy? Don’t be. Bankruptcy is a legal process that can provide relief to honest but unfortunate individuals who are unable to pay their debts.

According to the Office of the Superintendent of Bankruptcy Canada:

Employment and Social Development Canada reports:

  • In 2011, 122,999 Canadians were unable to repay their debts.
  • Serious financial difficulties brought them to file either a payment proposal or a bankruptcy. The average amount owed was $119,021.
  • About 53% of Canadians filing a proposal or bankruptcy in 2011 were aged 30 to 49 years.
  • In 2007 individuals who were divorced or separated were more likely to file a proposal or bankruptcy than Canadian adults on average.
  • In 2008 the most frequent type of debt reported by individuals filing a proposal or bankruptcy was credit card debt (91%).

Still scared to declare personal bankruptcy? Huffington Post reports that one in six Canadians will eventually go bankrupt. Don’t be scared to declare personal bankruptcy; there are advantages:

  • It is relatively quick
  • It can be less expensive than other options
  • It eliminates your unsecured debts
  • You will have some protection from creditors, legal action and wage garnisheeing
  • After your discharge your credit risk can start to improve

If you are considering bankruptcy, your first step should be to meet with a trustee. Trustees are individuals licensed by the Office of the Superintendent of Bankruptcy (OSB) to administer the bankruptcy process. Contact Ira Smith Trustee & Receiver Inc. We will evaluate your financial situation and discuss various bankruptcy alternatives which include credit counselling, debt consolidation and consumer proposals that could help you to solve your financial problems. Don’t be scared to declare personal bankruptcy. It’s just an option to consider so that Starting Over, Starting Now you can be well on your way to financial health.

 

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PERSONAL LOANS FOR BAD CREDIT: INTERESTED?

personal loans for bad credit, personal loans, bad credit, trustee, bankruptcy, personal bankruptcy, bankruptcy alternatives, credit counselling, debt consolidation, consumer proposals, financial plan, debt, high cost debt, starting over starting nowPersonal loans for bad credit commercials and advertisements are very seductive. It seems so easy – money in your bank account in no time and they can be arranged online 24/7. Serious debt can be debilitating, leaving you feeling helpless, out of control and not knowing where to turn. The answer to your problems is personal loans for bad credit, but is it really?

Personal loans for bad credit are not the same as a loan you’d get from your bank or credit union. The interest rates are much higher because the risk to the lender is much greater. As a professional trustee I can tell you that the last thing you need is more high cost debt. What you need is a solid financial plan to get you out of debt, not personal loans for bad credit.

How can you get out of debt without resorting to high cost personal loans for bad credit? There is no instant or quick fix for serious debt issues. What you need are answers, options and realistic plan for recovery. Firstly, make an appointment with a professional trustee as soon as possible. Relying on advertising for financial advice is never a good idea. Trustees are professional, licensed, federally regulated financial services professionals who are uniquely positioned to provide long term, sensible solutions on reducing debt. Personal bankruptcy is not your only choice. There are bankruptcy alternatives such as credit counselling, debt consolidation or consumer proposals.

Don’t fall prey to high cost personal loans for bad credit. For sound financial advice you can depend on, contact Ira Smith Trustee & Receiver Inc. today. Starting Over, Starting Now you can be well on your way to a debt free future.

 

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NO CREDIT CHECK LOAN: FOR CANADA DAY?

no credit check loan, credit card debt, July 4, Independence Day, Canada Day, good debt, bad debt, credit counselling, bankruptcy alternatives, consumer proposal, consumer proposals, bankruptcy, student loans, line of credit, bad credit, licensed professional trustee, trustee, starting over starting now, debt consolidation, bankruptcy faqsThe no credit check loan and credit card industries are being used to fund holiday travel. The American Automobile Association reported that: “This year nearly 41 million Americans plan to celebrate the nation’s birthday with a getaway…” said AAA President and CEO Robert L. Darbelnet.

AAA also reported that this July 4 Independence Day travel is because of the willingness of consumers to take on debt, NOT an increase in income, to fund for the increase in consumer spending. No credit check loan debt and credit card debt is cited as the two credit vehicles of choice being used to fund travel.

In July 2013 we discussed how even high flyers can’t sustain the income to fund their lifestyles, so all demographics means the rich and famous are included. In April 2014 we discussed that debt is increasing in Canada across all demographics, and at alarming rates. A check of our analytics indicates that “no credit check loan” and similar bad credit loan searches are by far outweighing other keywords that people are using. Every day, fewer and fewer people are using keyword search terms such as credit counselling, bankruptcy alternatives, consumer proposals or bankruptcy.

It would appear that Canadians are also much more willing to take on more debt, even though they know they have a debt problem because of a bad credit score. We know that there are two types of debt: good debt and bad debt. If there is such a thing as good debt and bad debt, what’s the difference? The distinction is based on the purpose for which it is taken on. Good debt can be defined as anything that builds your assets or increases the potential for you to earn more money. Bad debt is typically incurred to purchase things that have no value or quickly lose their value and usually carries a very high interest rate – which more often than not is found in no credit check loan debt and credit card debt.

Some examples of good debt:

  • Mortgage
  • Real estate
  • Student loans from the provincial or federal government
  • Investment loans

Some examples of bad debt:

There are a lot of people with bad credit who are feeling pain in our society and believe that another no credit check loan is their solution. These people are misguided in that they think that a further high cost no credit check loan will solve their problem. I understand the way these people think. It is hard for us to face our challenges. Whether it is about our health, our family or our financial situation, it is difficult and painful to look at our problems straight in the face, especially if we are the one who created the problem. These people mistakenly think that taking on more debt is the solution.

Well, it is not. These people need to recognize that their credit score is so poor because of choices they have made in the past, and their behaviour has to change. Taking on more debt through a high cost no credit check loan is just increasing their problems. They need to look at ways to budget so that their expenses are less than their income. They need to start saving to pay down debt.

If they can’t do it on their own, then they must consult a licensed professional trustee who can discuss options with them: budgeting, bankruptcy alternatives such as debt consolidation or a consumer proposal or perhaps even bankruptcy. If this sounds like you, contact Ira Smith Trustee & Receiver Inc. right away for a no charge consultation. You can even check out our bankruptcy faqs now online here. We will go over all of your options, and encourage and help you to implement the one that is right for you so that together we can solve your problems with immediate action and the right plan so that Starting Over, Starting Now will become your reality.

In the meantime, whether you are travelling for this Canada Day holiday or relaxing at home, we wish you a safe, fun, relaxing and hopefully only a good debt Canada Day holiday with family and friends.

Call a Trustee Now!