Debt Collection Rights and Frozen Bank Accounts

Debt Collection Rights and Frozen Bank Accounts. Was your summer ruined or not quite what you had planned due to constant collection calls? Financial responsibilities entail a lot of time and effort to manage and it can feel like being caught in a whirlwind! When you find yourself facing lawsuits or dealing with judgements, knowing exactly what you are facing and your rights when dealing with collections can help you understand your options, and make plans on how to effectively deal with the issues.

Often, the collection agents are counting on the fact that you do not know that you do have rights when it comes to dealing with debts, or that there are certain obligations the collection agency has when contacting you.

The most frequent complaints we receive are that people are receiving calls at all hours of the day, and that agencies are calling family, friends, and employers.

Your debt collection rights

In most provinces, debt collectors are only allowed to get in touch with you on Mondays to Saturdays between the hours 7 AM to 9 PM, and on Sundays, between 1-5 PM. In some provinces, the time may be from 7 AM or 8 AM to 10 PM. Debt collectors cannot contact you on holidays, and also cannot call your cell phone number unless said number has been previously given by you as a way to reach you. Abusive, threatening, and intimidating language along with unreasonable and excessive pressure for you to make your repayments are out of bounds as well.

While debt collectors can contact your family, friends, employer, and even your neighbors, they cannot discuss the details of your debt with anyone else but you. Once they’ve called said people, they can only ask for your phone number or address. They cannot suggest or require these people to pay your debts unless they’ve co-signed for the debt. By calling other people, the collection agents are hoping to have other people “assist” them in getting you to contact the agent instead as they do not want to keep getting phone calls meant for you, or perhaps to embarrass you.

This is a link to a website of the Ontario government that outlines consumer protection information.

What to do about frozen bank accounts

You’ve either ignored the letters that have arrived over the summer, or have recently found your bank account frozen. Now what?

Quite often, we are contacted by people who have just tried to withdraw funds from their bank account, or noticed that pre-scheduled payments were not paid (i.e. NSF, etc.) and they are concerned about what is happening. Even though creditors are required to send notice to the debtor about the seizure of a bank account, it may take a few days to be delivered by Canada Post, or may have been delivered to a junk email folder.

Bank accounts can be frozen under the Income Tax Act or Excise Tax Act. CRA can freeze bank accounts for personal income tax obligations, GST/HST liabilities, or when trying to recover overpayments of benefits (child tax benefits, GST credits, Trillium, CERB, and CRB to name a few) without notice allowing them the element of surprise which effectively prevents use of funds from the bank account in question. All funds in a frozen bank account as well as any future deposits are sent to and can be seized by the CRA until such time all tax arrears have been paid in full, or the requirement to pay has been removed by CRA because a repayment plan has been negotiated, or when a stay of proceedings is received from a Licensed Insolvency Trustee (LIT).

An LIT can help you navigate your way through various options concerning your frozen bank account and working with one would be a smart first step to getting your financial affairs in order.

When a proposal or bankruptcy is filed, a stay of proceedings is immediately in force against the debts pursuant to S.69 of the Bankruptcy and Insolvency Act. In simple terms, all creditors are prevented from commencing or continuing any action to collect debts. Having said that, there are certain debts such as child support and spousal support that are permitted to continue collections. Also, a creditor may make a motion to the Court (we often refer to the specific Court as the “Bankruptcy Court”), to have the stay of proceedings “lifted”. The Court may grant the Order with conditions such as: the creditor may continue to sue, however, the purpose would be only to determine if or what amount the debtor would owe, and what amount the creditor may file a claim in the estate.

Who can freeze your bank account?

