Scott Schaefer

Licensed Insolvency Trustee

Unexpected Life Events often Lead to Financial Trouble

Unexpected Life Events often Lead to Financial Trouble

Recently I met with Shelia (not her real name for privacy reasons).  She was a 24 year-old single mother and had $29,000 in unsecured debts.  She found herself in financial hardship for several reasons and as a result, wanted to know if a personal bankruptcy would give her a fresh financial fresh start.  Here’s a summary of her…

Collection Calls – the good, the bad, the ugly?

Collection Calls – the good, the bad, the ugly?

If you are receiving collection calls, you likely can place each of them into three categories: the good, the bad, and the really ugly. Regardless of which type they are, they all add stress to your situation. In most cases, collection calls are being received because you do not have the funds to pay your…

Child Support and Bankruptcy

Child Support and Bankruptcy

Child support payment issues are something several readers have asked us about. The issue I hear the most is the ability to pay child support payments is often tied to the individuals ability to deal with other financial issues. If someone is behind in their debt payments, this compounds the problem for the payer. Let’s talk…

Debt Free in 30

Debt Free in 30

You’ve had sleepless nights because of your debts. You get anxious about opening your mail. You have argued with your spouse due to what you need to pay off. Your debts have continued to rise year after year. You have no reserves for emergencies. Your debts are controlling you. Imagine a day when you have…

5 Tips for Making a Budget Part of Your Financial Routine

5 Tips for Making a Budget Part of Your Financial Routine

Following a household budget is an important part of effectively managing your money and achieving your financial goals and it can be an important part of your recovery after bankruptcy. I don’t think I’m going out on a limb by saying that most people would agree with that statement. So why don’t more people do…

What is Surplus Income in Personal Bankruptcy?

What is Surplus Income in Personal Bankruptcy?

When I talk to people about the potential costs of personal bankruptcy in Kitchener, they often laugh when I mention surplus income. Surplus? Not me, I’ve got nothing left over at the end of the month. That’s not exactly how it works. Bankruptcy is a legal means for individuals to obtain a fresh financial start…