McLennan & Company is a financial restructuring firm that focuses on consumer debt problems. If you are an individual experiencing financial difficulty, we are here to help you find a solution.
The short answer is – Yes, bankruptcy does include income tax debt owing to CRA (Canada Revenue Agency). This is most relevant to self-employed tax payers, as they often fall behind on their taxes. In addition, filing a Consumer Proposal also allows you to include income......
The dreaded student loan debt – it can become a problem for some students if not properly handled. Here are a few tips and things to keep in mind to avoid a heavy debt-burden once you graduate. Understand The Different Student Debt Types The first......
A home renovation can be both an exciting and stressful project. Depending on the renovation, it can be a costly procedure if not planned out carefully. Here are a few tips to achieving a debt-free home renovation, so you can enjoy your remodel when the......
Before reviewing the many ways that your personal life will be affected if you file Bankruptcy, it must be understood that you can only file Bankruptcy with a Licensed Insolvency Trustee (known as an “LIT” or Trustee). The same can be said for filing a......
In reviewing the Pros and Cons of a Consumer Proposal, you will note that there are many more Pros than Cons, however, all should be considered before a Debtor decides whether a Consumer Proposal (or “Proposal”) is the right option. When Is a Consumer Proposal......
This is a common question and one that we often hear: What is the difference between a consumer proposal versus bankruptcy? In this blog, we will address the main differences help to better identify the main purposes of both consumer proposals and bankruptcy. Benefits of......
Reports indicate that just before Canada Day, the Government of Canada launched consultations for a National Housing Strategy. This is in fulfillment of Justin Trudeau’s promise during the last election to develop a strategy to create more affordable housing, make it easier to buy a......
With the changes coming to the Canada Pension Plan and the likely cancelation of the ORPP program, many are focused on retirement planning and saving. One of the main programs Canadians use to save for retirement is the RRSP. Too often Canadians start saving later......
Credit card debt is a real and growing problem in south-western Ontario and across Canada. According to a recent report in the Globe and Mail’s Report on Business, the average credit card balance rose a whopping 5.7% in the last quarter and now totals over......
Just a few years ago, few Canadians had heard of a credit score outside of applying for a mortgage and even fewer cared about it. As Canadians have become more financially sophisticated, we are increasingly more concerned about our credit score. Many individuals contact us......
For those looking for debt solutions in London, an important first step is creating a realistic budget. Financial insolvency is not caused by poverty per se, but spending beyond your means, even high-income earners can become insolvent and file for bankruptcy. While professional assistance from......
Finding the right Licensed Insolvency Trustee is important. One factor to consider is whether their focus is on personal bankruptcy. Bruce McLennan and the team at McLennan & Company Ltd. have over two decades of experience assisting individuals and their families getting back on track......
Use Online Tools Four out of ten Canadians say they are not saving enough for retirement. Similar numbers of Canadians don’t feel they have enough saved for a rainy day. In an American study, nearly 50% of respondents stated that they would have to borrow......
TFSA and the RRSP McLennan and Company Ltd. has over two decades assisting individuals and families in London with bankruptcy, consumer proposals, debt solutions and more. Part of getting on track post-bankruptcy is creating a budget that sets aside funds for a rainy day, retirement......
If creditors are harassing you, you may be interested in your debt settlement options in London. A Licensed Insolvency Trustee can explain to you all of your options and assist you with everything from budgeting to filing for bankruptcy in London. While it is important......
In Ontario, there are many assets that people can keep when they file a Consumer Proposal (i.e. ‘legal’ Debt Consolidation), or Bankruptcy. They include Exempt assets (e.g. cars, most RRSPs, furniture and personal affects) based on Ontario legislation and all assets fully encumbered (e.g. house,......
There is a common misconception that income tax debts do Not get written off in a Consumer Proposal (i.e., a ‘legal’ debt settlement or consolidation). In fact, they ARE WRITTEN OFF, as they are considered an unsecured debt, as is HST owing for self-employed individuals. Of......
A Consumer Proposal is a ‘legally binding’ Debt Consolidation solution that can only be filed with a Licensed Trustee in Bankruptcy in Ontario. For example, you may have $40,000.00 in unsecured debt (credit cards, income tax debt, etc.) and the Consumer Proposal may offer $20,000.00......
This is the time of year when families plan summer vacations. However, for a vacation to be enjoyable for everyone, it is important to properly budget for it, as September will bring extra costs with school starting. Some practical ideas for enjoyable vacations that don’t......
