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Category: Insolvency News

CANADIAN HOUSEHOLD DEBT

September 5, 2017

Consumer proposals and bankruptcies can be a great way of dealing with excessive debt. At one time credit cards were very hard to obtain and only wealthy people had access to such, self-administered, credit facilities.  Credit card users can increase their credit limits quite easily and determine within specified parameters how much they will pay […]

ARE CANADIAN BANKS SET TO FAIL AGAIN

September 5, 2017

Have the banks now put themselves back into a pickle? It would appear that they may have and there are, of course, many very complex reasons why. In 2008/9 Canadian banks were in financial trouble and in need of an injection of over $114,000,000,000.00 of funds from the Federal Government – mostly from CMHC buying […]

ARE BANKRUPTCIES UP OR DOWN?

September 5, 2017

Many people I speak with, who know what I do for a living, tell me “you must be busy, you’re in the right business”. The truth is actually quite different from the perception, the busiest year that Canadian bankruptcy trustees have ever seen was 2009. Since then all insolvency filings have been in steady decline. […]

How many times can I go bankrupt?

September 5, 2017

We are not sure what the upper limited on the number of filings is but the most we have seen is five times. After a second bankruptcy, all bankrupts must attend at court for a discharge hearing. The idea is that people should not be using bankruptcy to deliberately hide out from paying their creditors. […]

Do not fear a Section 161 Examination

September 5, 2017

Section 161 of the Bankruptcy & Insolvency Act allows the Official Receiver to conduct examinations under oath. That all sounds very scary but the practice need not be as intimidating as it sounds. There are a couple of things you need to know if you are called in for an examination. First, anything you say […]

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