Toronto Debt Solutions

Household debt in Canada can lead us into crisis On January 16, 2016, the Office of the Parliamentary Budget Officer (PBO) released its report titled: Household Indebtedness and Financial Vulnerability .  A summary of the PBO s findings are: In the third quarter of 2015, total household debt in Canada reached 171 per cent of disposable income. In other words, for every $100 of disposable income, households had debt obligations of $171. This is the highest level recorded since 1990 and the highest level.  The report also found that: Among G7 countries, Canada has experienced the largest increase in household debt relative to income since 2000. Households in Canada have become more indebted than any other G7 country over recent history. Analysis conducted at the Bank of Canada suggests that low interest rates, higher house prices and financial innovation have contributed to the increase in household indebtedness. A financially vulnerable household is one that is required to devote a s ht...

Legal and professional fees have so far devoured US$1.2 billion of the US$7.3 billion available to Nortel’s creditors in cross-border bankruptcy proceedings http://g-t-t.net/restructuring-turnaround-nortel-fees-surpass-1-2-billion/

Spring clean your budgeting Spring is in the air and it’s time to spring clean your finances. Help can sometimes come in mysterious ways and from mysterious sources. In this case it’s your Smartphone that can help get you on track financially. If you have difficulty understanding your spending habits and managing your money, there are now apps for that. With the help of a budgeting app you’ll have assistance identifying where you’re wasting money, how to pay down debt and how to save money. Our list of 6 best budgeting apps Here are six of the best budgeting apps for iPhone and Android for 2016: Mint for iPhone and Android: Mint simplifies making a budget. It connects to your bank and the app can use your details to help create a personalized budget. PocketGuard for iPhone and Android: PocketGuard categorizes and organizes your expenses, monthly bills and subscriptions into clear tabs and graphs so you’ll always be on top of your finances. GoodBudget for iPhone and Android: http://www....

This vlog about bankruptcy experts in on was inspired by our newly released eBook: Who says you qualify as bankruptcy experts in ON? Ira Smith Trustee & Receiver Inc. is a licensed insolvency trustee, licensed to practise in the Province of Ontario (ON). In our recent vlog, #VIDEO: CHCH TV BANKRUPT: using shell companies legal but controversial experts say, Sean O’Shea, Global News, December 17, 2015, interviewed various experts on the CHCH TV bankruptcy. Mr. O’Shea sought out licensed insolvency trustees as his bankruptcy experts in on, and the one he chose was our Ira Smith of Ira Smith Trustee & Receiver Inc. We are also contacted on a regular basis by the Toronto Star, whenever they wish clarification on insolvency issues for an article to appear in the newspaper. So why are we sought out as bankruptcy experts in ON? Here is our list: We provide a free initial consultation – Part of being an expert is professionalism. An expert licensed insolvency trustee will provide a fre...

I will give you a money back guarantee that I can teach you the difference between a consumer proposal vs bankruptcy We’re so pleased to offer you Ira Smith’s new eBook,” PERSONAL BANKRUPTCY CANADA: Not Because You Are A Dummy, Because You Need To Get Your Life Back On Track”. The world of finance can be very confusing, and in particular the insolvency system. The information out there about the Canadian insolvency and bankruptcy system, including the topic of consumer proposal vs bankruptcy, seems to be written for industry insiders in industry jargon. Where is the average person experiencing serious financial difficulty going to find the information they need in a language they understand? Will the book teach me the difference between consumer proposal vs bankruptcy Definitely.  Ira recognized the need for up-to-date information on bankruptcy written in real people speak “PERSONAL BANKRUPTCY CANADA: Not Because You Are A Dummy, Because You Need To Get Your Life Back On http://www.ira...

TORONTO, ONTARIO--(Marketwired - March 21, 2016) - Danier Leather Inc. ("Danier" or the "Company") announced today that, with the authorization and approval of its board of directors (the "Board"), on March 21, 2016 the Company voluntarily made an assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency... http://g-t-t.net/danier-leather-bankrupt/

Canadian Household Debt http://www.irasmithinc.com Canadian household debt is out of control and the highest ever in history. If you have too much debt and a... https://www.youtube.com/watch?v=4zwt4tc8AbI

50 Cent says his cash is fake. Are you using credit as fake cash? We can help solve your debt problems? http://g-t-t.net/50-cent/