Your bank account can be frozen by:

  • The CRA – When you have unpaid taxes, freezing one’s bank accounts is a tactic employed by the CRA to ensure that outstanding tax gets settled, or any outstanding returns have been filed. They can issue a Requirement to Pay notice to you, your bank, and they will then be legally bound to forward all funds in the account to the CRA. CRA collectors are stringent and unless a sound repayment strategy is presented and you honour those promises to pay, they will continue to have the account remain frozen. They may also look to seizing other funds such as your pay, or placing liens on property as well.
  • The bank – Your bank can also freeze your account if you owe them money for loans, lines of credit, and credit cards. If you aren’t able to make good on your bank payments, they can freeze your account following the terms indicated in your banking agreements (that lovely fine print no one reads) until your debts have been paid in full. An LIT can help you find suitable solutions to pay your bank back by helping you understand how to file a consumer proposal or bankruptcy.
  • Your creditors – Creditors can also have your bank account frozen albeit slower compared to the CRA and banks. Creditors require a judgement against you before having your account frozen.

One of our goals at Laura Gyldenbjerg & Associates Inc is to help people ultimately get back to being debt free by offering sound and personally tailored financial advice from a Hamilton licensed insolvency trustee. Book an appointment with us today to discuss your options in a judgement free environment.

We hope this article on Debt Collection Rights and Frozen Bank Accounts helped you. If you have any questions please contact us and BOOK YOUR FREE NO OBLIGATION JUDGEMENT FREE CONSULTATION TODAY!

Consumer Proposals | Consumer Bankruptcy | Budgeting

Have you filed your taxes for this year?

Have you filed your taxes for this year? Financial responsibilities just do not stop. Tax season may be over, but did you file your taxes? Canadians are required to file their taxes on a yearly basis. However, for various reasons, individuals as well as businesses, fall behind filing their tax returns.

Those who have not been diligent on record keeping may have lost receipts or haven’t kept track of what has been earned and spent, making the process of accounting and proving expenses difficult. Some may think they probably won’t owe and end up not filing. Inversely, some know that they will owe but do not have funds to pay. Whatever reasons may have contributed to falling behind filing your taxes, there are consequences to deal with.

The Long and Short of Filing Taxes in Hamilton

Filing your taxes late and not being able to file your taxes at all have different consequences. Repeated late filing results in increased penalties. Failing to file completely is against the law and is definitely something to avoid. Despite the knowledge that you won’t be able to afford paying off your taxes, being able to avoid the more severe consequences of not filing is the better choice.

It is imperative for taxpayers in Hamilton to file tax returns so as not to be faced with enforcement actions like garnishment of wages, seizures of bank accounts, or liens registered against properties. . 

Owing money to the Canada Revenue Agency does not go against the law, but failing to file tax returns is. Tax evasion occurs when an individual or business intentionally ignores Canada’s tax laws. This includes falsifying records and claims, purposely not reporting income, or inflating expenses. Tax evasion is a crime.

Whether you’re cheating on your taxes here in Canada or hiding assets or money in foreign jurisdictions, the consequences are serious. Tax evasion has a financial cost. Being convicted of tax evasion can also lead to fingerprinting, court imposed fines, jail time, and a criminal record.

When taxpayers are convicted of tax evasion, they must still repay the full amount of taxes owing, plus interest and any civil penalties assessed by the CRA. In addition, the courts may fine them up to 200% of the taxes evaded and impose a jail term of up to five years.

Failure to file on time or to file at all may also result in the termination of your government benefits such as (CCTB, OAS, CPP, GIS). Paying for living expenses can already be difficult when you barely have anything to live on and worrying about your fines and increasing interest charges just adds to the stress of it all.

Managing Your Tax Debt 

Money problems don’t go away by themselves, and sweeping your tax debt issues under the rug can get out of hand if you don’t get a grip on it early on. Because of the mandatory compliance and self-assessing nature of the tax system employed by the CRA, some people think they can get away with filing their tax returns late or not at all.

Being a very powerful government agency though, penalties are strictly charged on the first of May if taxes are not filed before the designated deadline.

There are various methods and steps to getting back on the road to being debt free. The path may not always be clear cut which is why consulting a Licensed Insolvency Trustee is beneficial. Different situations pose varying challenges, and it can be hard to discern which solution will be best for you, your capacity to pay, and your continued expenses moving forward.

Understanding the penalties, relief provisions, and the nitty gritty in between can get overwhelming. Allow us to make getting back on track financially much simpler for you by eliminating the burden of feeling alone and helpless.

