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A Person in Toronto Asks -Should I Go Bankrupt?

Posted on Jul 6, 2018 in Advice from Richard, Bankruptcy, Consumer Proposals, Credit, Debt, Finances, Videos |

In this video, Richard Killen, a Licensed Insolvency Trustee with offices across Toronto answers the question. I don’t know how many times I have been asked by somebody during the course of the free consultation we provide to consumers at the beginning. What do you think, should I go bankrupt? My answer is always the same for people. Its not up to me to tell you to go bankrupt. Bankruptcy is a personal decision. What might work for one person,...

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What happens to my tax refund in a bankruptcy or consumer proposal in Brampton?

Posted on Jul 3, 2018 in Advice from Richard, Bankruptcy, Consumer Proposals, Credit, Debt, Finances, Videos |

In this video, Richard Killen, a Licensed Insolvency Trustee with offices in Durham region (Pickering & Oshawa) talks about whether a person’s income tax debt can be included in a personal bankruptcy in Ontario. Something that comes as a big surprise to a lot of people is when they find out an income tax debt, an ordinary income tax debt is something that is dischargeable in a bankruptcy or can be taken care of in a consumer proposal. The...

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Is A Payday Loan A Good Idea?

Posted on Jun 26, 2017 in Consolidation Loans, Credit Rating, Debt Counseling, Financial Advice |

In this video, Richard Killen, a Scarborough-based Licensed Insolvency Trustee talks about whether a Payday loan is worth considering. I guess one can say that going into debt, any kind of debt, is hardly ever a good idea. Usually, the cost of the debt outweighs whatever benefits you may get from borrowing the money. However, sometimes debts make a good case for making some worthwhile. For instance, is a mortgage worthwhile? Because you borrow...

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Is your credit rating affected?

Posted on Jun 9, 2017 in Credit, Credit Rating |

In this video, Licensed Insolvency Trustee in the GTA area, Richard Killen, talks about the how your credit rating will be impacted by your current financial situation and is not directly due to the fact that you are undergoing bankruptcy or a consumer proposal. As a matter of fact, it is the solution you need to get out of your financial troubles and start improving your credit rating. Here are a few key takeaways from Richard’s informative...

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Christmas Credit Hangover

Posted on Feb 13, 2017 in Advice from Richard, Credit, Financial Advice |

In this video, Richard Killen, Licensed Insolvency Trustee based in Toronto talks about buying Christmas gifts on credit cards. It is important to remember that credit card bills don’t take a Christmas holiday. Christmas brings out the “giving” in us, especially when we have children or grandchildren. There is nothing wrong with giving, but remember, the piper will always have to be paid. Licensed Insolvency Trustees tend to...

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Are You in Debt Denial?

Posted on Mar 6, 2015 in Credit, Debt, Finances, Financial Advice |

Are we just fooling ourselves.? Sure you’re carrying a balance month to month on your credit card, have car payment and a substantial mortgage on your house. But this is normal, right? No, not necessarily. There’s a good chance you’re fooling yourself. While carrying a balance on your credit card may be par for the course these days, consumer credit rate site RateSupermarket did a poll of 6,000 Canadians and discovered that...

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