Unfortunately, a growing trend today is that Seniors are getting into financial difficulty. The reasons for this are varied, but may include: -access to credit cards, not as available in their younger years; -lack of budgeting skill, in living on reduced retirement income, often with......
Did you know that in Ontario a Consumer Proposal is a ‘legally binding’ Debt Consolidation solution, which even includes your income tax debt? In fact, tax debts are treated just like credit cards, as unsecured creditors. There is an exception for ‘Registered Tax Liens’, however,......
There are a number of warning signs, including: -use of credit to pay debts; -buying things with ‘pay later’ arrangements; -cash advances on paycheques; -afraid to open monthly creditor statements. There are several possible options, please contact our office for a FREE initial meeting to......
Did you know that both Income Tax Debt and HST are an unsecured claim when you file a Consumer Proposal or an assignment in bankruptcy? If you are in a situation where you are behind in your taxes by a significant amount, and/or are afraid......
We are fortunate to be in a farming area that provides top quality fruits and vegetables at this time of the year. Purchasing direct from farmers and local markets allows great produce at lower prices. Of course, buying extra and freezing for the winter season......
Over indulging our children does not have to be a part of our holiday tradition! Not only is it terrible for our bank accounts, it is not the true meaning of the season. There is a well known ancient Chinese proverb that states, “Desire is the root......
If you are looking to save a bit of time and money this holiday season, as most of us are, a potluck holiday celebration may be an excellent solution! But did you know that potluck meals come with a host of other benefits as well?......
The holiday season has become increasingly focused on consumerism, and it seems that as a society we have all just accepted that this is the way our holidays are supposed to be. For the most part we all comply and centre our holiday season on......
If you have overspent this past holiday season, then it is important to carefully budget your money throughout January, and possibly the coming months, and focus on paying off your credit cards and other consumer debt. This involves keeping your expenses within a budget. In this......
There are several common misconceptions that many people have when it comes to debt. Some of the most popular misunderstandings are: Co-signers- yes, co-signers are affected, unless they file a Proposal or Bankruptcy also; Spouses- no, spouses are not affected by their partner’s debts UNLESS......
There are government restrictions on collections agencies. You have rights and need to know them. Ontario regulations forbid collection agencies from doing the following: Trying to collect a debt without first notifying the debtor in writing, at the debtor’s last known address, that they have......
McLennan & Company has been a strong advocate for doing proposals rather than bankruptcy for many years. In fact, more than 30% of our clients in the last three years chose a Consumer Proposal as a debt consolidation tool to settle their debts, rather than......
Yes, even your love life is affected by debt….An interesting take on debts and dating in a Financial Post article on July 27, 2013. The bottom line (no pun intended!) is that no one wants a serious relationship with a partner that has serious debt......
INSOLVENCY ESTATE ADMINISTRATOR McLennan & Company Ltd., a trustee in bankruptcy, has a position available for an experienced insolvency administrator. Thorough knowledge and competency in ASCEND software is required. The Estate Administrator will be fully responsible for complete administration of estates in a small firm......
Have fun at the ‘Auction For Action’ in support of Merrymount Family Support & Crisis Centre!! Hosted by NASH Jewellers March 19th from 7pm to 9pm at 182 Dundas St., all proceeds going to Merrymount and gift certificates donated by local London businesses, tickets $15.00......
Gail Vaz-Oxlade is well known for being a money guru and has a way of explaining money management and budgeting simply. An article was published in the London Metro on March 10, 2014 called Magic Jars Ease Money Jam and it explains how to make......
Good article by Gail Vaz-Oxlade exploring 5 ways people have debt problems. These include: poor management skills; underemployment; reduction in income, without reducing expenses; no savings; and illness. We see many people that have to a debt consolidation –like a consumer proposal, or bankruptcy, due......
There are more reasons than we can count on why people find themselves in debt, but here are 5 more reasons as explained by Gail Vaz-Oxlade. Often expenses go up, but spending doesn’t go down- This commonly happens if one of the income earners gets......
Industry Canada has a great website with a section on Fraud in Canada and how to prevent becoming a victim. They describe Fraudsters as professional criminals and are known to rely on some basic techniques to be successful. These Include: Having professional looking marketing materials;......
Check out our page on ShopLondon.ca! Did you know that London is home to more than 10,500 businesses, most of which are locally-owned and operated ‘independent’ business! It’s a search engine that was started in London back in 2006. It allows you to shop locally,......
McLennan & Company is now on Facebook! Like us on Facebook and get up-to-date information regarding our Company and the Community. As well, our blogs will be uploaded to our Facebook page regularly....