We understand that you may not have filed your tax returns earlier because of what you think or know for sure that you owe. It’s not too late to get things corrected and on the right path.

When you find a Licensed Insolvency Trustee, you can get an in-depth breakdown of your options and how to best handle your financial affairs. 

We hope you enjoyed reading this article “Have you filed your taxes for this year?” If you have any questions please contact us and BOOK YOUR FREE NO OBLIGATION JUDGEMENT FREE CONSULTATION TODAY!

Consumer Proposals | Consumer Bankruptcy | Budgeting

A Father’s Role in the Family’s Money Matters

A Father’s Role in the Family’s Money Matters. Fathers are the pillars of the home. A certain sense of strength and stability come from the head of the family. When it comes to a household’s budget, what do fathers usually impart to their children?

It is known that even in pre-historic times, it is the man who brings home what has been hunted. Today, there is an equality when it comes to work opportunities, but there are still expectations from men in particular. Men may no longer literally hunt nowadays, but that pressure of being able to provide for the family is always there. Because of this, values such as responsibility, integrity, and taking care of those who rely on you (physically and in any other possible ways) are usually the lessons a child can learn from his or her father––some of these lessons are driven home even harder especially during father to son conversations.

But what if the father in a family isn’t one to talk? That’s a bit of a snag right there, and this does indeed happen. Men, after all, are scientifically proven to talk less than women. To be fair though, sometimes, (both) parents don’t talk about money and while this may be acceptable during the earlier years, there comes a time when money talk should be given serious time and attention.

The Importance of Money Talk in Families — How to Ease Into It

Sometimes, adults may rely on the expression or thought that their children “will figure it out when time comes”. While this can be true, not all children—who ultimately turn into adults who go through most of the same things parents do—figure it out. There are times when not being told what to do in certain situations lead to complications further down the road. This is why talking about money is important, and this task sometimes falls on the father’s shoulders

Individuals who grew up in households where money wasn’t talked about can, in hindsight, identify where they could have handled things better had they been taught how. Learning the hard way is better than not learning at all, but would YOU want to pass down a similar financially hard situation to your child?

The all-important money talk doesn’t have to be a dreadful topic and it shouldn’t be skirted around. Parents can start small. Teaching a child the importance of money can start in the household, so a child can be more prepared for practical uses in the outside world. Budgeting can be taught by letting a child know that his or her allowance won’t be replenished until a certain date, and if they want to buy something, they should know how to save. From these little lessons at home, a certain sense of financial responsibility and accountability for one’s money can be instilled.

Sometimes, talking a little bit about money in front of the kids can help them understand and have a grasp on what’s being spent on the household or their own needs—clothes, school, and even the items they ask for. This isn’t to make them feel indebted, but to make them realize that they are fortunate when they are being provided for and that ultimately, they may find themselves in a similar situation. Opening their eyes early on can have a huge impact on their financial habits in the future, and this may lead to good money management skills.

When Things Don’t Work Out

Times can get tough, and when things don’t work out, another thing that can fall upon a father’s shoulders is throwing in the towel. Knowing when the household’s finances aren’t in a good place and making that call to ask for professional help is a strong, rational, and responsible thing to do. When you make this choice, know that we are here to help you and your family out. Allow us to take some of that burden off of your shoulders and open a path of less resistance when it comes to dealing with your finances.

Don’t hesitate to get in touch!

We hope you enjoyed reading this article “A Father’s Role in the Family’s Money Matters” and if you have any questions or you’d like to book a consultation please contact us. 

Consumer Proposals | Consumer Bankruptcy | Budgeting

Preparing for Your Retirement

Preparing for Your Retirement. The world has had a tough year, and for many of us, this has led to moments of reflection and finding out what our priorities are. The decisions we made, the money we’ve spent, and more importantly, how much money we have left. These thoughts at the back or forefront of your concerns can weigh you down and get in the way of your everyday operations. Life doesn’t stop though, and each day we find ourselves needing to move forward.

You might find yourself asking how do I prepare for my retirement?

