Ian Martin

Licensed Insolvency Trustee

Reading the Signs – Do I Need To File for Bankruptcy?

Reading the Signs – Do I Need To File for Bankruptcy?

The answer to this question is not an easy yes or no.  Here is a different question to consider first:  Are you in financial difficulty?  Following are some common warning signs. Your credit cards are at their limits You are using one credit card to make payments on another credit card You missed the last…

How does bankruptcy affect divorce equalization payments

How does bankruptcy affect divorce equalization payments

Question received: I have an equalization payment owed to me. My spouse claims he will be filing bankruptcy and wants to pay the lump sum over 3 years. Will my equalization owing be included in the bankruptcy? Answer: Yes, if your ex-husband is obligated to make an equalization payment that has been ordered prior to…

Government Agency Warns About Debt Reduction Companies

Government Agency Warns About Debt Reduction Companies

It is a confusing time for people who are struggling to pay their debts. I say confusing because there is a wide assortment of people offering you advice to “deal with your debts” through advertisements on the radio and internet, myself included. The tricky part is that it’s hard to know whom you can trust….

What’s Better – Consumer Proposal or Personal Bankruptcy?

What’s Better – Consumer Proposal or Personal Bankruptcy?

Do you owe money on credit cards? How about a line of credit, income taxes or payday loans? If you have more debt than you can handle, no doubt you are looking for answers about how to deal with your debts. For people who are simply unable to pay back all of their debts, the…

How to File for Bankruptcy in Kitchener-Waterloo

How to File for Bankruptcy in Kitchener-Waterloo

I spend a lot of time talking to people about their money problems. Often times, the conversation starts with a comment like, “I’m looking for information about how to claim bankruptcy.” We all like lists. Here is a concise list of the 10 key steps in filing for bankruptcy. Asset your debt. Gather information about who you…

Debts Can Make Strange Bedfellows – Know Who You Are Getting Into Bed With

Debts Can Make Strange Bedfellows – Know Who You Are Getting Into Bed With

Ever heard of a debt consultant?  Referring to me, your quick answer might be a skeptical, “Aren’t you a debt consultant?  What’s the difference?” For people struggling to pay their debts, it is a very confusing time.  The internet, radio and TV are covered with ads, everyone claiming to be able to help you.  How…

Where Has All the Fun Gone?

Where Has All the Fun Gone?

Struggling with a heavy debt load can impact all areas of your life: your relationships with family and friends, your performance at work, your sleep and overall health, etc.  It can be a dark cloud hanging over everything you do. Somebody told me a very telling anecdote recently.  She said that she and her husband,…

Understanding Writs and Liens in Personal Bankruptcy

Understanding Writs and Liens in Personal Bankruptcy

I get a lot of questions from people about what their creditors can do if they are unable to pay their debts.  Can they take this?  Get to I get to keep that? To take anything from you, most creditors have to first go to court and receive a judgment against you.  Canada Revenue Agency…

Is a Consolidation Loan a Good Choice for Me?

Is a Consolidation Loan a Good Choice for Me?

The answer to that question is:  Well, that depends on your circumstances. The concept behind a consolidation loan is great.  You have a wallet full of high interest credit cards (or other high interest debts).  A bank gives you a loan to pay off all those debts.  Now you have a new loan.   It’s good…

Who is Joe Debtor?

Who is Joe Debtor?

Every two years, Hoyes, Michalos & Associates Inc. reveals the results of its study into what the typical insolvent person looks like.  They term this theoretical person “Joe Debtor.”   At first glance, Joe Debtor does not look that different than the average Canadian: similar family profile, similar income levels, etc.  “Where “Joe Debtor” differs from…