DebtMatters Podcast Wayne Kay

While most Canadians view student loans as an investment rather than an expense, they can become a burden after graduation. As the years go by and more unsecured debt is added, it can be a struggle to keep up. If you are contemplating filing for personal Bankruptcy in the hopes of discharging your student loan debt, you need to make sure your timing is right. Licensed Insolvency Trustee, Francyne Myers goes through the rules for including student loans in a Bankruptcy.

Under the Canadian Bankruptcy & Insolvency Act there are two options that allow consumers to eliminate debt, filing a Bankruptcy or a Consumer Proposal. The option you chose is based on your personal situation at the time of filing. But what happens if your financial circumstances change? Can you switch from a Bankruptcy to a Consumer Proposal or if you have filed a Consumer Proposal can you change to a Bankruptcy? When would it make sense to switch?

Living paycheque to paycheque can be stressful, to say the least. A recent poll by Leger found that almost half of Canadians are living that way. Stepping off that treadmill is possible with a few sacrifices and a bit of hard work. Licensed Insolvency Trustee, Leigh Taylor talks about the paycheque trap - how it can slowly happen if we don’t pay close attention and become a bit more proactive.

Even though Canada’s economy is thriving in many ways, the rising cost of living is putting pressure on Canadian’s finances. As the price of goods continues to rise, household budgets are getting squeezed from all angles. Rising inflation is affecting most of us and in this podcast, Licensed Insolvency Trustee, Leigh Taylor discusses how we can protect ourselves.

The top 2 insolvency options that provide debt relief in Canada are personal Bankruptcy and Consumer Proposals. Both resolve debt problems and provide legal protection from your creditors. However, they are significantly different from each other. Everyone’s situation is different and there is no one size fits all solution in determining which is the best option for you. Your assets, income and the total amount of debt are some of the key factors to be considered.

The mere mention of the word Bankruptcy can send shivers down most people’s spines, but it doesn’t have to be a scary process. As with most fears, they stem from the ‘unknown’. Most people who have been through a Bankruptcy don’t tend to share their experiences. This podcast is meant to lift the curtain on this debt relief option and take the mystery out of it.