The first step

Have a vision and to concretely WANT IT. Our thoughts are powerful bringers of change, and preparing for retirement starts with a thought. That thought will then require action, and those actions will enable you to retire. Thomas Thusser once said, “A fool and his money are soon departed.” Don’t be a fool. Once you have the thought of retiring comfortably, hold onto it and make it a reality.

The second step

Be serious about your budget. Making money IS important, but so is knowing exactly where it goes and how much you can save. Having a budget for your monthly, seasonal, and yearly needs is important to ensure that you’re responsibly taking care of yourself and your family’s future. Remember: Decisions you make today have a huge impact on tomorrow. Next, ask yourself if you have money for retirement. Now, this is where a bit of difficulty can come in.

You can look at your budget and not know where to get your retirement money. We can help you figure that out. One of our goals is to help you successfully allocate money where it needs to go. Preparing a budget that works for you and your lifestyle doesn’t have to be a burden, and we can help you with your accounting and budget adjustments for your current and future needs. We understand that each person is different, and one way to get a good start is having a budget template. IF, however, you find that this does not work for you, don’t hesitate to get in touch with us for a more personalized plan. Once you have a budget in place you can move on tot he final step.

The third step

You need to take care of is getting out of debt before retirement. Too many people retire in debt. All those years of working will be for naught if you find yourself in a similar position. Don’t let your hard work go down the drain! Preparing for retirement can start as soon as you have a bank account, and there are ways to make your money grow or secure yourself financially in old age. We can get you on track, and we can do this TODAY.

Should you find yourself in a difficult situation financially, a licensed insolvency trustee (LIT) can help you get out of it. Being in debt is tough, but we can help. Dealing with creditors and finding a payment plan that can work for you can add so much stress to your day-to-day life. We’re here for you. Get in touch with us to find out how a consumer proposal works and why it might just be the solution you need!

Why Preparing for Retirement Is Important

You can only work for so long, and always remember that YOU are your best asset. This is why you have to take care of yourself. By preparing for your retirement (early), you are able to achieve the following:

  • Rest assured that you can live comfortably and in good health when you get old
  • Less stress means better health
  • Not be a financial burden on your loved ones
  • More control over your income sources
  • Better control over current career-related decision making

Click HERE to get more information about Old Age Security (OAS) pension and Canada Pension plan (CPP) retirement benefits and estimate your retirement incomes.

Take action. Call us today and we’ll help you move forward with your retirement planning.

We hope you enjoyed reading this article “Preparing for Your Retirement.” and if you have any questions or you’d like to book a consultation please contact us. 

Consumer Proposals | Consumer Bankruptcy | Budgeting

Spring Break Ideas and Realignment for Tax Season

Spring Break Ideas and Realignment for Tax Season. Tax season is here and the need to prepare your financial statements and reports can feel like everything is breathing down your neck. Add to that the thought of being penalized if you don’t get to submit before tax season ends. Stressful! But wait, things don’t end there.

“Honey, did you check on the kids?” There are hardly ever breaks when you have kids, and working on your taxpayer’s reports can take even longer when you’re simultaneously having to look after your little ones. With the March break here, everybody’s inside the house and spending time together… those tax reports might take the back seat for a while.

Make the most of your time together by trying out these activities which you can do for cheap:

  • Visit your local park to enjoy spring activities;

While it can still be cold and wet, you will find that a walk in the park––as cliché as that may sound––actually can be beneficial for you and your family as a unit. Take some time away from the screens and gadgets (maybe except when you take some photos together) and enjoy an open park near you.

  • Work on a puzzle together;

Ever tried a 500-piece puzzle? How about a thousand? You and your kids, younger and older ones, can work together on a puzzle; there are loads of inexpensive ones to choose from online with designs your kids will be interested in. Have them choose the design to pique their interest. Up the ante by setting a goal to finish or incentivizing with their favorite treats when they finish before your agreed date. You’d be surprised at how fun it can be and seeing the picture you chose come together!

