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Category: Insolvency News

Understanding Surplus Income and Bankruptcy

January 8, 2018

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 […]

Re-establishing credit during a bankruptcy

January 3, 2018

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 […]

Congratulations on your record debt

December 13, 2017

That’s right congratulations Canadians for running up record debts for yet another year. There has not been a single year since 1977 when Canadians charged less than the preceding year on credit cards, according to the Canadian Bankers Association In 1977 there were some 8,200,000 bank issued credit cards in circulation in Canada. Of course, […]

A brief history of credit cards

December 4, 2017

We have spoken about the phenomenon of credit cards several times in other blogs but this article from the BBC speaks very succinctly to the history of credit cards and how we have become so indebted. Credit cards are the most popular and convenient form of credit on the market. In many circles they are […]

Fourth Time Bankruptcy

November 9, 2017

We were recently in court for discharge hearings for a fourth time bankrupt as well as two third time filers. The court is empowered to refuse to discharge repeat bankrupts, effectively sending them back to the wolves to be dealt with by collectors and possibly lawyers. However, in most cases the court will allow a […]