519-646-2222Category: Insolvency News
Malfeasance in banking – is that news?
There are many instances of numbers being “fudged” to facilitate lending at banks around the world. While it is the RBS that is currently in the news, Canadian bankers are not exempt from bad behaviour. That behaviour can range from utilising inflated house appraisals to fudging other information to qualify borrowers for credit cards and […]
Read moreHow many times can someone go bankrupt:
There are no set limits on how many times an individual can file for bankruptcy. However, the outcome on application for discharge may be different for each subsequent bankruptcy. A first or second time bankrupt is usually entitled to an automatic discharge. A person filing for three or more times will be required to attend in […]
Read moreWHAT DOES A BLADE OF GRASS HAVE TO DO WITH ELEPHANT TESTICLES?
If you have watched the movie “JFK” you might recall Kevin Costner explaining the “magic bullet theory”. This was the official notion that one bullet was able to completely switch direction several times. Anyway part of his explanation about statistics went something like this: “Using the right statistics, you can make an elephant dangle over […]
Read more407 ETR ISSUES CONTINUE FOR BANKRUPTCIES AND PROPOSALS
In the face of the Supreme Court ruling the 407 ETR is closely reviewing its options. As at this writing the 407 ETR position remains unclear as their legal team is reviewing how individuals making proposals and bankruptcies will be treated. It appears that there is some clarity for bankrupts who have been discharged from […]
Read moreIs a good credit report really important?
Credit can be good or bad. Let’s take a few minutes to think about the reasons why a good credit report is important. If we want to purchase something we can’t afford we will need to borrow money (go into debt) to be able to afford it. Of course to be able to borrow money […]
Read moreHOMESTEAD EXEMPTION IN ONTARIO
Keep your house when you go bankrupt. Whether or not a home owner could keep his/her house when considering bankruptcy has always been a major concern for Ontarians. Unlike some other provinces the Ontario Execution Act has never provided a homestead exemption. This is important because the spirit of our insolvency legislation is to provide […]
Read moreHOW MANY PEOPLE HAVE GONE BANKRUPT
Last year about 123,000 Canadians filed an insolvency proceeding. Those statistics have been significantly higher in the past decade, but if we estimated on the assumption that the number has remained constant – we would have seen about 1,260,000 people file some form of insolvency proceeding during the past decade or about 2,520,000 during the […]
Read more1-800-Bankruptcy Firms
Keeping it local can have many benefits There are many sharks in the debt relief pool some are legitimate and some aren’t. If you are dealing with a Licensed Insolvency Trustee you can take comfort in the fact that they are legitimately licensed by the federal government to help you find viable solutions to your […]
Read moreTHIS MAY SOUND FAMILIAR
It may not be exactly reflective of your situation but you’ll get the picture. You moved from a larger city to the mid sized community of London Ontario for a better job and a more relaxed lifestyle. When you sold your house you realized enough profit to put a good downpayment on your new home. […]
Read moreWILL YOU BE IN DEBT WHEN YOU RETIRE?
Getting out of debt needs to be a priority for all Canadians – and here is why! According to a recent report by Manulife Financial more than half of Canadians anticipate carrying debt into retirement. Many plan to continue work as long as they can in order to pay off debt. Interestingly, and perhaps ironically, […]
Read moreWHY DO YOU BORROW MONEY?
The idea of borrowing money is to provide a stop-gap measure that facilitates a specific purchase or a bridge over a financially troubled time. Unfortunately more and more consumers are using borrowed money to cover basic living expenses.During the past four decades average Canadian family incomes have been in steady decline in spite of the […]
Read moreInsolvency Statistics
During 2012 about 47,381 individuals living in Ontario, got out of debt through a licensed trustee in bankruptcy. Of that number 24,145 filed Consumer Proposals, and 23,236 more filed for Bankruptcy. The picture across Canada was very similar; a total of 118,398 individuals filed for assistance through a trustee in bankruptcy, 71,495 of them made assignments into Bankruptcy and […]
Read moreSO YOU HAVE A HELOC (HOME EQUITY LINE OF CREDIT):
Banks love HELOCs because they bind you, the consumer, to (them) one institution for a long term. You cannot shop for better rates until the term of your mortgage is up. Here’s how it works – imagine you have a house valued at $250,000.00 and you are in the process of renewing a mortgage for let’s […]
Read moreHow much longer will mortgage interest rates remain low?
Let’s start this discussion with the usual disclaimers – I am not an economist and the opinions expressed are personal and may not be shared by others who are far more knowledgeable about this stuff than this writer. However, I have had a lot of conversations with people about how long mortgage rates will stay […]
Read moreHow to improve your credit score
Yes, you can improve your credit score – here are some simple tips Do not max out your available credit Make more than minimum monthly payments on your revolving debts Be aware of your debt service ratio and stay under your upper threshold Do not use high risk lenders such as payday loan companies or […]
Read moreBANKRUPTCY MAY BE A GREAT DEBT STRATEGY
Here’s how it works: You start out with a few credit cards and use them frequently being sure to make minimum monthly payments on time. Run up those credit cards to close to their limits and the credit card companies will increase your limits – the fact that you don’t make enough money to be […]
Read moreWhy Canadians are dependent on credit
It is no mystery – statistics can help unravel the causes. Between 1950 and 1975 Canadian family incomes rose exponentially. In fact, wages grew by about 1,000% while the cost of living only rose by about 375%. This was the first (and only) time in the history of capitalism when men dominated the workforce. It […]
Read moreMortgage rates are going up again
Canadian banks are increasing interest rates on consumer mortgages, again. The increase shouldn’t send shockwaves through economic markets but they do signal several points of contemplation. On one hand banks are looking to increase margins and faced with a nearly saturated credit market and a shrinking demographic there are less opportunities to entice new borrowers. […]
Read moreTHE ECONOMY AND CONSUMER DEBT
Interesting economic data is available from Statistics Canada – let’s have some fun and imagine how much better off we were 45 years ago. In 1970 approximately 30% of women were employed on a full time basis by 2015 that percentage has increased to about 68%. What we can reasonably conclude from that is that […]
Read moreMORE THAN 50% OF ADULT CANADIANS ARE AGED OVER 50
In fact about 14,000,000 Canadians are aged over 50 so should we be surprised that more of them are insolvent? It should come as no surprise that seniors represent the largest population demographic having financial problems. After all with 14 million people aged over 50 out of a population of 33 million there are far […]
Read more