  • Easter egg creation/scavenger hunt;

We’ve put this in a single entry and this is for the younger kids. Get a bunch of non-toxic paint, paint brushes, and some eggs. Paint your preferred characters or patterns on the eggs and either do a scavenger hunt with them or put them back in the fridge to smile at each time you open it. For a scavenger hunt, distribute candy or other treats, but tell the kids you placed a smaller amount of candy than you actually did. The looks of surprise on their faces when they keep counting and looking for more will all be totally worth it.

  • Have some chefs in training;

Get your kids interested in doing some things in the kitchen by going the foolproof pizza or taco making route. Prepare all of the ingredients/toppings and have them decorate their own pizza. This encourages creativity and might even start a new weekly thing for your family. Allow them to feel safe in the kitchen and don’t mind things getting a little messy for a while.

Enjoy your culinary masterpieces after! What’s great about this is some of the ingredients are most likely in your pantry already, so there would be minimum spending involved.

There are always reasons to smile and you don’t have to put a dent in your wallet to create lasting joyful memories with your loved ones. As parents, however, there are things behind the scenes that must be taken care of. This is the time of the year when you can look at your budget, your goals, cashflow, and game plan. Ask yourself some important questions:

  • Does the budget cover all bill payments and more than just the minimum amount?
  • Seasonal expenses. Are you covered for the year?
  • School expenses. Are these taken care of?
  • What are my sources of income?
  • Do I need to readjust my current goals?

These are just some of the questions which can help you have a view of your year ahead. Reevaluate and find stable footing. If at any moment you find you need professional help, BOOK YOUR FREE NO OBLIGATION JDUGEMENT FREE CONSULTATION TODAY!

We understand your hesitations, and we just want to let you know––no judgements here. We’re here to help you out and take some stress off your shoulders. Book a consultation today and we’ll show you how we can help.

We hope you enjoyed reading this article “Spring Break Ideas and Realignment for Tax Season.” and if you have any questions or you’d like to book a consultation please contact us. 

Consumer Proposals | Consumer Bankruptcy | Budgeting

Valentine’s Day Way Too Expensive

Valentine’s Day Way Too Expensive. Valentine’s Day just passed and you might be looking for ways to make it more memorable for you and your significant other in the years to come. It’s that day of the year where grand gestures and sweet surprises are known to happen. While it is undeniably nice to make an occasion out of the day of hearts, have you ever asked yourself what you are truly celebrating?


The feast of St. Valentine is a celebration of love and affection. All over the world, the most common way of celebrating it is by giving sweets to who you are in love with. Over time, and for some people, the expression of love became more and more grand. What used to be simple dinner dates with chocolates and flowers turned into a night out on a private yacht, or a trip to some exclusive island. Other grand Valentine’s Day gestures include buying not just flowers or chocolates but jewelries or luxury items––sometimes even cars or properties. These are all pleasant surprises, but going back to the core of what is celebrated on this day, the material gifts aren’t what it’s about.


Think back a little on what this day symbolizes––love. Intangible, but expressed. The ways of expressing it do vary and certainly, giving gifts is one of the five love languages (based on Gary Chapman’s book, The Five Love Languages: How to Express Heartfelt Commitment to Your Mate), but it doesn’t necessarily have to be that way. At times, the pressure of competing with others and the feeling of living up to your partner’s expectations can really put a weight on your shoulders, and this applies to several facets of your life––not just on Valentine’s Day. But think of the bigger picture; spending a grand amount on one day can have a lasting impact on your future.


Imagine this: You start with an expensive fancy box of chocolates. The following year, you buy a designer item. The next year, you get a high-end gadget. In an effort to continuously one-up your previous Valentine’s Days, you might be hurting your finances. You may find yourself facing financial problems because you bought an expensive gift to surprise your significant other with, and keeping up with it may cause financial issues. Different spending habits, different goals and expectations, or secrecy concerning finances can all ultimately contribute to a failed relationship.


