Learn here, what the others don't want you to know!!

If you live in the (519) area code call 310John and we can help you sort through your debt issues.

Having a debt problem can be scary, but getting the wrong advise about how to solve it, can be even scarier!
Having a financial problem can be very stressful, and for many people there is a feeling of failure and embarrassment. It is these reasons that people don’t talk about financial problems. The matter gets even more complicated because many accountants, lawyers and advisors are not aware of what options exist for people with such problems. Few people truly understand what bankruptcy is, or what services a trustee in bankruptcy can provide.

Reality is people are scared by the word “bankruptcy”, and because of that, people are reluctant to call a trustee in bankruptcy to seek help. However, if you look back in time to, say the seventies, the word divorce was also a horrible word. Sure divorce may not be pretty, but it is accepted and is talked about today. It also happens to be a major cause of personal bankruptcy. That being said, people don’t talk about their bankruptcy, but they sure do talk about their divorce!

Because people are scared by the word bankruptcy, they will do almost anything to avoid it. They will seek advice about their problem from someone with no qualifications, or expertise, all because of preconceived notions about what might happen if they call a trustee in bankruptcy.

It is important to try and relax, understand that proper professional help is available.
Before you seek help from someone who promises the world, but really isn't qualified and can't guarantee their promises in writing, remember, we see the results caused by unqualified people and the devastating effects that they have on people's lives. It's important to remember three things:

If it sounds too good to be true, it probably is!

If it was as easy as sending a cheque in the mail to a consultant and the problem would go away with no effect on your credit rating, we would be offering that service; and

Debt Counsellors/consultants are an unregulated industry. In fact, a used car sales person has more stringent regulations to follow than a debt consultant.

(for more information about this topic see "Debt Nightmares")

How do I know if I am getting a qualified professional?
Qualified professionals have credentials from regulating bodies, are required to attend ongoing professional training and have rules that they must follow. If someone claims they are qualified, you need to know what those qualifications are!

My qualifications include being a Licensed Trustee in Bankruptcy, being a Chartered Insolvency and Restructuring Practitioner (CIRP), and an Accountant (CMA). Sorry, no pocket protector or glasses with tape!!!

My experience includes years of experience helping people, small businesses, their owners and even lenders, find solutions to debt problems. In addition to working in the field, I have written and presented papers to the profession, on numerous occasions taught at the National Insolvency Qualification Program and will be guest speaker at the 2011 CQP. In 2009, I was called upon, and accepted by the Court, as an expert qualified to testify and provide evidence about bankruptcy matters at a tax evasion trial where a bankruptcy was involved. I don't tell you this to promote myself, but rather to demonstrate that the statements made on this site are genuine unlike so many sites that claim to have the real answers.

This site will show you what many other sites don't want you to know.
Take the time to review this site and watch the various videos. Should you have any questions please don't hesitate to call me at 310-John (5646). Helping people solve debt problems is what I have spent most of my working career doing. I am a firm believer that to be good at your profession you must have a good people working with you. I think we have a great team of experts, who understand that it takes more than just being book smart, it takes true people skills, and ability to apply the knowledge and a desire to truly want to help people.

Click here to learn more about our team.

Free consultations, evening and weekend appointments, flexible fee payment arrangements and friendly qualified staff explain who we are:

When I say that I can help you get back on track, it is because I mean it. After all, it is what I have been doing for many years and it is something that I am extremely passionate about.

If you live in the 519 area code and have a debt problem or if you have any questions about your debt situation, please email me at adamsontrustee@yahoo.com or call me at 310-John that is 310-5646.

In Canada, the last decade has witnessed a deep decline in the number of business bankruptcies and a significant rise in the consumer bankruptcy rate. Between 1990 and 2010, the number of bankrupt businesses fell by 65% and the number of consumer bankruptcies rose 116%. Since 2010, the total number of bankruptcies in Canada has declined. Although a decline in bankruptcy numbers appears to be really good news for the Canadian economy, it does not tell the whole story. One of the reasons why there has been a sharp decline in the bankruptcy rate is because more Canadians are choosing to file a consumer proposal as an alternative to personal bankruptcy. Over the past two years, the number of consumer proposal filings has been rapidily increasing.

