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Furniture as security

January 18, 2018

We sometimes get asked: if furniture can be used as security for debts; and, if the debtor goes bankrupt does the creditor have a right to pick up the stuff? The answer, generally, depends on the nature of the loan and if or not the creditor took the steps necessary to register a security interest. […]

Does your budget look like this?

January 17, 2018

Does your budget look like this? We constructed a budget using the Canadian Median Income for 2015 from Statistics Canada and after deducting taxes using the CRA payroll deductions calculator. We then found the average rent for a one-bedroom unit in the City of London and calculated some simple living expenses – as you can […]

How to reduce your debts

January 16, 2018

CBC News is reporting that more Canadians than ever are worrying about their debts. The best way to reduce your debts is always to simply pay them off, but that is not easy for most people. Take a strategic approach to debt reduction by starting with a self analysis of budgetary wants and needs. Determine […]

Family support arrears

January 15, 2018

You cannot go bankrupt on family support payments – but if you do owe support arrears for either alimony or child support the claimant (spouse or child) may claim the arrears for the year before the date of bankruptcy, plus any lump sum amount payable, as a priority over most other creditors. Confused? Section 136 […]

Debt Management Program or Proposal

January 11, 2018

Debt Management Programs are offered by non-profit Credit Counsellors while only Licensed Insolvency Trustees can file Consumer Proposals. There are advantages and disadvantages to each option. In this blog we will discuss the differences and how each works. The parties: A Debt Management Program (“DMP”) is a voluntary arrangement between you and some of your […]

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