Leamington
Whether you’re in a good financial place of in a state where you may need some professional debt relief help, the following bankruptcy-related terms are ones every Canadian should know and can help clarify any confusion. Here are the Top 6 Bankruptcy Terms Every Canadian Needs to Know: Bankruptcy If you are completely insolvent, a … Read more
A consumer proposal can be an extremely reliable way to help you clear some of your debts. In fact, it can provide relief for up to 80% of all your debt and the remaining 20% can be paid off over several years. So here are ten common questions that we get asked about consumer proposals … Read more
Did you know that the average Canadian household owes $1.78 for every dollar earned? Debts are rising in Canada, and more and more people are looking for solutions. There are several options when it comes to debt repayment, and reaching out and seeking help early can help to prevent debts from spiralling and save you … Read more
Personal insolvencies reached a 10-year high in Canada in 2019. If you’re considering filing for bankruptcy, one of the first steps is to meet with a Licensed Insolvency Trustee (LIT). A LIT will discuss your situation and circumstances with you, and they will ask you to disclose information about all the assets that belong to … Read more
If you’re married, and you’re thinking about filing for bankruptcy, it’s natural to have questions about how your financial situation will impact your partner. In 2019, there are over 14 million married people living in Canada. It’s understandable to assume that debts are shared when you say ‘I do,’ but this is not always the … Read more
Coping with an insolvency situation can be stressful, but when the process overlaps with family law issues such as a spousal claim, it’s important to understand how it interacts with things such as liability for equalization payments. So to help you out, we’ve put together this article that explains some of the concerns you should … Read more
Data suggests that around one in five people who file for bankruptcy or a consumer proposal are going through marital or relationship breakdown. Therefore, many want to know how these legal mechanisms deal with things like child and spousal support. Are Child And Spousal Support Discharged During Bankruptcy? Many people going through a separation or … 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
When you lose your spouse, the last things you want to have to worry about are debt or whether your matrimonial home will be taken from you. Spousal debt is a serious problem, and unfortunately, many seniors from the Baby Boomer generation don’t like to talk about their financial issues. Unfortunately, not talking about them … Read more
Finding yourself in debt can be scary, and bankruptcy is often the first word that pops into people’s minds when they think of ways to get out of that debt. In 2018 alone, 128,846 insolvencies (including bankruptcies) were filed with the Office of the Superintendent of Bankruptcy (OSB). That number was up over 2% from … Read more
What does it mean when bankruptcy rates drop, while consumer proposal filings rise? When people find themselves in significant debt, one of the first steps people take it to max out their credit cards, which causes higher monthly payments in which individuals are paying on the interest, and rarely pay down much of the principal. … Read more
A bankruptcy self diagnosis can help you understand if filing bankruptcy is right for you. Are you late to the bankruptcy party? More often than not, people who are in severe debt want to pay back their debt. It was never their true intention to simply purchase items with no repayment plan. Because of their … Read more
If you’ve recently gone through the process of establishing a consumer proposal via your Licensed Insolvency Trustee, you are likely in a much better financial position than you were previously. Whether the amount of debt you owe has decreased or the payment terms have been lengthened so you have more time to pay it back, … Read more
Until you accomplish something, the very idea of it can feel impossible. If you’ve ever trained for an athletic competition, whether it be running a 5K or a marathon or performing a backflip at a gymnasium, some days likely made you question why you were working towards the goal. After all, wasn’t it impossible? And … Read more
If you are looking to co-sign a loan with a family member or loved one, you should be aware that you may be held financially responsible in case the co-signer defaults on the loan, or can not make payments. Go with your instinct If your gut tells you that you son or daughter, or a … Read more
Why You Need to Beware of Preferential Payments If you are in a scenario where you owe your friends and family a great deal of money, the ideal solution is to sell some assets and pay them back, right? Well, maybe. However, what happens if you owe your friends and family upwards of tens of … Read more
Something all business owners should be aware of is how to protect themselves in a bankruptcy. It’s not always pleasant to consider that something terrible could befall your business and you could be in serious financial trouble, but in order to ensure you don’t lose everything you have worked hard for, knowing how to protect … Read more
It’s important to know that student loans are similar to any other kind of unsecured debt. They can easily be removed in a consumer proposal but there are rules that apply. When you look at the 178 (1) (G) section of the Bankruptcy Act, you will soon see that the debts listed below are not … Read more
For a lot of people, filing for bankruptcy is something that they do once in a lifetime. Unfortunately, though, sometimes things happen, and you may end up finding yourself facing financial hardship. 10% of people who file bankruptcy end up filing for a second time, and this can be devastating. Consequences of Filing More than … 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
