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THE TEN TOP REASONS PEOPLE GO BANKRUPT

September 5, 2017

The top two may seem may seem obvious but as you dig behind the causes of those two situations you will find that many of the other causes interplay. In any event although listed numerically, except for the first two, these are not necessarily in prior order. 1. Low Income2. Excess of Debt3. Marital Breakdown […]

IS A PROPOSAL BETTER THAN A BANKRUPTCY?

September 5, 2017

The answer depends who you ask and for whose benefit. Many trustee firms prefer consumer proposals to bankruptcy filings as they tend to be less (cost and) labour intensive.  Proposals have the advantage to trustees of paying more fees over a longer period of time and the fees, unlike with bankruptcies, can be taken at […]

WHAT IS AN AVERAGE INCOME?

September 5, 2017

Statistics Canada compiles oddly confusing information that seems to suggest that average Canadian income levels are higher than they really are.  Part of the problem is that in their calculations they factor high income earners into the averages.    Of an estimated 25.5 million people – from the 2011 calculations – we find that the average […]

HAVE YOU EVER ASKED YOURSELF “WHY DID I SIGN THAT?”

September 5, 2017

I’ll bet that many people have, and usually right after something they co-signed for has gone awry.   Most people seem not to think of it this way – when they hear about loan refusals or people not qualifying for a mortgage and so on – but banks are in the business of lending money. Banks […]

Living without debt is possible

September 5, 2017

We just need to change our expectations Canadians, of all income levels, have developed an unprecedented dependency on debt. Contrary to widely held views, most people struggling with debt are middle and high-income earners. People with low or no income simply do not qualify for loans or credit cards. Interestingly, very few Canadians have a […]