Date Ideas Which Won’t Break Your Budget


You can make your Valentine’s Day dates sweet and memorable without hurting your finances. This is where the maxim “it’s the thought that counts” can come into play, and you can definitely take advantage of it. Consider these date ideas which won’t break your budget:

  • Candle-lit dinner. Buy your dinner of choice or have a glass or two of wine with your partner while enjoying a candle-lit ambience at home. Amp up the romantic vibes with scented candles!
  • Go retro – Find an amusement park or fair which you can go to and have fun. It’s time well-spent with your loved ones that count the most.
  • Be sentimental – A bit more of a personal approach, think of an activity which is special to you and your partner and add an element of surprise to it. No, it doesn’t have to be expensive. Maybe get a little customized keepsake to commemorate the day. It is the meaning behind your actions which will be remembered.
  • Do something new together – New shared experiences can make relationships last longer. Try taking a one-day pottery class or perhaps go rock climbing. The possibilities of new activities to try out are endless!


If you do, however, find yourself facing financial problems because of previous years where you spent a lot of money on gifts or celebrations, we can help you out. We understand how burdensome financial expectations can be, and we know there are ways to get out of that financial rut! May it be budget planning, debt consolidation, consumer proposals, or a declaration of bankruptcy, we will help you sort things out. We will find tailor-fitted solutions for the financial situation you find yourself in, and you can make better money-related decisions moving forward following our tried and tested methods. Don’t lose hope and allow us to walk you through any financial entanglement you may find yourself in!


We hope you enjoyed reading this article “Valentine’s Day Way Too Expensive” and if you have any questions or you’d like to book a consultation please contact us. 

Consumer Proposals | Consumer Bankruptcy | Budgeting

What does a licensed insolvency trustee do to help with debt?

What does a licensed insolvency trustee do to help with debt? Debt can bring a dark gray cloud over your head and stay there for seasons. It can rain on you and batter down hard! However, we can help you weather your way through this tight situation.


A Licensed Insolvency Trustee (also known as an LIT) is a federally-regulated professional who can provide personalized advice concerning your individual or business debt concerns. The idea of being neck-deep––or worse––buried in debt is frightful, and a Licensed Insolvency Trustee will be your lifeline when you find yourself in such a financial fiasco.


What can a Licensed Insolvency Trustee do to help with my debt, you ask yourself…


We can give you direction.


Feeling lost is a normal thing to feel when creditors come knocking at your door or when your mailbox AND email inboxes are flooded with overdue statements. There is a way out of this situation you find yourself in and we can help you navigate. Our goal at Laura Gyldenbjerg and Associates is to help you regain control of your financial situation and life choices moving forward so you don’t find yourself in the same pit again! Allow us to evaluate the situation you are in, give you the personalized support you need, and get you out stronger than ever before.


We can enlighten you with options.


There are government-regulated insolvency or debt-related proceedings which allow you to be legally discharged from your debt. Doing this without professional guidance can be overwhelming. We can help lessen that burdensome feeling weighing you down. We have been in the industry for 26 years and during an appointment with you, we will find the best way to get you out of whatever financial difficulty you are in.


Making informed decisions and taking professional advice is the first step to tackling your financial problems head on, and we are here to help you find what works best for you. You go to a doctor when you’re sick; consider us the doctors who can help with your financial health status. May it be submitting a consumer proposal to your creditors, filing for bankruptcy, or another way we determine (together!) most suitable for you, our job is to efficiently help you handle debt and make sure you thoroughly understand these undertakings every step of the way.


We can take action––with and for you.


The importance of support cannot and must not be underestimated in times of financial trouble. We encourage you to be open to all forms of support you can get through trying times––may it be from friends and family or your trusted Licensed Insolvency Trustee. Just thinking about your debt/s and how to deal with it can really dampen your mood, and having a strong support system is essential.


We want to be part of your support system, and we can take on the professional facet of the matter at hand. May it be an individual debt problem or a larger business-scale concern, we got your back. Allow us to be your umbrella when the gray rain cloud of debt pours on you. Feel confident with the knowledge that a team of professionals are effectively handling your financial woes.


Creditors sending you follow ups and tracking you down can make you feel like never wanting to deal with the world again. We can take care of that. Licensed Insolvency Trustees can help with debt problems by dealing with your creditors for you. Furthermore, if you find yourself dealing with an unsecured creditor, you can rest assured that we’ll cover all bases to ensure they can no longer initiate and continue further collection of funds from you.


