Scott Schaefer

Licensed Insolvency Trustee

Credit Counselling Meetings in Kitchener: How do they help?

Credit Counselling Meetings in Kitchener: How do they help?

I was meeting with a couple today in Kitchener and they decided that they are going to file for personal bankruptcy to deal with their overwhelming debts.  They are in their mid-thirties and have two young children. The personal bankruptcy will clear their debts, but only after they complete certain duties or conditions, including two…

4 Steps to Debt Free Kitchener Waterloo

4 Steps to Debt Free Kitchener Waterloo

Imagine how it would feel to be debt free. Debt free means no stress over debt repayment. Debt free means not worrying when the phone rings or being afraid to open the mail. Debt free means control. Try not to focus on the past and how things got out of control. Try to focus on…

My Top 5 Reasons Why You Should Talk to Me About Your Debts

My Top 5 Reasons Why You Should Talk to Me About Your Debts

I care about helping you find the right debt solution for your situation. Together we will review your situation, your future goals, and all the debt options available to you and your situation. We will compare all options and how they measure up so that you can make the right plan to deal with your…

Why it may be a Bad Idea for Retired People to File for Personal Bankruptcy

Why it may be a Bad Idea for Retired People to File for Personal Bankruptcy

Every month I meet with a number of people in Kitchener who are retired, and have more debt than they can handle, and they want to know if they should file for personal bankruptcy. Retired residents of Kitchener on a fixed income are in a difficult position. They worked their entire lives, but now find…

How Does Bankruptcy Affect My Job in Kitchener

How Does Bankruptcy Affect My Job in Kitchener

One concern that people have when they are considering filing for personal bankruptcy is the impact on their job.  For most of the individuals I meet with, a personal bankruptcy will not have any impact on their employment and generally their employers will not find out about the bankruptcy.  Below are a few situations when…

How Quick Can a Wage Garnishment be Stopped?

How Quick Can a Wage Garnishment be Stopped?

A wage garnishment by a creditor is stopped on the date that someone files a consumer proposal or personal bankruptcy. From my office in Kitchener, I e-file the consumer proposal or personal bankruptcy documents to the government right after they are signed. From that moment in time, there is a “Stay of Proceedings” that stops…

What Debts are Not Cleared through a Bankruptcy or Proposal?

What Debts are Not Cleared through a Bankruptcy or Proposal?

Debts can arise from many different sources – credit cards, loans, taxes, lawsuits, government over-payments, support payments, etc. When people reach a point when these debts are no longer manageable, they have the option of a personal bankruptcy or a consumer proposal. But what debts are included and not included? In general, the Bankruptcy and…

Does a Bankruptcy or a Consumer Proposal affect my spouse’s credit rating?

Does a Bankruptcy or a Consumer Proposal affect my spouse’s credit rating?

One concern that many individuals from Kitchener, Ontario have is: what is the impact that a personal bankruptcy or a consumer proposal will have on their spouse’s credit rating? First of all, credit ratings are individual specific, that is, they only report the history of one person. While your spouse’s name may appear on the credit…

Taxes Owing and Not Able to Pay. What are the Options?

Taxes Owing and Not Able to Pay. What are the Options?

As a Chartered Accountant with an income tax background, I meet with many people from Kitchener, Ontario, who owe money to the Canada Revenue Agency (CRA or formally Revenue Canada). There are many reasons why people might owe back taxes: self-employed individuals owing GST, Source Deductions, and personal tax; pensioners owing taxes for the first time…

First Consultation in the Kitchener Area

First Consultation in the Kitchener Area

I received a call from a woman yesterday from the Kitchener-Waterloo area.  She was calling in about her situation and wanted to work out a plan for the future that would  help her deal with her debt load. The caller was divorced and her children were grown and was therefore, living on her own.  Due…