DebtMatters Podcast Wayne Kay

A financial windfall is any unexpected amount of money you receive. Whether it be from a lottery win or an inheritance - it’s the things we dream about. But what happens when you receive an unexpected windfall when you have filed for Bankruptcy? Today’s podcast features Daniel Masymchak, Licensed Insolvency Trustee answering questions about windfalls and surplus income while in Bankruptcy.

During the pandemic the demand for vehicles was high when interest rates dropped to record lows. Fast forward to the present where interest rates and fuel costs have risen sharply. In Canada, defaults are rising as repossession activities are back in full force. What happens when you can’t make your vehicle payments? Should you or can you just surrender it and walk away? Licensed Insolvency Trustee, Daniel Maksymchak, answers these questions and explains the Canadian laws for repossession. 

Inflation remains prevalent across all aspects of our lives, not just concentrated in a few areas such as food and gas. Alongside this, wage increases are not keeping up with inflation and households are losing purchasing power. Experts say it will be a while before Canadians can breathe a sigh of relief. How are we Canadians coping with rising interest rates and inflation? What advice could help us through these precarious times? Derek Chase, Licensed Insolvency Trustee tackles these questions and shares his thoughts on adjusting our spending habits and budgets.

Exchange-Traded funds (ETFs) are an easy way to begin investing. THey are simple to understand and can generate good returns without much effort or expense. Investors are able to buy stocks or bonds that may not be easily accessed otherwise. Why would Licensed Insolvency Trustee, Derek Chase be talking about ETFs? For the most part, because that is what is discussed in one of the mandatory counselling sessions after completing a Bankruptcy or Consumer Proposal. What can you do with your extra money when you don’t have massive debt to service?

It’s not easy to find the right debt relief solution that will help you get out of debt. Internet searches and TV advertisements can be misleading in their promises. Where can you turn for the best advice? Today’s podcast will shed some light on the murky waters of debt counselling. Leigh Taylor, Licensed Insolvency Trustee, takes a look at the different services explaining what they can and can’t do.

Low interest rates and the promise of riches from rising home prices could be linked to Canadians ever increasing debt load. The latest figures from StatsCan revealed that Canadians owe $1.83 in consumer debt for every dollar of income they have. So, how well are you managing your debt? How much is too much? Licensed Insolvency Trustee, Leigh Taylor, discusses household debt. He talks about debt-to-income ratios and the danger signals that you should watch for.