Follow us on Twitter– McLennan&Company Ltd @MandCTrustee...
A Consumer proposal is an agreement prepared with your Trustee to offer a settlement (i.e. less than full payment) to your creditors, when you are unable to afford your regular monthly debt payments. The filing of a Proposal stops all legal actions undertaken or contemplated......
McLennan & Company has been a strong advocate for doing proposals rather than bankruptcy for many years. In fact, more than 30% of our clients in the last three years chose a Consumer Proposal as a debt consolidation tool to settle their debts, rather than......
Financial Difficulty Leading to Relationship Stress Debt and financial stress is one of the leading causes for divorces. Finances can come between couples who are overwhelmed with payments and cannot afford to pay back their debts. It puts an added strain on the relationship especially......
The average Canadian spends more than $1,600 on Holiday activities: gifts, entertaining etc. Planning now can help prevent the financial hangover. After setting a budget, consider what you need to cover and if you’d like to reign in the expenses. If so, the upcoming Thanksgiving......
What is a credit score? A credit score is a rating given to you based on your financial history. It allows future lenders to see if you are a risky borrower. This score is created with numerous factors including history of your previous payments, how......
Once again, the warning bells are sounding that Canadians have too much household debt, according to a recent Bank of Canada statement. Furthermore, Canadians with excess debt will be in severe trouble should interest rates increase, or housing values decrease, or both. To read the......
With Mother’s Day just past, we noticed there were several articles published that featured women and finances. The article “Women Control Family Purse Strings: Survey” writes that 82% of Canadian households the women are either the main decision marker or co-decision maker regarding finances. What......
With school out, Summer holidays can be fun for the family, they can also be expensive. It’s important to remember that whether you go away or have a ‘stay-cation’, costs, like the temperature, often go up. When holidays are over, the bills come in and,......
We know it’s hot out there, but there are fun activities that are not costly and can even save you money, such as: Cooking and eating outside means less heat in the house and more enjoyment; Go camping, especially now with 60 second ‘pop-up’ tents,......
I read an interesting article on Moneyville.ca called “The Simple Secret Behind a Budget” by Krystal Yee. 1. No knowledge of past spending habits. I suggest tracking your spending for at least 3 months prior to creating the budget. This will give you the data......
Merry Christmas and happy holidays to Everyone! The Christmas season is upon us and everyone seems anxious to buy those loved ones the perfect gifts. While it is a great time to give presents, it is also a great time to keep your finances in......
Are you stressed out by debts due to Christmas spending? If so, you should have a defined plan to pay these debts off as quickly as possible, and definitely within a year. If that is not affordable then it may be time to see a......
Most people don’t realize that income tax debts are unsecured debts in both Proposals and Bankruptcy proceedings. In fact, income tax debt owing right up to the filing of the Proposal or Bankruptcy are included. For example, if someone is self-employed and files Bankruptcy March......
You will find there are some big surprises in this article “What’s affecting your credit score?”: 1 – Having a “spur of the moment” credit card (e.g. the Bay) even if paid off and never used again can count against you – unless you cancel......
A recent article written by the Ministry of Consumer Services Ontario, brought some interesting things to light regarding collection agencies and their prohibited practices. Here are some of the more interesting regulations found from this article: Your Rights When Dealing With Collection Agencies The Collection......
Did you know? Two areas in insolvency that are often misunderstood by the public are: Whether income tax debts are included in proposals and bankruptcy; What assets can be kept in a proposal and bankruptcy; Income tax debts are included with all the other “unsecured”......
Income tax debts are included in both Proposal and Bankruptcy Proceedings. In fact, income tax debt owing right up to the filing of the Proposal and Bankruptcy are included. For example, if someone is self-employed and files Bankruptcy March 31, 2011, then the Trustee files......
An article that we found of interest was “Five Reasons You Can’t Stick To Your Budget” by Erin Joyce, Investopedia.com found in July 11, 2011’s The Globe and Mail. Often clients who seek professional financial advice are in debt due to poor budgeting skills. People......
With school right around the corner this article may be of some interest to you; “Education is Worth Every Penny” by Lesley Scorgie. She explains how she managed to pay her way through a four year undergraduate degree and an MBA by working part time......
What’s the bottom line on Mortgage Brokers? Do you have a mortgage? If so, it may be the right time to contact a Mortgage Broker to shop around for a lower interest rate. The service is free! We found a great article in the London......
With the holidays fast approaching the time to share time with family and friends is just around the corner. Giving gifts, if you can afford it, is something that is on all of our minds. Just remember to stick to a budget, keep your receipts, avoid using......