June 23rd, 2022 by A Licensed Insolvency Trustee
It’s a common enough situation – in the midst of financial upheaval, a couple decides to divorce. The money woes may have contributed to the marital break-up – or vice versa. Either way, it’s a double-whammy of heartache and uncertainty about the future. Like other aspects of divorce, the financial side requires close attention, as […]
June 16th, 2022 by A Licensed Insolvency Trustee
One of the reasons consumers find themselves in financial distress is high medical bills – especially when combined with loss of employment income due to illness. Eventually, this situation can lead to unpaid accounts, insolvency, and pressure from creditors. Can you file for bankruptcy in Canada due to high medical bills? The answer is a […]
June 1st, 2022 by A Licensed Insolvency Trustee
If I File Bankruptcy Can I Keep My Car? Bankruptcy is a solution to overwhelming debt and is intended to give the honest but unfortunate debtor a new financial start. However, many consumers are reluctant to explore the possibility of bankruptcy because they can’t imagine making a “new start” without their vehicle. This is perfectly […]
May 12th, 2022 by A Licensed Insolvency Trustee
The difference between insolvency and bankruptcy in Canada is insolvency is a financial state in which a person is unable to make timely debt payments as they come due. Bankruptcy is a legal process that occurs when an individual declares that he or she is unable to repay their creditors. In other words… The difference between bankruptcy vs insolvency is that bankruptcy is a possible solution for not having enough money to pay your debts, and insolvency is the condition of not having enough money to make your debt payments as […]
May 10th, 2022 by A Licensed Insolvency Trustee
If you are a Canadian under the age of 50, you were not yet an adult the last time mortgage lending rates in Canada sat at over 10%. In 1981, the Bank of Canada’s overnight interest rate spiked to an astonishing and alarming 19.64% – which meant that lending rates for mortgages and credit cards […]
May 4th, 2022 by A Licensed Insolvency Trustee
Yes, gambling debts can be discharged with bankruptcy. Overwhelming gambling debt is among the most common reasons for bankruptcy, job loss, unexpected expenses, and the demands of raising a family. Bankruptcy is an insolvency solution. Insolvency is the inability to meet your financial obligations (pay your bills) on time because you lack the funds. Gambling […]
Although it’s not common, one of the things that can cause people to file bankruptcy or a consumer proposal is if they’ve been the victim of credit card fraud. Here are some things you can do to protect yourself. One of the most common ways that people fall victim to credit card fraud is simply […]
Looking to claim bankruptcy. However, I am now unemployed with no income coming in. My spouse is supporting the household. Is his income considered my income if I file? The debt is all my own, none of it is joint with my spouse. However, the amount is less than ten thousand – is there a […]
Families, like individuals and couples, have a wide range of expenses that draw on their financial resources. But for families with children, expenses are often larger and more varied than anticipated. Kids Can Be Expensive! Children are the proverbial “wild cards” when it comes to family spending. Parents are motivated to provide well for their […]
For individuals carrying substantial consumer debt, income tax season can be a blessing or a nightmare. Of course, it all depends on whether you are expecting a refund or a bill. I am self employed, and I experienced financial distress in 2009 and eventually filed a Consumer Proposal. Looking back, there were warning signs that […]