Filing Bankruptcy in Canada

Length of a 2nd Bankruptcy According to bankruptcy regulations in Canada, the shortest time for an initial bankruptcy is a period of nine months. For second bankruptcy occurrences, the timeline is far longer and lasts for at least two years. In the event that you have supplemental revenue, the bankruptcy can extend for another twelve … Read more

What To Consider Before Making The Leap You’ve got a mountain of debt, perhaps because you’re simply being too free with your credit cards, or travelling more often than your budget truly allows, or opening your wallet every time the kids need help. Whatever the reason, debt has a way of mounting up quickly and … Read more

One thing is certain about debt. Even if you ignore it, the debt will not go away. The only responsible thing to do is find a reasonable way to manage your debt so it doesn’t overcome your finances. The best way to do this is with continual assessments of your financial wellbeing. Basically, if you … Read more

What Age Can I File For Bankruptcy? Regardless of age, financial issues are a common concern. Individuals as young as 18 can be subject to bankruptcy under Canadian law. Though the financial decision of bankruptcy is common amongst all age groups, generally younger individuals have less opportunity to accrue financial experience, and are therefore more … Read more

Essentially, the term insolvency refers to the inability to pay debt. This means that as your bills become due and payable, you lack the funds to pay the amount owing. Businesses are also subject to being insolvent. In these situations, it means that your company is no longer capable of paying out debts per the … Read more

Your Spouse Is Filing For Bankruptcy Sometimes couples face a dilemma when one spouse is struggling financially, but the other is steady, or even flourishing. If the spouse in trouble decides to file for bankruptcy, the other panics, wondering if and when their credit rating will be ruined, or whether their assets might be seized, … Read more

In October 2019, Canadians filed the highest number of personal insolvencies in a decade, including both bankruptcies and proposals. Consumers file for bankruptcy for a number of reasons, allowing them to clear their unsecured debts. Canadians from every walk of life may consider bankruptcy to help them out of a difficult financial situation, but it’s … Read more

We grow up listening to myths and legends. While stories and tales can captivate our imagination, financial myths and misconceptions are a very different proposition. Money myths can cause confusion and they may also result in making poor decisions. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation … Read more

Many of us will spend hours reading reviews and comparing products online when we shop for electrical items or home appliances, but when it comes to mortgages and credit cards, we can be too spontaneous. While over 80% of people now read online reviews before purchasing products, consumers may not be aware that it’s possible … Read more

Statistics show that consumer debt is increasing in Canada. While many people are able to keep up with mortgage, rent and credit card payments, some find themselves in a situation where they can’t cover costs. If you’re finding it tough to make ends meet, and you’ve missed repayments or bills, you could start receiving calls … Read more

A recent survey suggested that two in five Canadians believe they will never be free from debt. The vast majority of people owe money, but there are very different levels of borrowing, and people react differently to being in a potentially sticky financial situation. There is no universal solution for getting out of debt, but … Read more

Like the vast majority of countries in the western world, Canada is fast on its way to a debt crisis. In the fifty-three years since Statistics Canada began tracking the issue, debt problems have increased every year bar one. And, after further debt increases in the fourth quarter of 2019, the average Canadian household faces … Read more

Bankruptcy might seem like a dirty word but, for many Canadians, it can be the best-case scenario. After all, unlike debt solutions with high interest and ongoing terms, bankruptcy is a fresh financial start. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation It … Read more

o doubt that being organized with money and finances can make a difference. The short answer to whether money organization really matters is yes. However, getting organized with your finances is a vast topic that covers more than paying your bills when they are due and making an income. Indeed, without proper organization, you can’t … Read more

Sometimes, the only option you have is to file for bankruptcy and clear unsecured debts. While it may not be ideal, it is an excellent way to wipe the slate clean and offer breathing space. Thankfully, it’s also an easy process that’s relatively quick and straightforward to understand. Need Help Reviewing Your Financial Situation? Contact … Read more

Student loan debt doesn’t discriminate. Federal student loan debt is as high as $18 million, and the average person leaves college with arrears of $20,000 to $30,000. If you think this won’t happen to you because you will do things’ properly,’ you could be mistaken. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee … Read more

How much do you know about your credit rating? It pays to know because it can make all the difference to you when you’re applying for new sources of credit or when you’re applying for a mortgage. If you have a good credit rating, the lender will look upon you favorably. If you have a … Read more

Many of us own at least one credit card. In fact, according to statistics, the average Canadian owns at least two. But while there are advantages to owning credit cards – we can build up our credit rating and earn points for travel, etc. – there are also dangers attached to them. In some cases, … Read more