Leamington
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
Bankruptcy is not a rare option for many Canadians seeking a way out of their financial hell. Did you know that two in every thousand people in the country filed for bankruptcy in 2019 alone? Filing for bankruptcy is a big decision, and there are lots of variables and factors to consider before going ahead … Read more
In 2019, just under three out of every 1,000 Canadians decided to file a consumer proposal. The government’s Office of the Superintendent of Bankruptcy also reported that consumer proposals were more prevalent than bankruptcies, making them a popular choice. When people look at filing a consumer proposal, one of the most common questions is whether … Read more
A brief introduction to consumer proposals Consumer proposals are legally binding agreements between a debtor and their creditors. The idea is to put forward a solution that is mutually beneficial for both parties. Consumer proposals are an attractive alternative for people who may be thinking about filing for bankruptcy because they enable you to keep … Read more
Consumer insolvencies in Canada increased by 9.8% in the 12-month period leading up to January 2020. If you’re thinking about filing for bankruptcy, it’s critical to understand what the process entails and which debts can and cannot be discharged. In this article, we’ll look at 5 debts that cannot be included. Need Help Reviewing Your … Read more
In October 2019, personal insolvencies in Canada hit a 10-year high. With financial pressures increasing and more and more people worrying about money, it’s likely that bankruptcies and consumer proposals will become more commonplace in the future. If you’re considering filing for bankruptcy, it’s important to be aware of common terms and phrases. Need Help … 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
Filing for bankruptcy can be daunting enough without the added anxiety of thinking about going to court. An Ipsos survey suggests that around half of Canadians fear that they are on the brink of insolvency. Some people who are considering bankruptcy may assume that they have to appear in court, but in the majority of … Read more
Why Going Bankrupt or Making a Proposal to Your Creditors is NOT an Admission of Failure! If you’re finding it difficult to keep up with bills and you’re behind with your rent or mortgage, you might feel as though you have failed. It can be incredibly distressing to reach a point where you get anxious … Read more
Many of us look forward to the day we can down tools and enjoy a well-earned break after decades of hard work. The trouble is that a growing number of Canadians are facing financial pressures in later life. Rather than making the most of the golden years of retirement, many are facing bankruptcy. According to … Read more
What does realizing and distributing assets actually mean? In January 2020, the number of insolvencies in Canada was 10.7% higher than in January 2019. When you file for bankruptcy in Canada, you appoint a Licensed Insolvency Trustee (LIT) to act on your behalf. One of the primary roles of the LIT is to realize and … Read more
Millennials tend to wait longer to buy their first home. Therefore, it’s not uncommon for them to rent out properties for longer. However, Millennials who struggle with debt have other considerations. They don’t think about buying a home. Instead, they hope to be able to pay the rent at the end of the month. When … Read more
By definition, wage garnishment is used by creditors to recover the money they are owed – either partially or completely. Typically, creditors will need to take you to court to obtain legal authorization, called a garnishment order. However, if you have filed a voluntary wage assignment form, you have already agreed that this creditor can … Read more
We appreciate that when your debt situation becomes overwhelming, it can be difficult to ask for help. Many of our first-time clients admit that they intentionally delay making their first meeting with a Licensed Insolvency Trustee. They are nervous about what could happen. At Bankruptcy Canada, our trustees are here to help you regain control … Read more
For a lot of clients, filing for bankruptcy is a delicate decision. However, when the decision is taken, our clients expect debt forgiveness. They understand that the bankruptcy process is short. It can be as quick as 9 months, at the end of which, the debt is officially discharged and forgiveness. However, sometimes, the situation … Read more
When they arrange for a first consultation, most of our clients don’t realize that Licensed Insolvency Trustees don’t just administer bankruptcies. Our expert trustees can help with a variety of debt management and relief solutions. One of those, the consumer proposal, is often misunderstood. A consumer proposal can provide an effective strategy to get rid … Read more
The number of seniors facing debts is increasing dramatically. According to a study done by Statistic Canada between 2012 and 2015, one in 5 seniors in Canada struggle with debt. It’s an increase of 40% compared to the financial situation of seniors 15 years ago. Seniors, nowadays, are saving less and spending more. Many rely … Read more
A consumer proposal can be an effective way to resolve debt problems but it’s important to understand how the process works. There are many elements to making a consumer proposal, so you’ll want to find out exactly what’s involved before you decide to take any action. When you’re considering whether or not a consumer proposal … Read more
Every adult in Canada has a credit file, regardless of whether you currently have any credit or not. When you apply for credit, such as a loan, companies will check your credit file to determine whether or not you are perceived as a low-risk applicant. The better your credit rating is, the more likely you … Read more
