Canadian Money Advisor 2005

Helping Canadians Understand Their Money & Personal Finance since 2005 BLOG

new discussion forum system category section
- Posted November 26, 2009 by Monty Loree
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New Discussion Forum System: Category Section
I thought I & would take a moment to write a quick blog post. I haven't written much this year. I've been spending my time building out my site, and learning how to program... By concentrating my time on the site development, I've become quite proficient at programming, which means that the structure of this site is becoming better and better.

The good news is that the look of the site is getting better and better. I've started to hire out the cosmetic part of the site... I'm not a website cosmetician by any means. :)

I'm hoping to publish the next section of the site: the topic categories, by the end of this week.. The complexity of the new design is much greater than what I've dealt with in the past.

I'm rolling out the new look of the site in sections... basically as I build them, I will publish them. This means that the discussion forum won't match for a few months, but hopefully by Jan 1, or sooner, the whole discussion forum area will match.

You may ask, "why am I building out the site myself?" why don't I hire this out? I got it into my head that I wanted to learn about programming when I first published the site in 2005... I guess it's one of those personal interest type things.. As I learned more about programming, CSS, html, php, and mysql, I realized I could build out the site, better - stronger - faster with the better techniques I learned.

After I finish my planned build out, I hope to get back to my regular blog posting and podcasts with experts etc.

The good thing about a DIY site is this: It's all paid for in cash, with no debt acquired to build this site.. The process is slower, however as a website we remain financially safe... which is what we recommend to our visitors.

Anyway... please do look for the new discussion forum look as I roll it out in the next few weeks/months.


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41 Personal Finance Questions about bankruptcy
- Posted November 25, 2008 by Monty Loree
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41 Personal Finance Questions about bankruptcy

  1. Suppose a creditor forgets to file a proof of claim?
  2. What is a reaffirmation agreement?
  3. Can utility companies shut off service during bankruptcy?
  4. Can a creditor obtain relief from the automatic stay?
  5. What is redemption?
  6. How does bankruptcy affect a joint account holder?
  7. Can I shelter property by transferring it to family members?
  8. What about family gifts?
  9. Will the Uniform Transfers to Minors Act help me provide for my children?
  10. What will happen to tuition prepayments for my children?
  11. Who is eligible for a bankruptcy?
  12. Who creates my bankruptcy plan?
  13. Can I pay off my bankruptcy plan early?
  14. Can I use bankruptcy to protect my assets?
  15. How long does this automatic stay remain in effect?
  16. What effect does bankruptcy have on child support?
  17. What are the deadlines for filing a proof of claim with the Bankruptcy Court?
  18. What prevents my creditors from coming after me when I file for bankruptcy?
  19. What is surrender?
  20. What is a discharge in bankruptcy?
  21. Which debts are discharged in bankruptcy?
  22. What are the different chapters under which an individual can file?
  23. Are there alternatives to bankruptcy?
  24. Should I file for bankruptcy? How do I know when I should do so?
  25. Is there any relief for victims of disaster (i.e., Katrina) under the new bankruptcy provisions?
  26. Is Social Security counted as income in the means test under the new bankruptcy law?
  27. How much of my home equity is off-limits to creditors under the new bankruptcy law?
  28. Are my retirement assets, college savings plans, and asset protection trusts protected under the new bankruptcy law?
  29. Under the new bankruptcy law, what will happen on my car loan?
  30. What happens to unpaid child support and alimony in the new bankruptcy law?
  31. How often can I file successive bankruptcies under the new bankruptcy law?
  32. Does the automatic stay still apply to a residential lease under the new bankruptcy law?
  33. What are the options for someone whose filing would be abusive?
  34. Are there new requirements concerning the addresses for creditors?
  35. I moved recently. How might that affect a bankruptcy case?
  36. Does Debt Relief-Assistance report it to the credit bureaus?
  37. How does bankruptcy affect a joint account holder?
  38. Can I shelter property by transferring it to family members?
  39. What about family gifts?
  40. Will the Uniform Transfers to Minors Act help me provide for my children?
  41. What will happen to tuition prepayments for my children?

Even more questions about bankruptcy and personal finance. So far I've posted about 200 questions about bankruptcy in Canada.

Is it surprising that this topic is on people's minds?