If you are struggling with debt in Ontario, you are not alone. In today's rocky economic climate, many find it impossible to pay their bills and fulfill their financial commitments through no fault of their own. If you are considering bankruptcy in Ontario, we invite you to read through our website. We believe that we have provided a user friendly and informative bankruptcy guide, that in simple language, shares all the facts and information that you need to know about bankruptcy, consumer proposal, division proposals, informal proposals, and other solutions to debt problems. At Adamson & Associates Ontario trustees, we offer both personal bankruptcy counseling and commercial bankruptcy counseling in Southwestern Ontario, including Kitchener, Waterloo, London and Windsor. Our trustees will protect your interests in Ontario receiverships, liquidations, and business and consumer proposals. We are experienced experts in bankruptcy, liquidations and financial restructuring and are here to provide helpful credit counseling and financial advice with a range of restructuring and insolvency services.

Southwestern Ontario has been especially hard hit economically due to a considerable number of major manufacturing plant closures over the past couple of years. The unemployment rate in Southwestern Ontario, including London, Kitchener, Waterloo, St Thomas, Chatham and Windsor, is significantly higher than the rest of Ontario. The true level of economic hardship in Southwestern Ontario is far worse than the unemployment rate indicates, because the numbers don't include the many laid off workers that have given up looking for work or have been forced to take lower paying jobs or have opted to retire earlier on less income. When people are out of work or their income has been substantially reduced, it sometimes doesn't take very long before unpaid bills start to pile up and they find that rent and mortgage payments are in arrears. Often people in financial difficulties are forced to use credit cards to pay their day to day living expenses, resulting in escalating credit card debt.

If you feel that you are losing control of your finances due to escalating debt and mounting unpaid bills or if your financial situation is causing you undue stress and worry, you need to take action. Whether you tackle the problem yourself or seek the advice of a professional, like a trustee in bankruptcy, the sooner you address the situation, the quicker it will be resolved. It may be quite possible to repair your finances yourself, if you take action in time. There are a few things that people in debt can do to help themselves recover from a bad financial situation, before the damage is too great. While not easy, if you work hard and have the right plan, you may be able to avoid bankruptcy or other formal alternatives to bankruptcy, like a Consumer Proposal or a Division 1 Proposal. Your first step is to develop a realistic budget. It is important to keep track of how much money is going in and how much money is going out. Eliminate all unnecessary spending. Decide how much money you need to pay for the essentials and don't spend any more. By following a budget, you will find it easier to control spending. Put any extra money that becomes available towards debt repayment. The faster you can pay down your debt, the faster you will be on the road to being debt free. Your next step will be to call your creditors. Your creditors want to hear from you because it demonstrates to them that you are serious about repaying your debt. You will find that many will be willing to work with you to find an equitable solution. Ask your creditors for a reduction in payments, an extended deferral of your debt or a reduced interest rate. Keep in mind that your creditors want to be paid. By working with you, they stand a much better chance of being paid.

Consider consolidating your debts. Many financial institutions offer debt consolidation loans. A consolidation loan is a single loan that lets you pay off most, if not all of your creditors, leaving you with a single outstanding loan. Often you will find that consolidation loans offer a lower interest rate than what you are currently paying, especially to credit card companies and department stores. As well, servicing one single loan, as opposed to many loans is more convenient and certainly easier to keep track of. The money that you save on interest charges can be substantial. Be sure to deal only with a legitimate financial institution when shopping for a consolidation loan.

Another thing that you might consider, if you are really serious about eliminating as much debt as possible and avoiding bankruptcy, is to sell off high-value assets and items like secondary or recreational property, cars, boats and recreational vehicles, expensive jewelry or even, as a last resort, your home. Not only will the proceeds from the sale of large ticket items reduce the amount you owe, your expenses will also be reduced. For example, if you sell your car, you will no longer have to pay for insurance, licensing and fuel. If you sell a secondary property, you will no longer have to pay the expenses required to maintain and carry that property.

Sometimes, no matter how hard a person tries to avoid bankruptcy; paying down debt, speaking with creditors, bankruptcy becomes their only option. The good news is that you are unlikely to lose your home in bankruptcy. Most people who file for bankruptcy are able to keep their home. It really dependents on how their mortgage company reacts. The vast majority of mortgage companies in Canada are willing to work with people that have filed for bankruptcy, however there are few mortgage companies that won't and may refuse to renew their home mortgage after a bankruptcy. An experienced Ontario Trustee in Bankruptcy will be able offer a better idea of what to expect, after reviewing the details of each individual situation.