Debt Free in 30

Latest Episodes:

52 – BEST OF SHOW: Findependence with Jonathan Chevreau Aug 29, 2015

Show notes

For the month of August we are rebroadcasting our most popular shows.

We're going to wrap up our "Best Of" summer series with a discussion we had with Jonathan Chevreau about obtaining your own version of Financial Independence or "Findependence" as Jonathan calls it.

Jonathan's approach to getting out of debt is to adopt a form of guerrilla frugality in order to get out of debt, stay out of debt and reach your goal of financial freedom. Last week with talked about how people get so deep in debt without evening knowing how they got there. One of the underlying problems is a lack of a balanced budget. To get out of debt Jonathan suggested taking the concept of balancing your budget one step further to something he calls 'Guerrilla Frugality'. He suggests we should live below our means, not just for a year or two, but as a life-long habit. Only by doing so can you pay off your debts and build a strong financial foundation that will support you throughout your life.

In many regards that is the lesson learned by most people who file bankruptcy or a consumer proposal. Without access to credit while they are bankrupt, they must learn to live within their means. No credit cards means paying for groceries, the rent and everything else by cash or cheque. This is the ultimate way to ensure you live within your means.

51 – BEST OF SHOW: Clean Up Your Debt Mess Aug 22, 2015

Show notes

For the month of August we are rebroadcasting our most popular shows.

On today's rebroadcast we talk with Gail Vaz-Oxlade about how to build a repayment plan to deal with your debt before it reaches the tipping point. If however you find that you are looking at years and years to pay back your debt then you may need to consider other options.

We also talk with Ted Michalos, bankruptcy trustee and co-founder of Hoyes, Michalos about how a consumer proposal can help you get out of debt while avoiding the need to file for bankruptcy.

50 – BEST OF SHOW: Gail Vaz-Oxlade – Why are you in Financial Trouble? Aug 15, 2015

Show notes

Gail Vaz-Oxlade is one of the most popular financial experts for a reason. Her no holds barred approach is based on one consistent message: You need to be the one to take action to take care of your debt problems.

You may criticize the bank, the credit reporting agency or payday loan companies but at the end of the day you have to be able to identify that you are too deep in debt and need to do something about it.

types of debts that most often trigger deep financial problems include credit card debt, high interest financing loans, payday loans and misused lines of credit. In our rebroadcast of one of our post popular podcasts, Gail calls these types of debt 'callable debt'. She recommends you focus any debt repayment plan on this type of debt first, and for good reason.

This is the type of credit that can be taken away at a moment’s notice. The bank can cancel your credit cards, your line of credit and demand immediate payment. If you don't have a good credit score this could leave you struggling and at risk of bankruptcy.

In the bonus segment Doug Hoyes discusses his experience on reality TV.

49 – BEST OF SHOW: Credit Counselling with Heather Cudmore Aug 08, 2015

Show notes

Heather Cudmore is a credit counsellor with Carizon Family and Community Services in Kitchener, Ontario, and on today's show we discuss credit counselling.

Who does a credit counsellor work for? Is it true that they are just a collection agency for the big banks? What does it cost? What are the fees?

Isn't a debt settlement better and cheaper? What about other options?

Answers to those questions and a lot more on today's show.

48 – BEST OF SHOW: Seniors and Debt - Bag Lady Fears Aug 01, 2015

Show notes

For the month of August we are rebroadcasting (with updated information) our most popular shows.

Dr. Lee Anne Davies, co-author of When Life Bites You in the Wallet, discusses the financial challenges faced by seniors and gives practical advice for over-coming "Bag Lady Fears".

In an updated introduction to the podcast, we discuss some of the findings from our 2015 Joe Debtor study that revealed that seniors have the highest debt, and are also turning to payday loans. We discuss the implications, and options for dealing with debt.

47 – BEST OF SHOW: How to Prepare Financially for Maternity Leave Jul 25, 2015

Show notes

From now until Labour Day we are rebroadcasting (with updated information) our most popular shows.

Today’s guest is Christi Posner, a credit counsellor and new mother. Christ starts the show by telling us how, after graduating from university she had a lot of debt. She got married, and she and her husband wanted to start a family, so they knew they needed to tackle their debt. They did. They paid off their debt, and were in good shape financially to start a family.

Even though Christi is an experienced credit counsellor, there were many expenses that surprised her when she went on maternity leave. She shares her practical tips for preparing for the birth of your first child, and gives advice on how to save money while on maternity leave.

46 – How Are Certain Debts Affected In A Bankruptcy? Jul 18, 2015

Show notes

On today's show I talk with Adam Rauf, a trustee in bankruptcy and consumer proposal administrator at the Hoyes Michalos St. Catharines and Niagara Falls offices. Adam receives many questions from his clients and came in with a list of 20 concerns that people have when they come in to see him to get out of debt. We narrowed down his list to some questions about what type of debts can be eliminated in a bankruptcy:

Can I give back my financed vehicle and get out of my car lease if I file bankruptcy?
Will my 407 debts be eliminated in a bankruptcy?
If I pay off my consumer proposal early, will there be a penalty?
Can a bankruptcy or consumer proposal stop a law suit or wage garnishment due to unpaid debts?

45 – What it Means to Go Bankrupt Jul 11, 2015

Show notes

Trustee in Bankruptcy, Benny Mendlowitz answers the most pressing questions about paying down debt by filing bankruptcy. Benny is a trustee at Hoyes Michalos in charge of our Scarborough and North York offices and during the show he answers these frequently asked questions:

What does it mean to go bankrupt?
What does it cost to go bankrupt?
What if I don't want to go bankrupt?
Can I keep a credit card during bankruptcy and how will filing affect my credit score?
How can I get rid of the stress caused by my overwhelming debt?

Benny points out that not everyone has to go bankrupt. However if you can't pay your bills, have credit card debt, struggle with your car payments you need to do something. Meeting with a bankruptcy trustee is a start.

44 – 3 Common Questions About Bankruptcy with Joel Sandwith Jul 04, 2015

Show notes

Today’s guest is Joel Sandwith, trustee in bankruptcy and consumer proposal administrator at Hoyes Michalos working out of our London and Sarnia offices. Normally we broadcast an FAQ show on the last Saturday of the month, but we receive so many questions that are worth taking the time to answer that we decided to run an FAQ series during July; starting with this one. To prepare for this show Joel made a list of the most frequently asked questions that he receives from clients. The burning questions on everyone's mind focuses on credit rebuilding, what happens to a house when you file bankruptcy and why clients should choose Hoyes Michalos.

Tune in for the answers to these questions.

43 – Student Loan Forgiveness and Bankruptcy Law – With Daniel Venoit Jun 27, 2015

Show notes

Today’s guest is Daniel Veinot, a lawyer and partner at Duncan Linton in Waterloo, and we discuss student loan debts and how they are handled by bankruptcy law. Daniel discusses whether student loans are automatically discharged in a bankruptcy or consumer proposal, when it's possible to go to court and how many years an individual needs to be out of school before they can discharge any outstanding student loan debts.

Student loan debt is on the increase. In May, 2015 we released our biennial Joe Debtor study assessing debt levels based on over 6000 client files from 2013-2014 and revealed that student loan debt is a growing problem in Canada. From that study we found that 13.4% of people who filed bankruptcy or a consumer proposal with us had student loan debt (up from 12.7 two years earlier). What's more, average student loan debt increased 4.3% over the past two years to just under $14,000.

On today’s show we discuss the law, and your options for dealing with student loan debt.

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