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Major changes made to a form required to make an insolvency filing
Okay, I know that title sounds boring, but I promise we wouldn’t write about this unless the changes had interesting consequences… The government department in charge of overseeing bankruptcies in Canada quietly made some changes recently to a form that has to be filled out and signed when someone makes a bankruptcy or Consumer…
My small business needs to go bankrupt… where do I start?
Small businesses have been through a particularly tough time lately, and even businesses that were doing very well previously have run into problems through no fault of their owners and managers, who have worked hard to keep things going for longer than they ever expected they'd have to. We often receive calls from small business owners…
Guest Blog: CRA Collection Is Back in Action. What You Need to Know
Tax debt is a hot topic these days, with Canada Revenue Agency (CRA) resuming its collection actions in full force after a 2-year break due to the pandemic. So, we’ve collaborated with Trevor Cawston, of Cawston and Associates, to summarize what you need to know about debt owing to CRA. Cawston and Associates is a consulting firm that has…
How debt relief works: A tax debt case study
There’s one thing that most of the individuals we help have in common: they never thought an insolvency filing would be something they’d ever need or consider. So when their debt initially became overwhelming they typically knew nothing about debt relief. This often means they struggled with their debt for many years before coming to…
How debt relief works: A business owner case study
There’s one thing that most of the individuals we help have in common: they never thought an insolvency filing would be something they’d ever need or consider. So when their debt initially became overwhelming they typically knew nothing about debt relief. This often means they struggled with their debt for many years before coming to…
7 Tips for Crushing Your Financial Goals This Year
When people come to us for help we don’t stop at dealing with the debt they’ve accumulated. We also provide financial counseling to set them up for greater financial success in the future. Financial goal setting is a vital part of achieving financial success, and, if you’re a "list person" (who isn't? ), it can also be…
Can you really afford to buy that gift?
You'll often hear people refer to "creating a budget for the holidays". What this really refers to is setting a limit, and allocating your total limit between gifts, decorations, food, etc. However, it is very important that your total "holiday budget" is set based on what you can afford. If you don’t have a budget for your overall…
Community Support You Need to Know About: The Way In
One of the things a Licensed Insolvency Trustee can do for those who reach out to us for help is refer them to other services. Sometimes, when appropriate, we provide information about options that are alternatives to a formal insolvency filing. Other times, we point people to assistance that is complementary to filing a consumer proposal or…
How much does a Consumer Proposal cost?
A Consumer Proposal is an agreement you make with your creditors to allow you more time to pay your debt, and often allows you to pay only a fraction of that debt while the rest is forgiven. For some, this sounds too good to be true. It’s not. But there are some things you’ll need to know before you decide to go this route. A…
What happens when I make a Consumer Proposal? Will it destroy my credit?
A Consumer Proposal is an agreement you make with your creditors to allow you more time to pay your debt, and often allows you to pay only a fraction of that debt while the rest is forgiven. For some, this sounds too good to be true. It’s not. But there are some things you’ll need to know before you decide to go this route. In this…
What happens when I make a Consumer Proposal? Will I lose my home?
A Consumer Proposal is an agreement you make with your creditors to allow you more time to pay your debt, and often also allows you to pay only a fraction of that debt while the rest is forgiven. For some, this sounds too good to be true. It’s not. But there are some things you’ll need to know before you decide to go this route. A…
What I Wish People Understood About Bankruptcy | Does it make you a bad person?
Everyone has heard of bankruptcy. But, as with anything a person may not have personally experienced, it's easy to develop false assumptions about it. Unless someone has gotten up-close-and-personal with bankruptcy, there are some things they probably don’t know – things that might help if they or someone they care about are…
Do You Need to Hire a Debt Consultant?
Settling your debt for less than you owe is sometimes necessary when your debt has become unmanageable and you have no way of paying it off in the foreseeable future. There are options available to legally reduce the amount you have to pay. In a previous blog post, we discussed different ways of achieving settlement of your debt, each with pros…
What is a Licensed Insolvency Trustee?
You may have heard the term Licensed Insolvency Trustee and wondered what it means. I am a Licensed Insolvency Trustee, so let me explain. Licensed Insolvency Trustee (or “LIT”) is the formal designation for a professional who has been certified to provide services under the Bankruptcy and Insolvency Act. We used to be called a…
Guest blog - Did you know… the worse your credit score is, the faster it can jump up?
Richard Moxley is the author of the best-selling book The Credit Game: Rules Every Canadian Must Know to Win, a highly informative and entertaining guide to having good credit. Richard has been spreading the word on this issue through television interviews, presentations, and courses, and we welcomed the chance to have him provide a guest post for…
What I Wish People Understood About Bankruptcy | Will it destroy my credit?
Everyone has heard of bankruptcy. But, as with anything a person may not have personally experienced, it’s easy to develop false assumptions about it based on tidbits of information heard in the news or from people you know. Unless a person has gotten up-close-and-personal with bankruptcy, there are some things they probably don’t know…
What I Wish People Understood About Bankruptcy | Do you lose all of your assets in a bankruptcy?