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Bicycling in -17c weather - I did it!
- Posted November 20, 2008 by Monty Loree
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Bicycling in -17c weather - I did it!

I am so excited with myself.. a bit of patting myself on the back.

I finally took my bicycle out when it was frigidly cold, and went for a ride to the coffee shop for a business meeting.

I started bicycling March 1, 2008 and wanted to continue throughout the winter. I kind of chickened out as the weather got colder in the fall time. Today I said I was going to take the plunge and I did.

I must say that I had to dress up with alot of outer clothing to make it work, however, by the time I got to my destination, 1 mile and a few minutes later, I was sweating pretty well!

bicycling in -17c weather

The point is that I wanted to stay true to my goal which was to lose 85 pounds before I purchased another car. I haven't lost that amount of weight yet, so I don't think I should get a car. I was worried about getting around in Winter in Saskatchewan without a vehicle. A foreign concept to people my age.!

I've also saved money over the last year by not buying a car.

I was pretty worried about the winter time, as I would like to go places. I walk much of the time, and still have a big aversion to taking the bus.

It is entirely possible to ride a bicycle throughout winter if you're so inclined. With the onset of the global crisis, this could be an option for some. Again, I spent $7 on repairs this summer for my bicycle. I'm sure that winter wear will cost me a little bit more, however it seems entirely doable.

Anyway... on a personal note, I am glad to say that I bicycled to a business meeting in -17c weather on November 20, 2008 in Saskatchewan. If nothing else, that's a personal achievement that I honestly didn't think I would do.

What it does do is open up the winter for enjoyment for me. I used to dread winter after November 1st. I would patiently endure the next six months until spring time. With this new option, I feel free to go out and enjoy myself much more in the winter time.

It's time to be able to talk about riding your bike in the winter. The new financial climate makes it more politically correct to talk about it.

This article asks:
Can I bicycle in sub zero temperature?
What does it cost to ride a bicycle compared to a car?
Can I save money by riding my bicycle in winter?

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More Canadian Bankruptcy Questions
- Posted November 18, 2008 by Monty Loree
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More Canadian Bankruptcy Questions

  • After bankruptcy what are the steps and timeframes to building good credit?
  • What are the chances that creditors will still try to collect from you if you just left court for a bankruptcy?
  • What is the difference between a bankruptcy and a bankruptcy with repossession on your future credit ratings and loan possibilities?
  • Why would an attorney advise you to finance a good long-running vehicle before filing bankruptcy?
  • What banks allow you to get a checking account if you have filed bankruptcy?
  • How long after you go to bankruptcy court can you get a car loan?
  • How long do you have to wait to file bankruptcy again?
  • Where can you go to refinance your home if you filed a bankruptcy three years ago?
  • if a person is in bankruptcy , what happens if they die?
  • Does bankruptcy protect a primary home AND A RENTAL?
  • When do I get relief from creditor harassment?
  • Who knows about my bankruptcy case?
  • How do I know if I should file personal bankruptcy?
  • Is filing personal bankruptcy immoral or does it make me a bad person?
  • How do I choose a bankruptcy attorney?
  • Can I get rid of student loans or tax debts?
  • Can I get credit after filing personal bankruptcy?
  • What is a proof of claim?
  • How many days after dismissal do you have to wait to refinance?
  • How do you protect your credit when your ex is going to file bankruptcy?
  • What are the pros and con's of a voluntary dismissal of a bankruptcy case?
  • What schedules do you need to file under bankruptcy law to exempt a property?
  • Why are business bankruptcies at the level they are?
  • How many points will your score increase after an incorrect bankruptcy is removed from your credit report?
  • How long does someone have to wait before they can get a loan on their own after a bankruptcy is discharged?
  • When are the bankruptcy laws changing?
  • What is the Bankruptcy process?
  • How much will it cost to make myself bankrupt?
  • Where is the bankruptcy order made?
  • What will happen at Court?
  • Who deals with bankruptcy cases?
  • What are the duties of a bankrupt?
  • What are the effects of bankruptcy?

I can see by some of the traffic that we're receiving by these questions that this is a popular topic in Canada.

Many people are feeling the pressure financially and are starting to ask questions.

If you're thinking about declaring bankruptcy, these are some of the questions you may need to ask your self before going through with the decision.

