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Importance of Getting a Discharge - Derek Chase

Making the decision to get protection from your creditors by way of a federally regulated consumer proposal or bankruptcy filing is a big step. The stated goal is to provide the honest but unfortunate person a fresh start with their finances.

In reality, that decision starts you on a pathway to a better place financially that must be walked day by day over a period of time. The end of that pathway is signified by a Certificate of Discharge in a bankruptcy filing or a Certificate of Full Performance in a consumer proposal.

Good Debt vs Bad Debt

Occasionally we hear the concept being discussed whether debt is good debt or bad debt. In a perfect world, the best kind of debt is no debt! However, sometimes debt is necessary in order to make life work. Even our government leaders try to spin taking on debt as an investment as opposed to borrowing.

Spring Money Growth - Derek Chase

Savings. What’s that? For so many people, the concept of savings seems like a fairy tale. Living month to month or paycheque to paycheque is a challenge in itself. So many times it seems like there is more month than money. It is not unusual to start off with the best intentions to save some money but for whatever reason the savings plan collapses.

Woman holding change

According to Federal Government statistics, consumer proposals continue to grow in popularity across the country as a practical way for an overburdened individual to obtain relief from unsecured creditors. In fact, the amount of consumer proposals filed on an annual basis has eclipsed the number of personal bankruptcies filed! Why would this be? What is so good about a consumer proposal? Let’s look at some of the top reasons, in no particular order:

No money in your pockets image-Derek Chase

Sometimes we field the question: Am I even eligible for bankruptcy?

An honest question. The Bankruptcy and Insolvency Act (BIA) is Federal Law and is available for people from coast to coast to utilize in order to obtain a fresh start with their finances. It is the BIA that sets the requirements to be able to assign into bankruptcy.

Some things in this world are very fast. A peregrine falcon or a cheetah come immediately to mind. For plant lovers, maybe you would think of fast growing bamboo, or more locally, bull kelp. However, nothing can compare with how fast interest on credit card statements can grow! It seems that even if you make a big payment, the interest charge on the next statement is barely reduced and the balance is virtually the same. This can be very depressing.

If you are experiencing significant financial difficulty, it’s tough to know where to look for help. The stress of facing possible bankruptcy can cloud your ability to judge good advice from poor advice. There are so many options to choose from, all with different titles, and you might not be aware of your rights when seeking help. On top of that, the internet can be a tricky place where things can look good at first glance. 

I had the distinct pleasure of attending the 2017 Annual CAIRP Conference in beautiful Kelowna, BC back in August. As we were in the winery-rich Okanagan, the organizers invited us to ‘sip and savour’ the knowledge and insights offered by our peers and industry experts.

The conference was packed with panel discussions and presentations, featuring leaders and influencers from within the Licenced Insolvency Trustee profession.

Some people love to shop. Other people hate it. There is no doubt about it that we are not all the same which is a good thing. However, whether you are looking at buying a vehicle, toaster or a pair of jeans everyone should be asking how much does it cost? The same question is appropriate when you are seeking relief from your debt. If you don't ask that question and get a specific answer you may end paying thousands more than necessary and take way longer to pay off your debt.