I admit that sometimes, as a long-term renter, I do think about what it would be like to own a home. But that doesn't mean that I consider renting a stopover before buying. Renting is its own lifestyle and although currently dominated by millennial city dwellers in Toronto and Vancouver, it is not unique to this generation, nor to their respective cities. http://g-t-t.net/millenials/

 Credit Repair Toronto: Why Not? Many people think it’s best to try a credit repair Toronto company before they investigate the Canadian insolvency process. I’m here to tell you that many of these companies are not acting in your best interest. What do Dave Ramsey and Gail Vaz-Oxlade have to say? Many are paid – and in some cases managed – by credit card companies. According to an article by financial guru Dave Ramsey: “Some of these ‘counseling’ companies withhold credit card payments until the account is three to six months past due. Then, they contact the lender and negotiate to settle the bad debt…That’s how they get negotiated discounts on credit card debt. Card companies don’t settle on your debts when your payments are on time. These services are always a bad idea, and sometimes they’re a complete scam.” Dave Ramsey isn’t the only one leery of credit repair Toronto companies. Gail Vaz-Oxlade writes: “One of the big drawbacks of using a debt counseli http://www.irasmithinc.com/bl...

Our previous vlog Since our last post, BUSINESS RESTRUCTURING PROPOSAL: REASONS WHY GOODWILL TORONTO IS NOT ALWAYS ENOUGH, people have asked me: is Goodwill a non profit organization?  The answer is yes. The Goodwill Toronto bankruptcy has confused and astonished many people. After all, how is Goodwill a non profit organization, go bankrupt? Isn’t the very nature of a non-profit or not-for-profit that it doesn’t have to make a profit?  Yest, but by the same token, it also should not sustain losses either.  At our Firm, we each volunteer at a different non-profit whose cause we believe in. The non-profit’s annual budget is not supposed to sustain a loss, but in carrying out the aims of the organization, it also does not have to make an operating profit unless of course the non-profit is trying to amass funds to designate for a specific purpose. Unfortunately to the amazement and dismay of many, Goodwill Industries of Toronto, Eastern, Central and Northern Ontario has filed for http://ww...

If your debts have arisen from gambling, and you are interested in a debt settlement program such as consumer proposals and gambling, this is an excellent article from the Ontario Centre for Addiction and Mental Health. http://g-t-t.net/consumer-proposals-gambling/

Release Of New eBook Please click on the link below for full information about this new eBook written for the lay person who is experiencing crushing high debt loads, is fearful of what will happen to them and don't know where to turn for answers. Personal Bankruptcy Canada

Why won’t they tell me? It is not the case that any licensed insolvency trustee purposely won’t tell you everything you need to know.  It is just that in all walks of life, some people explain things better than others. Some take more time and care, some are better equipped to explain technical matters in plain English to the lay person and sometimes, like Ira Smith, you might have a senior moment! So the purpose of this video is to educate the stressed out person who is facing financial challenges, and who has made an appointment to see a licensed insolvency trustee, to provide you with a checklist of important questions you should ask, so that you walk out of the initial meeting with all the information you require to make an educated, informed decision.  So, here is our checklist. 12 questions you must ask the Licensed Insolvency Trustee, in order to obtain the information you require Is my initial consultation free and how long do I get to meet with the Licensed Insolvency T http:/...

Personal Bankruptcy Canada: Not Because You Are A Dummy, But Because You Need To Get Your Life Back On Track - subscribe to our blog this week at: http://www.irasmithinc.com/blog/ (wait for the subscribe popup and while you are there, read a blog or watch a vlog) and on Monday, March 16, 2016 receive your coupon for a complimentary copy of our new book. http://goo.gl/PgvN7M

Avoiding credit card debt can hurt you?  Are you crazy? Avoiding credit card debt is certainly something we always counsel.  We’ve addressed the dangers of credit card debt on several occasions. More recently we’ve discussed the issue of how credit card debt is contributing to the skyrocketing household debt that many Canadians are facing. However, today we’d like to bring to your attention to an instance where avoiding credit card debt can actually be a bad thing! Many fitness clubs and studios give huge discounts if you pay your yearly (or longer) membership up front and in full. Financially, it makes good sense to take advantage of these offers. Typically you have the option of paying by credit card, cheque or debit/cash. Few people seem to pay for anything by cheque these days, with credit or debit being the norm. As you will soon see, paying for these types of memberships with a credit card can be a source of protection for the consumer. Paying for memberships by credit c http://w...