519-646-2222Blog Articles
Joint corporate and personal bankruptcies
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 […]
Read moreBankrupts can leave the country
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 […]
Read moreLooking for a job
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. […]
Read moreDeceased bankrupts (dead people can go bankrupt)
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 […]
Read moreWhat are my options?
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 […]
Read moreThe Stock Market is up and down
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 […]
Read moreStaying in debt is not a solution
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 […]
Read moreMortgages in arrears
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 […]
Read moreGet out of debt free card
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 […]
Read moreHow to get rich in a hurry
It’s true, no one ever got rich by paying interest, in fact, no one ever got rich by working hard either. Seems that the easiest way to get rich is to be born into money, next is to find some form of exploitation such as charging people large amounts of money for a service or […]
Read moreFurniture as security
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. […]
Read moreDoes your budget look like this?
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 […]
Read moreHow to reduce your debts
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 […]
Read moreFamily support arrears
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 […]
Read moreDebt Management Program or Proposal
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 […]
Read moreJoint Bankruptcies and Proposals
The Bankruptcy & Insolvency Act has provisions that allow for both joint bankruptcy and joint proposal filings. The filings can be between individuals who are related and financially codependent or individuals who are conjoined only by the debts they owe. Interestingly the Act does not prescribe a limit to how many people can be considered […]
Read moreCredit Re-Builder Programme
Call to learn more about our new credit re-builder programme and get your new year off to a good start. We will help you through all the steps necessary to re-establish credit and get yourself back on target for living within your means. Whether you have filed a bankruptcy or a proposal or simply need […]
Read moreUnderstanding Surplus Income and Bankruptcy
The Bankruptcy and Insolvency Act has a provision (under Section 68) requiring that individuals who make more money than the Government’s Low Income Cut Off (“LICO”) should pay half of that extra or “surplus” for an additional period of twelve months. If that thought seems a bit overwhelming it is not surprising, the whole surplus […]
Read moreRe-establishing credit during a bankruptcy
Yes, you can re-establish credit even though you are currently in a bankruptcy or a proposal. There is nothing under law that prohibits you from obtaining credit while going through a bankruptcy. Section 199 (b) of the Bankruptcy & Insolvency Act requires that you notify the lender you are an undischarged bankrupt if you are […]
Read moreDebt Solution – Your Resolution
Make your resolution a debt solution for 2018. This is the season we all make new year’s resolutions, usually for health and fitness. Gym memberships are up and everyone starts out with the very best of intentions. By summertime, that new trim bikini-bod will shaping up nicely – or so we hope. Sadly, for most […]
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