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Most Recent ‘Trustees Talk’ Posts

Bankruptcy Rate Drops in Canada

The bankruptcy rate in Canada dropped in 2010, according to statistics recently released by the Office of the Superintendent of Bankruptcy. That’s good news, right? Yes and no. First, let’s review the numbers. In 2010 a total of 135,008 Canadians filed a consumer proposal or personal bankruptcy. That’s an 11% drop from the 151,712 who […]

Massive Credit Card Debt Leads to Bankruptcy in Canada

Look in the mirror. It’s likely that you have more in common with the average person who files bankruptcy in Canada than you may think. I’m a licensed bankruptcy trustee in Ontario, and today we released a comprehensive new research study profiling the average person who files a consumer proposal or bankruptcy in Ontario. We […]

Power Spending – Getting More For Less

In addition to our articles bankruptcy in Canada, we occasionally review books that may be of interest to our readers. Today we review Power Spending: Getting More For Less by Carolyn Johnston, Eric Poulin and Robin Poulin. I was consulted for the section of the book on debt, and bankruptcy, and in fact the […]

Cost of Filing Bankruptcy in Canada

What does it cost to file bankruptcy in Canada? As a trustee I have handled thousands of personal bankruptcy filings, and that may be the most common question I am asked. For many, the answer is also somewhat confusing. In simple terms there are three costs to filing. There is a minimum contribution, there is […]

Household Debt in Canada at Record Levels

Bank of Canada Governor Mark Carney has warned that Canadians are carrying too much debt. On Monday Statistics Canada released a report showing that the ratio of household debt-to-disposable income reached the highest level on record in the third quarter, at 148.1%, which is 6.7 per cent higher than last year. This means, in simple […]

Credit Education Week Canada 2010 – Some Final Thoughts

Two weeks ago was Credit Education Week in Canada. Now if you are like me and don’t live in Ontario, you may not have heard a great deal, but the more I have looked into Credit Education Week, the more impressed I have become with this initiative. For those of you who haven’t heard of […]

The Wolf at the Door: What to Do When Collection Agencies Come Calling

Earlier this month we broke the story about Draft Statements of Claim – Collection Agency Dirty Trick Number One. Then, last week, we followed up with Draft Statements of Claim – More on This Questionable Collection Agency Tactic. In both articles we referred to the work of Mark Silverthorn, a former collection agency lawyer who […]

Draft Statement of Claim – More on the Story

Earlier this month we published an article titled Draft Statements of Claim are a Common Collection Agency Trick, where he discussed the collection agency practice of sending a “Draft” Statement of Claim to debtors. A draft statement of claim looks like an authentic court document commencing a lawsuit against a consumer. Many Canadians who receive […]

Credit Education Week Canada, and the Language of Money

Why do Canadians have problems with money? Why do we have too much debt, and no savings? Obviously the prolonged recession has not helped, but I believe one of the reasons we get into financial trouble is that we simply don’t fully understand money, credit and debt. In Canada, financial education is not a priority […]

Canadian Personal Debt A Cause for Concern

TD Economics released a report on Wednesday October 20, 2010 titled Canadian Household Debt a Cause for Concern that tried to answer many questions currently plaguing the Canadian consumer and the economy in general, including whether or not Canada is headed for a U.S.-style household debt crisis. Some of the key findings that were outlined […]

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