Leamington
What are the rules surrounding child support and bankruptcy in Canada? Specifically, what happens if you are paying child support and you choose to go bankrupt? Some people assume that these support payments are wiped out during bankruptcy, but that’s not the case. Allow us to explain exactly what happens and what you can do … Read more
Nothing in this life is more important than your health. Unfortunately, medical treatments often result in serious financial repercussions for the patient. Therefore, if you’re about to undergo surgery or a rehab process, you must be prepared to deal with medical debt. Whether it’s pre-treatment planning or post-treatment financial management, BankruptcyCanada can help put your … Read more
A small percentage of people tend to get on with what they need to get on with and don’t give it a second thought. Most people procrastinate. The reasons for one person’s procrastination may not match another person’s reasons. One person may be doing it as they fear they will fail, another might do it … Read more
If you no longer live in Canada, you might still have debts in the country. You’re living and perhaps working elsewhere, but you still have a responsibility to pay the debts that you accumulated while living in Canada. Whether or not you are planning to return to Canada, you will likely want to resolve your … Read more
Does age make a difference when it comes to debt? It turns out that seniors are particularly prone to experiencing insolvency and bankruptcy. In 2016, the number of senior Canadian families with debt was 42%, a large increase from 27% in 1999. The median amount of debt per household in 2016 was $25,000, compared to … Read more
Just like with any other topic, there are many myths about debt and debt solutions. It’s not always easy to know what’s true and what’s false, and you can end up getting confused or even falling for some untruths. It’s important to know facts from fiction if you are thinking about borrowing money or you … Read more
Holding both debts and investments at the same time can feel like something of a conundrum. When you have money tied up in investments and debts that you need to pay off, it might seem silly not to use the money you already have to pay off what you owe. However, doing this is unlikely … Read more
Payday loans might seem like a quick and convenient way to get money when you need it. You might take out a payday loan to cover essential expenses, such as groceries, or even to cover payment for another debt. Of course, you intend to pay it back as soon as possible, but you can end … Read more
Filing for bankruptcy is usually a last resort when you are struggling with debt. Although bankruptcy can give you a clean financial slate, it’s necessary to consider what other options are available before deciding to take the step to file bankruptcy. If you want to avoid bankruptcy, there are things that you can do to … Read more
For many Canadians, giving to charitable causes is an incredibly common thing. This is especially true around the holiday seasons when we’re feeling particularly generous. However, when it comes to setting priorities, it’s unlikely that people will donate to charity when they’re struggling to get a grip of their own financial situation. In a situation … 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
Credit Cards, when used correctly, can be very useful. They can help you out of a financially tight spot while you’re waiting for payday. They can afford you all kinds of cool benefits and rewards. And if you pay off your balance in full every month, you won’t incur a penny in interest. But let’s … Read more
Many people avoid bankruptcy for as long as they can because they worry that it will put their assets (like their home) or income at risk. The truth, however, is that filing does the precise opposite. In Canada, bankruptcy is a tool you can use to maintain your wealth and continue living where you are, … Read more
While money can’t buy true, lasting happiness, there’s one thing that can get in the way of that happiness: debt. Having debt can feel paralysing, especially when you have letters coming through the door all the time, followed up with harassing phone calls. Many people get anxiety as they just don’t know what steps to … Read more
There are thousands of Canadians that find themselves in a difficult financial situation, unable to pay their debts. It’s far more common than people realize because the economy is struggling and the cost of living is on the rise. When your finances are stretched, borrowing is often the only option and this can quickly lead … Read more
So many people with high credit card debts don’t realize how dangerous their situation is because they can still meet the monthly payments. They assume that, as long as they are able to pay, they are not in trouble. However, a change in income or an unexpected bill can mean that you are suddenly unable … Read more
We all like to think that we have job security but the reality is, there is always the chance that your employer could file for bankruptcy. Even if you have been with the company for a long time and you are an asset to the business, you are still vulnerable if the company is in … Read more
What is a Licensed Insolvency Trustee? A Licensed Insolvency Trustee, also known as a LIT, is a professional who specialises in providing advice and working with individuals or companies that are struggling to pay off debts. Licensed Insolvency Trustees are federally-regulated, and they help people to explore options and make well-informed decisions to get out … Read more
Did you know that over 40% of Canadians experience poor mental health as a result of financial troubles? If you’re worried about money, you’re not alone. With debt levels rising, more and more people are struggling to cope with the negative impact of trying to make ends meet. What you need to know about … Read more
What is a debt service ratio? For the vast majority of Canadians, a mortgage is the most significant debt they will take on in their lifetimes. When you buy a new home, you agree to pay back a large amount of money, usually over a prolonged period of time. For lenders, mortgages are a substantial … Read more
