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DIVORCE AND BANKRUPTCY

September 5, 2017

What happens when people go bankrupt in the middle of a marital separation or divorce? Bankruptcy and divorce do make for complicated bedfellows. Equalization: Family lawyers seek to equalize the value of family property during a divorce or separation proceeding.  The idea is that each party leaves the marriage with an equal value of family […]

Who does your LIT (Licensed Insolvency Trustee) work for?

September 5, 2017

We have discussed this issue in the past but it is worth reiterating. To be fair the workplace for Licensed Insolvency Trustees is a complex place and many LITs get confused about who really is the client. At times Trustees are engaged to work for secured creditors and some dos most of their work in […]

ADVANTAGES & DISADVANTAGES OF A CONSUMER PROPOSAL

September 5, 2017

Consumer proposals like bankruptcies are no panacea – they have pros and cons. PROS: A consumer proposal is filed under a piece of legislation called the Bankruptcy & Insolvency Act.  Only a licensed trustee in bankruptcy (often referred to as “an officer of the court” by debt consultants who are trying to hide the fact […]

UTILITY BILLS AND MORTGAGES

September 5, 2017

Ontarians enjoy, amongst many other benefits, the highest electricity bills in Canada.  Today we heard that we can brace ourselves for an increase of 40% in natural gas costs as well as a further $17.00 per month charge to the gas company. Did anyone ask themselves what the variable costs are that justify the increased […]

HOW MUCH DEBT IS TOO MUCH DEBT?

September 5, 2017

We might also ask, “where do these numbers come from?” The information in this blog comes from news reports on CBC online news media. Before getting into the meat of the subject let’s look at the numbers: Apparently Canadian consumers owe $1.92 trillion in debt. Canadians, on average, owe 1.65 times annual, gross, income in […]

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