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Category: Insolvency News

TOP 1% EARN (AND OWN) MORE THAN 99%

September 5, 2017

Hardly news but mainstream media reports suggest it is. There is no doubt that the disparity between rich and poor has been growing steadily over the last 4-5 decades.  In fact the divide between the ‘haves’ and the ‘have nots’ is worse today than it was during feudal Britain when serfs owned no property at all, this […]

SHHH! DON’T TELL THE KIDS WE WENT BANKRUPT!

September 5, 2017

NO! Don’t tell them that life is anything but a reflection of Hollywood! What a way to set your children up for future problems.  Believe it or not it is very healthy for children to be educated in all sorts of real life skills and that includes knowing how to manage financial challenges. Unfortunately, our […]

CAN YOU LIVE WITHOUT USING SOME FORM OF CREDIT?

September 5, 2017

Most people cringe and get very uncomfortable about acknowledging they can’t handle money and debt! Chances are, if you’re an average Canadian, you will find it impossible to get through even one month without using a credit card, overdraft protection or a line of credit.  Try it! Credit has become an insidious economic reality for […]

SURPLUS INCOME – A SOCIAL DILEMMA

September 5, 2017

The calculation of surplus income is often misunderstood even by insolvency professionals, the concept behind is even more mysterious. The notion that people these days have surplus income suggests that they are living very simple lives or making lots of money, neither of which are the case for most Canadians. Average family incomes, adjusted for […]

CREDIT CARDS SHOULD NOT REPLACE INCOMES

September 5, 2017

Here’s the test. Can you pay off – not just down but completely OFF – all of your credit cards and lines of credit over the next twelve months? If you answered “NO” then you have already started to replace your income with credit cards or “DEBT” – you are in debt so far that […]