Seniors Debt, How things shape up for Canada Seniors debt in Canada is on the rise.  In a recent report from Industry Canada and the Superintendent of Bankruptcy, senior’s bankruptcy rates have quadrupled from 4.6 percent to 20.6 percent. What are the issues that are causing this dramatic rise in our baby boomer generation that was…

Terry Sharp has joined our team at Sheila Smelt & Associates! We could not be more pleased and excited to have such an experienced and well respected Estate Administrator join our team in Abbotsford.  Terry Sharp brings years of professional experience from the big bankruptcy business of Sands Trustee to our boutique Licensed Insolvency Trustee…

How to get Credit after bankruptcy = Improving your Credit Score In order to repair one’s credit score one must first understand some fundamentals in what is a credit score. Building good credit or Fixing bad credit, what is the difference? It will actually takes longer to rebuild credit than building new credit. Building new credit is…

Credit Scores indicate Risk Levels to Lenders There are 2 separate credit score reporting agencies in Canada. Equifax and Transunion are private companies and are the sources for which lenders determine the worthiness of your credit. Equifax  & Transunion Credit Scores are measured with an numberical range of 280 to 850, where the higher score…

5 Steps of Effective Personal Finance  Organize your debts according to the interest rate and develop a plan to pay them off over time. Record and track your income & expenses (cash flow) month by month and sort the expenses into their respective categories. Review your cash flow monthly to identify the elasticity, priorities and…

Turning the Page – Financial Reform Part III This is the third article in this series on personal financial management. These articles are designed to work together to help you achieve control of your finances and better manage your money. If you haven’t read the first two articles yet – please go back and read…

Did you know that Bankruptcy Trustees will actually help you avoid bankruptcy? It’s True!  As a bankruptcy trustee in Chilliwack, the end goal is not to push everyone into bankruptcy. Getting you to the debt freedom finish line We find that every situation is completely different, the options can change depending on the level of…

In “Turning over a new leaf – Part I” we talked about developing a plan to eliminate your debts and tracking your cashflow over a period of time.  I recommended that you record all your transactions for at least 12 months. By this time, hopefully, you have been faithfully recording all of your purchases for…

Spring cleaning can be a good exercise for you, your closet and your finances. As the weather starts to improve and that fresh spring breeze starts to blow I just want to throw open the windows and the closet doors and clean house. Results:  collection of clothes, home decor, odds and ends  that are still very…

Tax time has come again and many people are faced with the problem of owing Canada Revenue Agency , hundreds or thousands of dollars in income tax.  Often it is a painful time of year and it can be made worse if you are already suffering with over extended credit cards or other debt.  Avoiding…

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