Insolvency Blog

Navigating Collections: A Comprehensive Guide to Dealing with Collection Agencies and Collectors Dealing with collection agencies and collectors can often be a daunting task. Their persistent calls and intimidating demeanor can be a source of stress for those who are already dealing with financial difficulties. However, understanding their role, knowing your rights, and learning effective … Read more

An In-depth Look at Receiverships in Canada: How Long Do They Last? Receivership is a legal process involving a third-party entity, aptly named a receiver, taking control of a company’s assets and operations in order to repay outstanding debts. This article delves into the intricacies of receiverships in Canada, with a special focus on their … Read more

Gaining Clarity on Insolvency: How to Recognize Your Financial State Understanding your financial position is crucial when navigating through the economic maze of life. It’s especially vital when faced with the question, “How do you know if you’re insolvent?” Insolvency is a state of financial distress that can leave you feeling overwhelmed and uncertain of … Read more

Understanding the Intricacies of Funds Held In Trust Trust funds are a significant aspect of financial planning and asset protection. However, they are often misunderstood. This article aims to demystify the concept of Funds Held In Trust and shed light on its various aspects. 1. The Definition of Trust Funds Trust funds, also known as … Read more

Unearthing Superior Debt Assistance Alternatives to Going Bankrupt in Canada Are you grappling with the burdens of financial distress and seeking superior debt assistance alternatives to insolvency in Canada? Before you consider declaring bankruptcy in Canada, it’s crucial to explore various measures you can adopt to navigate this financial maze. Superior Debt Assistance Alternatives to … Read more

Understanding Joint Debts & Insolvency Managing finances is an integral part of any relationship, and understanding the specifics of joint debts is crucial in maintaining financial stability. This article presents a thorough guide to joint debts, helping you to navigate the complex world of shared financial responsibilities. Understanding Joint Debts Joint debts are financial obligations … Read more

Are you getting hounded day and night by debt collectors, even though you’re trying your hardest to pay back your creditors? If so, you may be looking for any and every way to get the debt collectors to stop harassing you. Below are several methods that can help you stop these anxiety-inducing tactics. Read on … Read more

Credit card debt is a big problem for Canadians, in general. In fact, as of 2020, Canadians carried about $80,000,000,000 in credit card debt. With so many people struggling to pay their bills, it’s not surprising that living in overdraft is becoming more common. Overdraft occurs when your bank allows you to spend more money … Read more

Debt levels are now at a record high, but it looks like things are going to be looking up for Canadians. Credit ratings do vary on average but when you study the data, you will soon see that the majority of Canadians are now able to manage their debt very well. 71% of Canadians have … Read more

Canada’s national debt statistics are, to be frank, quite shocking. Believe it or not, the average Canadian household is paying off almost $21,000 in non-mortgage debt. What’s more, almost 15% of their household income is spent on repaying those debts. Nearly half of which (7.1%) is wasted on paying interest to creditors. How did we … Read more

Money can be a very touchy subject in relationships. People work hard for the money they earn and as such like to have control over how they spend it. When debt enters the equation, many couples feel a host of other emotions too, such as shame and guilt, which only add to their stresses and … Read more

If you owe money to someone, be they a credit card company, loan provider or individual, then they are what is known as a creditor. Being in debt and unable to pay back what you owe to your creditors can be a very uncomfortable situation which will only get worse as time goes by, so … Read more

We all love a good bargain. But when we struggle to resist one, it can have lasting consequences for our finances. All too often we treat shopping as a hobby. Or, worse still, a form of therapy to cheer us up when we feel depressed. According to a study by the Bank of Montreal, 59% … Read more

Do you ever look at your bank statements and wonder “Just how the heck did that happen?” It’s rarely because we’ve made too many lavish and ostentatious purchases. It’s because we’ve lost track of the little things that eat into our cash flow, and make a big difference by the end of the month. Every … Read more

Let’s face it – no one wants to be in debt. But, like any other issue in life, ignoring your debt doesn’t make it go away. In fact, in many cases, it will make it worse. Your bills won’t automatically pay themselves, and interest rates will cause your debt to increase regularly. First, understand that … Read more

As of 2019, Canadians had racked up over $100 billion in credit card debt for the first time ever. While that can feel like a shocking statistic, there are many different reasons people go into debt, whether it’s from credit card usage, mortgages, or student loans. Now, more than ever, going into debt is “common”. … Read more

If you’re in any kind of financial trouble, one of the most important things to remember is that you’re not alone. In fact, almost 15% of the average Canadian household income is currently going toward debt payments. But, that may not necessarily make you feel better if you’re struggling with your own debt or you’re … Read more

We live in a society where the study of home economics has been pushed away. In fact, “home ec” has been viewed as a stereotype for many years, and it’s often part of the Canadian curriculum the way it once was. In fact, where home economics is still taught, it is now called Family and … Read more

Statistics suggest that there are over 2.68 million divorced people in Canada. Breaking up with a spouse can be emotionally draining and distressing, but divorce is also a common cause of financial worries. The process of divorcing a partner can be very expensive, and it can be made more complex by shared assets and debts. … Read more