Breathe. Take a moment to acknowledge that there are ways out of debt and we can walk you through it. Don’t hesitate to book your appointment today and take that first step towards making better financial choices!


You deserve a second chance! The Laura G. debt free plan can help you gain control of your life’s choices and eliminate the harassment by creditors!

Here is an Overview of our Services, this is how we can help you be debt free!

Finding Personal and Financial Calm in this Global Storm

Finding Personal and Financial Calm in this Global Storm

Finding Personal and Financial Calm in this Global Storm. There are a lot of things we cannot control and the year 2020 has reminded everyone all over the world how at the end of the day, people are just people susceptible to disease, and defenseless against unknowns. Everything can change drastically in just one moment and when everyone is affected, getting back up can be a huge challenge.


I am Laura Gyldenbjerg, a Licensed Insolvency Trustee, and I can help you find some calm in this global storm. The whole situation is daunting and stressful. You have all the reason to feel worried about your future.


With over 26 years in the field and having helped over a thousand individuals, I can help you wade through the financial chaos and feelings of instability brought about by the changes caused by dealing with COVID-19.


First Things First


How is your health? You are always your best asset. If you are in great health, that in itself should be a source of gratitude and comfort. It can also be a motivating force to stay in shape.


Exercising might be the last thing you would like to do, but if you find yourself in a bit of a rut, it is scientifically proven how exercising releases endorphins which results in a positive change in your mood. Building up your health by avoiding stress encourages a stronger immune system to fight off viruses too!


Where do you stand? Identify how much savings you have and how far ahead you can last with it. Try to find comfort from knowing that you have your savings and your awareness to spend it wisely can help guide you in making the best decisions for you moving forward.


If you do not have savings to last a long time, check on your health insurance policies and remember that should a need for it arise, any form of help to take some expenses off your shoulders is a good thing.


What are your assets? Your house or apartment is a place where you can find safety. Your car is something that allows you to comfortably travel while minimizing the risks of exposure. It may also be an emergency source of funds if it must come to that.


Look at what you have and think of how fortunate you are with what assets you possess and are at your disposal.  Also consider the non-physical assets – your friends, family and people in your life who are there to help.


What’s the plan? This is a little harder to answer and it’s something we can help you clearly define. With the uncertainty clouding your thoughts and emotions getting in the way of logic, I can see your situation objectively allowing me to suggest a plan that would work best for where you currently stand and to achieve your goals.


When All Else Fails


If even after the above, you find yourself anxious of what the future brings, consider the Serenity Prayer which was written by the theologian Reinhold Niebhur. It is basically praying to be able to accept the things you cannot change, have courage to change the things you can, and have the wisdom to know the difference. Find a quiet moment in your day to internalize that not everything is within your control, and it is okay to sometimes let some of the fears go and ask for help.


My experiences have led me to this day to help you. I know what it’s like, taking a leap of faith as I did so back in 2008 to open my own firm.  Since then, I’ve realized that there are times when all we need is someone who can understand our problems to help us get our focus back and feel that we have control over our life. That’s what I’m here for. Remember that Laura can help!

Finding Personal and Financial Calm in this Global Storm is possible. Take the First Step To Becoming Debt Free today by booking an appointment. 

The Laura G. debt free plan can help you gain control of your life’s choices and eliminate the harassment by creditors.


Regaining Financial Footing During a Pandemic

Regaining Financial Footing During a Pandemic… COVID-19 has impacted the lives of millions. We still cannot ascertain the full impact of its effects physically, financially, and emotionally among others.

No one could have anticipated how it has shaken the world, but there are ways to address some of the unknown and the fear that comes with it.

I understand how frustrating it can get when stretching your money no longer seems to work to make ends meet. Setbacks are inevitable but it’s how you handle them that matters!

The first step to taking back control on your finances is making a conscious decision to take back that control.

As Tony Robbins said: “Where focus goes, energy flows.”

Instead of focusing on the negatives, keep your eyes on making the most positive outcome possible and keep a firm hold with your feet. Here are a few pointers to help you get back on track and put things into perspective.