I am amazed that there are so many questions regarding bankruptcy in Canada.

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Mortgage Life Insurance in Canada
- Posted November 18, 2008 by Monty Loree
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Mortgage Life Insurance in Canada

One of the most significant purchases a family makes in the course of its life is the purchase of a home. Many of your monthly expenses are centered around the fact of owning that home: cable, telephone, electricity, water, and gas, not to mention maintenance, take a up a significant part of your monthly income. The bill that in many cases takes the biggest proportion of your income is the mortgage, your monthly house payment. And it is the bill that must get paid above all; the other expenses can be put off or lived without if necessary, but if the mortgage is not paid in a timely manner, there will be no home for the family to live in.

But a family might find itself in the tragic situation where one of the people responsible for making that monthly house payment is incapacitated or even dies, and your family becomes unable to pay the mortgage. In that case, your family might face not only the death of a loved one, but the loss of their home and credit, as well.

Fortunately, there are plans that can help you avoid this unfortunate eventuality. Mortgage life insurance is designed for just such protection. Mortgage life insurance is a low-cost, flexible method to protect one of your family’s most important investments. If you develop a terminal illness, sustain a serious injury, become disabled, your mortgage insurance can offer you several benefits:

  • It can pay your outstanding mortgage amount. This is the chief reason that most people buy this type of insurance. If you die or become incapacitated, the balance of your mortgage will be paid off. You may, however, still be responsible for any over due payments that have not been made.
  • It can pay up to five years’ worth of accrued interest.
  • It can pay any property taxes that you owe when you die so that your heirs are not left struggling with taxes.
  • If you are diagnosed with a terminal illness, it can give you an option to pay out early, so that you can be assured before your death that the house is paid off for your family.

Most people sign up for mortgage insurance at the same time they apply for their mortgage. This ensures that your family is protected even before you close on your mortgage, so that if something happens to you, they will still be able to move in to the new home you have planned.

Applying for mortgage insurance

The cost of mortgage insurance is based on how old you are when you apply for the policy and the amount of your mortgage. Your premiums will not increase as you get older, as long as the terms of your mortgage remain the same. They are also conveniently rolled into your mortgage payment, so you are not paying two separate bills each month. You are eligible to apply if you are a resident of Canada, between 18 and 69 years old, and have been approved for a Canadian residential mortgage.

This article asks the questions:
What is mortgage life insurance in Canada?
Is mortgage life insurance available in Canada?
What are the benefits of mortgage life insurance?

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35 more bankruptcy questions for Canadians
- Posted November 11, 2008 by Monty Loree
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35 more bankruptcy questions for Canadians

  • How long after you file bankruptcy can you get a checking account?
  • Can you get credit cards after filing bankruptcy?
  • When must you leave your house after bankruptcy?
  • How will your ex-spouse's bankruptcy affect you if you had a joint mortgage which you are still responsible for?
  • What do you do if your ex wants to declare bankruptcy?
  • When did the bankruptcy laws change from 7 years to 10 years?
  • How do you get phone service after declaring bankruptcy?
  • How do you find a mortgage company to re-finance you if you are in a bankruptcy so that you can come out of the bankruptcy?
  • How do you get a credit card debt that was included in a bankruptcy removed from your credit report?
  • How will filing for divorce affect a bankruptcy?
  • Why declare bankruptcy if you do not have any assets?
  • How long will a dismissed bankruptcy stay on your credit
  • How do you find out if your bankruptcy status is correct?
  • How soon can you purchase a new home after filing bankruptcy?
  • What happens if I file a bankruptcy?
  • Who can file a bankruptcy petition?
  • What are the most common reasons for a bankruptcy?
  • Who can file a bankruptcy petition?
  • Will the bankruptcy stop bill collectors from calling?
  • How long after filing will the creditors stop calling?
  • Who notifies the creditors and bill collectors?
  • Who deals with my creditors and bill collectors during the bankruptcy?
  • Will my employer and landlord find out about my bankruptcy?
  • Can my employer fire me for filing bankruptcy?
  • My employer filed bankruptcy. How do I get paid?
  • What should I do to prepare for filing bankruptcy?
  • Are there alternatives to bankruptcy?
  • What is the "automatic stay?"
  • My creditors ignored the automatic stay. What do I do?
  • Will the fact that I filed bankruptcy appear on credit reports?
  • After bankruptcy, can I obtain new credit?
  • How can I re-establish my credit rating after bankruptcy?
  • How do I report a bankruptcy crime?
  • How long does a bankruptcy stay on your credit report?
  • What percentages of Canadian people go bankrupt?

