Tag Archives: Bankruptcy Trustees

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Sands & Associates Presents: WFC Starting XI Fan Vote!

Sands & Associates, BC’s largest firm of licensed Proposal Administrators and Trustees, is pleased to announce the WFC Starting XI Fan Vote contest, in conjunction with the Vancouver Whitecaps FC!

Whitecaps fans can make their pick on who will be starting XI for a chance to win a VIP experience for four, including a tour of the training facility, a meet and greet with Carl Robinson and tickets to the October 25th match.  Click here to make your picks for entry.

To learn more about how Sands & Associates can assist you with your debts, please contact us for a free, confidential consultation in one of our 11 lower mainland offices.

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Sands & Associates Featured Office: Chilliwack

Residents of Chilliwack and its surrounding communities can find our Chilliwack office on Luckakuck Way, near Cottonwood Mall shopping center.

Vice-president and trustee in bankruptcy, Geoff Orrell and insolvency estate manager Sandra Myers are pleased to provide debt management solutions in Sands & Associates’ Chilliwack office.  Sandra’s previous work includes significant experience in social services and entrepreneurship and she is a qualified insolvency counsellor, able to assist individuals with their debt options.

Sandra’s Top Trustee Tip:  “Share new money management skills and techniques you learn from the financial counselling sessions you attend with your kids, grandkids, nieces and nephews, because schools don’t.  Most everyone agrees they wish their parents had openly discussed these important skills with them.”

Contact us to arrange a free, confidential evaluation of your debt solution options in our Chilliwack office.

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What to do with Student Loans

As tuition expenses and living costs continue to climb across the province, many students take on student loans to get themselves through their post-secondary years.  While studies have shown that students are optimistic about their ability to earn great wages after graduation, the reality is that many may instead wind up juggling student loans, in addition to other debts accumulated during their academic pursuits.  Whether you’re considering student loans to invest in your education, or you’ve already spent them, read on for tips on managing (and avoiding) student debt:

1)      Make a budget.  Before signing on the dotted line, map out how much money you’ll really need.  Factor in tuition, books, rent, groceries and any other costs of living.  Consider whether or not you can earn some of those funds through a part-time or summer job and have a back-up plan for emergencies or a deficit in what student loans may extend you.  If you’re granted more than you think you need, don’t be tempted to spend it all – avoid taking on more debt than necessary.
2)      Use all the resources available to you.  Do you have an RESP?  Are there grants, scholarships or bursaries you can apply for?  Will your parents be contributing to your education or costs (or housing you in general)?  All these extras can add up to great savings later so explore all the potential benefits and sources of assistance.
3)      Build a post-grad plan.  The responsibilities don’t stop just because school’s out – don’t take one look at your statements and bury your head in the summer’s sand.  Know your loans, grace periods and payment due dates.  Keep in touch with your lenders if you move or your contact information changes.  Figure out a plan to pay down your debts (yes, it may take some time) and again, avoid relying on more credit.
4)      Contact a student financial assistance office, even if your payments are behind.  If your income is falling short of allowing you to make your student loan payments contact your provincial and federal student loan offices.  The government has repayment assistance options in place that may be able to provide relief options for you, like reducing your monthly payment or even forgiving loans in some cases.
5)      Meet with a proposal administrator.  If it’s been more than seven years since you were last a student and those debts are still hanging over your shoulder, contact a licensed proposal administrator and trustee in bankruptcy.  A consumer proposal (or bankruptcy) may be a suitable option for debt relief and a fresh financial start.  If your study-end date is more than five years old, a court may still order your student loans dischargeable under certain conditions.

Debt management strategies generally aren’t something you can find hitting the textbooks, so do yourself a favour and move to the head of the class by educating yourself on how to cope with your student debts.  Knowing is not owing!

For more information on your debt resolution options please contact us for a free, confidential consultation.

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Bankruptcy VS Credit Counselling

Bankruptcy VS Credit Counselling

Click the above infographic to enlarge.

To arrange a free and confidential consultation to discuss your debt resolution options in one of our 11 lower mainland offices, please contact us.

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“How NOT to Solve your Financial Problems” – 5 Mistakes Not to Make When in Debt

We are pleased to release our latest YouTube animated short film focused on highlighting the 5 most common mistakes people make when they find themselves in debt.

Often we see individuals who end up either not helping their situation, or even making it worse by taking one or more of the following actions:

  1. Hiding from your problem – Ignoring your creditors can lead to them taking extraordinary steps to collect, including wage and/or asset seizures.  Staying in communication is often a good way to avoid the shock and surprise of a wage seizure.
  2. Paying off family debt first – Be very careful about who you pay (especially family) if you find yourself in a situation where not all debts will be paid in full.  Paying back family debt in priority to your other debts can be viewed as preferential treatment and can cause you problems in the future.
  3. Getting a co-signor – By co-signing a debt, a person is agreeing to take 100% responsibility for the amounts outstanding (not 50/50 as is commonly believed).  Getting a co-signor will often increase your borrowing limit, but it can also give your creditors additional pockets to collect from in the event you are unable to pay the debt in full.
  4. Paying for debt advice – It should never cost you money to figure out your financial options.  If you’re asked to pay money for debt advice, speak to a Trustee first.  We will meet you at no cost or obligation and can often give you all the information you need to move forward in a free initial meeting.
  5. Cashing in RRSPs – The Government of Canada has specifically exempted these assets from bankruptcy.  Do not cash in RRSPs to pay debts unless you fully understand the rules.  Don’t compromise your retirement to deal with a short term debt problem.


For more information on how a licensed trustee can help you achieve a fresh financial start please contact us for a free, confidential consultation.

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Sands & Associates Featured Office: Abbotsford

Located at Clearbrook Road and South Fraser Way, our Abbotsford office is here to help Fraser Valley residents manage their debts and gain financial freedom.

Trustees Geoff Orrell and Raj Hara are members of the Canadian Association of Insolvency and Restructuring Professionals with broad professional experience.  In addition, insolvency estate managers Terry Sharp and Karen Wright are qualified to provide debt relief options, including consumer proposals to those experiencing financial difficulties.

Terry has over 10 years of insolvency experience and 25 years experience with a major Canadian bank.  She administers consumer proposals to creditors, as well as personal bankruptcies in Sands & Associates’ Abbotsford and Chilliwack offices.

Terry’s Top Trustee Tip:  “Be aware of where you’re spending.  Even small purchases add up – $5 a day for a coffee and a muffin is $18,250 in 10 years…quite a fair down-payment for your condo!”

Contact us to arrange a free, confidential evaluation of your debt solution options in our Abbotsford office.