Blog Articles

• Insolvency News

Are you confused about when to use receivership versus bankruptcy? The media sometimes uses the terms interchangeably but they mean quite different things and are used for divergent reasons. A receivership is used by secured creditors and a bankruptcy is for unsecured creditors. A receiver is appointed either by the court or by an instrument […]

• Insolvency News

Self-liquidation is becoming a major problem for Canadians. Far too many consumers sell off their RSPs and take unnecessary loans against insurance policies to deal with debt problems. Such measures should be last resorts, even behind filing a bankruptcy. Many assets are exempt from seizure or sale by a bankruptcy trustee (Licensed Insolvency Trustee). You […]

• Insolvency News

The definition of a person in the Bankruptcy & Insolvency Act includes a “a corporation” and the Act contemplates the filing of joint files for both bankruptcies and proposals. So, there is no reason why a joint corporate and personal bankruptcy, or proposal, cannot be filed. There may be issues with joint files, imposed by […]

• Insolvency News

We are sometimes asked if bankrupts can leave the country, and the answer is yes. Now, it is important to recognize the difference between leaving the country and fleeing the country. If someone files for bankruptcy then skips out of the country taking assets and leaving no contact information they may have committed an offence […]

• Tips for Money Management

Are you looking for a job?  What sector are you looking in?  How much money do you need to earn to maintain your lifestyle?  How much can you anticipate your income changing relative to living costs? These are all important questions for people of all ages, especially those completing college and university educations, to contemplate.  […]

• Tips for Money Management

Yes, dead people can go bankrupt. A deceased person may be assigned into bankruptcy either by the estate executor/trustee with the blessing of the court or by a creditor petitioning the estate into bankruptcy. Of course, another scenario is that a person might die after filing an assignment into bankruptcy. Section 136 of the Bankruptcy […]

• Something to Think About

If you are in debt over your head, you may very well be asking “what are my options?”. There are four possibilities that we will consider in this article. 1. Pay my creditors as they become due; 2. Consolidate into a mortgage; 3. File a proposal; and 4. File a bankruptcy For each scenario we […]

• Tips for Money Management

Sure, the stock market does that, sometimes it’s up and sometimes it’s down, that’s called fluctuation. The market is always fluctuating, but consumer debts don’t tend to do that. Consumer debt loads have been increasing year over year for decades with no sign of abatement. In fact, the average Canadian consumer is paying about $900.00 […]

• Something to Think About

Although bankers seem bent on creating perpetual consumer debt, staying in debt is not a solution that works for consumers. Have you ever looked a credit card statement with a balance of $5,600 and an interest rate of 17% and wondered why your minimum required monthly payment is only $10? I shake my head every […]

• Insolvency News

Across Canada there are 11,249 Bank issued mortgages in arrears. Saskatchewan leads the pack with a .75% delinquency rate, while Ontarians are most up to date on their payments with a .09% delinquency rate. Many more Canadians have private mortgages than in the past, and those mortgages do not appear in these statistics. Nonetheless, it remains […]

• Something to Think About

Sadly, perhaps, there is no get out of debt free card. Getting out of debt can be relatively cheap with a bankruptcy costing little more than a thousand dollars but allowing a debtor to divest him/herself of potentially millions of dollars of debts. But there is always a monitoring throughout the process and certain duties […]