Everyone has heard of bankruptcy. But, as with anything a person may not have personally experienced, it’s easy to develop false assumptions about it based on tidbits of information heard in the news or from people you know. Unless a person has gotten up-close-and-personal with bankruptcy, there are some things they probably don’t know…
So You Owe Taxes This Year...
This time of year, a lot of people look forward to receiving a tax refund. For those living on low income, a tax refund can be highly anticipated as a way to catch up on bills or pay for something they’ve been holding off on, such as a car repair or dental work. Unfortunately, this year might be different for a lot of people. Individuals…
Everything You Need to Know About Debt Settlement
There may come a time when a person realizes they owe more debt than they can afford to pay back. In this case, they may look to settle their debt, meaning they make a deal to pay creditors less than what is owed. There are a number of reasons creditors might agree to this, including: The debt has been sold, at a steep discount, to a third…
Consolidation Loans: the Good, the Bad, and the Ugly
When a person needs to deal with debt that is becoming unmanageable, they often think of a debt consolidation loan. Although most people are familiar with the term, you might not be familiar with exactly what it entails. Depending on your situation, a debt consolidation loan might be a good idea. In other cases, you might be better off considering…
Parents: Teach Your Kids About Money Early
All parents wish for our kids to be more prepared for adult life than we were. In particular, parents who experience financial difficulty are set on helping their kids avoid such problems. But despite efforts of generations of parents, it seems not everyone is sufficiently prepared for financial independence when the time comes. In my opinion,…
Community Support You Need to Know About: Momentum
One of the things a Licensed Insolvency Trustee can do for those who reach out to us for help is refer them to other services. Sometimes, when appropriate, we provide information about options that are alternatives to a formal insolvency filing. Other times, we point people to assistance that is complementary to filing a consumer proposal or…
Read This Before You Cash In RRSPs to Pay Debt
An RRSP (Registered Retirement Savings Plan) is a retirement savings vehicle, and a critical part of many peoples’ retirement plans. However, when you have RRSP savings but face an immediate cash crunch, it can be tempting to cash in RRSPs prior to retirement. Cashing in RRSPs to pay debt, fund an important purchase, or cover expenses during…
Parents: Read this before you help your kids with their debt
There’s no shortage of articles on the web highlighting the tough financial road that today’s young adults face. The rising cost of post-secondary education, a tight job market, and high housing costs are some of the many things blamed for this. Parents of these young adults often try to help, with financial support and/or by welcoming…
Community support you need to know about: Business Link
Charla Smith & Company is always looking for ways to help Calgarians succeed financially. In this blog we highlight an Alberta organization called Business Link, and we recently provided support to this organization by authoring a blog for its website called When is it time to reach out for help? . According to its website, Business Link has…
Getting Back On Track: How Not To Stay An Undischarged Bankrupt
Contrary to what you might’ve heard, when someone makes a bankruptcy filing they’re not immediately released from their debts. It’s only at the end of the process, when the individual receives their “discharge” from the bankruptcy that the debt is erased and they’re able to move on and rebuild. Getting…
Guest Blog - Beginner's Guide to Taxes for Your Business for Entrepreneurs and Small Business Owners
At Charla Smith & Company, we often talk to small business owners who have concerns about their business's financial health or the impact their business's finances are having on their own financial situation. One common area of concern is tax debt. Even a business owner that is successful at driving revenue can get into trouble if…
Every Albertan Dealing With Debt Should Know About This Free New Program
It's no secret that when a crisis hits, Albertans come together. The response to the 2013 Calgary floods and the 2016 Fort McMurray wildfires come to mind as examples. And there is no question Alberta is in a crisis right now. The financial (among other) impacts the coronavirus pandemic and the pre-existing economic woes in the oil and gas…
5 Signs You’re Already in the Financial Sweatbox
The “sweatbox” is a situation that often occurs prior to an individual making an assignment in bankruptcy. For those with debts they can’t pay, the sweatbox is all about suffering. Often, the suffering lasts for a long period of time before the individual eventually realizes they have no choice but to make an insolvency filing. …
What is the “sweatbox” and why should you avoid it?
The term “sweatbox” was coined by researchers1 working on a study about people who file bankruptcy to describe the situation that often occurs prior to their insolvency filing. During a person’s time in the sweatbox, they know or suspect they can’t afford to pay their debt back, but they keep trying, going to great lengths…
Charla Smith & Company Ltd.
Let us help you get relief from the burden caused by your debt. As a Licensed Insolvency Trustee, Charla Smith & Company are highly trained and experienced in debt relief solutions, and we take great pride in identifying the option that's the best fit for your unique situation. From advice on talking to your creditors to consumer proposals to bankruptcy and everything in between, we’re here to answer questions, guide, and advise you so you can take back control of your financial situation. Serving Calgary, AB and surrounding areas.
Your Trusted Choice for Debt Relief
With our experience and our caring approach, we will help you find the best option for debt relief based on your unique situation - from advice on talking to your creditors to a consumer proposal or bankruptcy, and everything in between. We are here to lift the burden caused by overwhelming debt.
Contact us today at 403-899-3890 for a FREE, confidential, no-commitment meeting, and let us guide you to regaining your financial footing.
