Have ever you wondered what is a Licensed Insolvency Trustee? Or, perhaps you've never heard the term. In this video I explain how a Licensed Insolvency Trustee can help individuals, families and small business owners deal with debt problems.

According to MNP's Consumer Debt Sentiment Survey, almost half of Canadian homeowners reported that they were concerned about their ability to make their mortgage payments when interest rates increase.

This is a sign that too many Canadians are over-indebted and living paycheque to paycheque, with little room to adjust to financial changes. 

However, Canadian homeowners have the ability to improve their financial situation by controlling expenses, paying off consumer debt and creating emergency savings. 

Lana Gilbertson, Licensed Insolvency Trustee, explains the steps Canadian homeowners can take to ease the financial pressure.

BC's Finance Minister released its first fiscal update on this year's budget and forecasts that property transfer tax revenue will surpass all other revenue for the Province of BC.  But real estate sales have been declining after introduction of the foreign buyer's tax, and all signs point to a further cooling of the market. 

What will a real estate slowdown mean for BC consumers?  A slowdown of business activity, stagnant wages and a scarcity of jobs.  These are risks that British Columbian's need to be aware of.

Fortunately there are simple steps consumers can take to be more financially prepared:  1) control spending; 2) address debt problems; and 3) create a cash reserve.

Lana Gilbertson, Licensed Insolvency Trustee with MNP Debt in Vancouver, BC, explains the difference between a Consumer Proposal vs. a Debt Management Plan.  Both processes are designed to get you out of debt and both processes will negatively affect your credit rating.   However, there are some significant differences to be aware of and Lana explains the differences.

Lana Gilbertson, Licensed Insolvency Trustee with MNP Debt in Vancouver, discusses why an individual should file a consumer proposal versus a bankruptcy, when a consumer proposal is a viable option. 

In this video, Lana highlights three reasons why a consumer proposal should be filed instead of bankruptcy.  First, if a consumer proposal is a viable option and the debtor files for bankruptcy, the bankruptcy trustee must report this fact to the creditors who may then request an extension of the bankruptcy.  Second, a consumer proposal provides certainty while bankruptcy does not.  For example, if you come into money or property or have an increase in income after a consumer proposal is filed, the proposal terms do not change.  By contrast, if you come into money or property or have an increase in income during bankruptcy, more money is paid to the bankruptcy estate.  Last, bankruptcy should be a last resort.  If you a consumer proposal is a viable option, why would you want to go bankrupt?