013: Rebecca Frederick Dispells The Myths Of Bankruptcy
Lisa Last talks with Rebecca Frederick, a Licensed Insolvency Trustee with Frederick & Company LLP.
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Introduction
Rebecca Frederick is a Licensed Insolvency Trustee that’s been working in insolvency for over fifteen years. Motivated by her desire to help clients overcome their financial difficulties within a supportive, education-based process, she started Frederick & Company Ltd.
Frederick & Company Ltd. helps people move from financial distress to financial success, by explaining people’s options in the clearest terms possible, and empowering them to make informed decisions about their financial futures.
Lisa and Rebecca dispel some of the myths surrounding bankruptcy.
Key Points and Questions
[spp-timestamp time=”0:55″] What are some of the most common myths that scare people from coming to talk to you?
[spp-timestamp time=”2:30″] ‘Necessary’ assets are considered exempt during a bankruptcy, but there is a value limitation on these assets.
[spp-timestamp time=”3:25″] If someone has $30,000 in debt, and has a car worth $8000 (with the value limitation being $5000), this would mean $3000 is up for grabs by the creditor.
[spp-timestamp time=”4:15″] There is a note on your account after a bankruptcy that lasts for 6 years, or 14 years after a 2nd bankruptcy. This note does not mean you can’t get credit.
[spp-timestamp time=”5:00″] If you work hard on building your credit again after a bankruptcy, you can be back on track within 2 years.
[spp-timestamp time=”6:08″] You have to feel comfortable with who you are dealing with.
[spp-timestamp time=”7:08″] RRSP and RESP are protected to an unlimited amount.
Contact Rebecca
Web: fcdebtfree.ca
Phone: (587) 269-3009
E-mail: Rebecca@frederickandcompany.ca