I'm starting to ask the questions as it leads to our personal finance teleseminars, which will be held coming up in a few short months.

The point is: there are alot of questions that we've found on the internet that relate to bankruptcy, collection agencies, and personal finance.

These are just a few more questions that Canadians have been asking.

Even more questions about bankruptcy. With the current economic crisis, bankruptcy is going to be more popular than ever.

I'm hoping that we learn the true lessons about managing our money in this deep economic crisis of 2008

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DollarMakers Business Mentors - Increase Profits
- Posted November 10, 2008 by Monty Loree
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DollarMakers Business Mentors - Increase Profits

Help is at Hand for Entrepreneurs
DollarMakers Certified Business Mentors!!!

Are you frustrated that you are working hard and hard and are still earning less and less in your business? Do you feel you are a slave working in your own business without time or freedom for your family?

What if we can help you to explode your business profits?

DollarMakers has a successful, 21 year, international track record, working with thousands of business owners. As the first three DollarMakers Certified Business Mentors in the world, we are willing to consider accepting you as our clients and to personally mentor you, increasing your business profits. As your business mentors, we can communicate with you by phone, email, or fax anywhere in the world. No traveling needed.

Dr Eric Li
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As hand-selected proteges of Robin J Elliott, we are using his secret business systems and Joint Venture strategies which were never disclosed before to help YOU bring YOUR business to the next level.

To see if you qualify, call for a complimentary phone consultation with one of us:

Toll Free: 1-866-897-6465
Please mention the promotion code: Regina Bootcamp

Brought to you by: DollarMakers Business Mentors

This article asks:
Who are dollarmaker certified members?
How can dollar maker certified members help your business make more money?
What are the ways to contact dollar makers certified business mentors?

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Joint Ventures: Making Money in Canada
- Posted November 10, 2008 by Monty Loree
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Joint Ventures: Making Money in Canada

Starting a business is always a risky venture. You risk your time, you risk your credit, and you risk your partners’ money and hard work as well; if your business fails, it will create a complex situation that others, as well as you, have to clean up.

FREE EBOOK: Learn more about making money with Joint Ventures

It is imperative, then, that you have a carefully thought out plan in place for making money with your business. It is especially imperative when you approach investors or potential business partners; you have a responsibility to give them a real chance to make money in your joint business venture.

Some things to remember as you attempt to make your business turn a profit for you and your business partners include:

  • Start small. Keep your growth slow and manageable. This will allow you to meet your current obligations, keep your credit rating high, and keep more of your profits rather than having to roll them back over to pay large loans. If your business is going to grow big, it will do it in a healthy way, over time, so that it is strong from the inside out. Businesses that start too big have not had the time build that internal health and often collapse in on themselves.

  • Hire a few good people. You and your partners can decide who is responsible for hiring, but whoever does it, you want to get a few good people who will add to, rather than detract from, your businesses productivity and profits. Labor costs are a huge part of your businesses overall outlay of funds, and you want to be sure that your business is getting its money’s worth. Employees are an investment, too; it’s better to hire a few hard workers and to spend the money to make them happy than to hire several malcontents who will simply suck away your company’s resources, the time and energy you have to put into dealing with them.

  • Start strong. Be sure to do everything by the book; every document, every tax form, and every safety code must be met before you open your doors. There is a mountain of paperwork involved in starting a business, but there is more if you neglect something now. The same is true for taxes; it may seem that the taxes required to start a business are overwhelming, but it will be worse if you neglect any of them; fees, fines and interest will then kick in, and you will find yourself pouring your partners’ money into a black hole that you could have avoided.

  • Keep a high profile. If you want to make a profit in any community, you have to prove yourself not just a viable business, but a valuable member of that community. Dedicate part of your budget to giving back, and it is a sure bet that customers will notice. People will do business with you when they see how much you care, and that will make you the profits you hoped for in the first place.

This article asks the questions:
What are joint ventures in Canada
How can I profit from joint ventures
What are the best ways to work with Joint ventures

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