·        Start by analyzing where you stand.

Some quick questions to ask yourself: How much savings do I have?

How long will it last?

What are my regular payables and how can I lessen the money spent on them?

Do I have creditors?

·        Identify your income sources.

Is it from your job, overtime pays, side hustles, government benefits…? Account for how much money you make and keep. One of the secrets a great number of wealthy people have in common is keeping close track of income and expenses.

Once you’ve identified your income sources, you may consider how to have vertical income sources or passive income sources to add to your cashflow.

·        Separate your wants and your needs and set a realistic budget.

It may seem like a basic thing to do, but when you get down to it, doing this helps you clearly identify exactly where your funds should go versus where it shouldn’t. Sticking to just buying your needs when in a financially unstable state helps your resources last longer.

·        List your regular and variable monthly expenses and review how to make potential savings.

Are there bundle services you can avail of?

Are there regular expenses which can be given up for the time being (subscriptions or other non-essential recurring payments)?

Is there something you often do which you can do less often in an effort to save?

·        Set short- and long-term goals.

Your goals may be on how much you’ll save or how much you’ll make, or something else entirely. But having a clear goal and plan to get to it helps add purpose to your actions. Again: Where focus goes, energy flows.

·        Identify seasonal expenses.

Accounting for these expenses early on can help you add them to your expenses to save for so you don’t get caught off guard when they come into view.

·        Look ahead.

When you’ve established some of your personal financial facts, consider what you can do to move forward. If you find that you are somehow overwhelmed by the figures or any other matter, consider getting professional help.

Watch out who you ask though, are they looking out for your best interest or just their fee, this one can be a bit tricky!

Remember that you are not alone. Sometimes, taking control of your finances requires a navigator (like me, a licensed insolvency trustee) to help identify your options, build a plan, and execute that plan.

The reassurance of trusting an expert can help you deal with the feelings of uncertainty that come with today’s global financial climate and ultimately regaining financial footing during a pandemic.

You deserve a second chance! The Laura G. debt free plan can help you gain control of your life’s choices and eliminate the harassment by creditors. If you are facing challenges that seem insurmountable, like bankruptcy, debt or a bad credit rating then we can help you regain control.



Welcome to the first step to becoming debt free!

Consumer Proposals | Consumer Bankruptcy | Budgeting

Contact us today: 905-777-7877 or

Voted Best Licensed Insolvency Trustee

Voted Best Licensed Insolvency Trustee , Credit Debt Counselling in the Hamilton Readers Choice Awards 2020. We at Laura Gyldenbjerg & Associates Inc. are thrilled to announce that, thanks to you, we have been voted Best Licensed Insolvency Trustee, Credit & Debt Counselling in the Hamilton Readers’ Choice Awards 2020.

Our team is humbled by this recognition — which only proves to us that the answer to tackling financial stress is through empathy and customized plans for each and every person that steps through our doors.

This is our fourth Diamond (#1) award from the Hamilton Readers’ Choice Awards and accompanies our Diamond Awards and Platinum awards for Bankruptcy, Credit & Debt Counselling, and Financial Advisor since 2016, and being named as the Top-Rated Trustee in Hamilton since 2017 by Three Best Rated.

In acknowledgement to these awards and public expectations, it is our promise to you that we will continue to help those handcuffed by financial stress by offering a space free from judgement and shame. You can read more about Laura Gyldenbjerg & Associates on our testimonials page. Getting lives back in order is first and foremost our top priority.

Take advantage of our award-winning services and book a no-obligation, judgment-free, no-cost consultation today.

You deserve a second chance! The Laura G. debt free plan can help you gain control of your life’s choices and eliminate the harassment by creditors. We have helped over 1000 individuals and families gain control of their life’s choices.

“Laura and Associates is a place where when you walk out of there you can finally breathe! They are down to earth great people that understand your situation and never judge but just wanna help. Thanks, guys!”


“Laura cares about people! She is very approachable, compassionate, empathetic insightful and professional. She is also a great advocator for her clients’ best interests. I highly recommend Laura to my friends and family.”

Take the First step to becoming debt free with the Laura G…!