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March 1, 2010 was a big day for pay day loans in Alberta as new legislation is now in place that governs how payday loans are provided, administered and what fees can be charged. These rules will drastically alter what type of fees these payday loan companies are allowed to charge. Similar rules are in […]
The bankruptcy rate in Canada increased by 31% in 2009, the largest increase in recent memory. In 2009 116,381 Canadians filed personal bankruptcy in Canada, and a further 35,331 filed a consumer proposal. That’s a total of 151,712 filings, as compared to 115,789 in 2008. These are obviously massive growth numbers, which raises the logical […]
As we celebrate Team Canada’s men’s and women’s gold medals in hockey at the Vancouver 2010 Olympics, we are all feeling good. Our country is back on top of the hockey world, and things are looking up. While we may be feeling good about our hockey teams, we aren’t feeling as good financially. Why? 2009 […]
Debt consultants and for profit credit counsellors have become very aggressive over the last few years. In some cases they may be able to help you get out of debt, but in most cases they can’t do anything for you that you can’t do for yourself. Here’s how they work: They run big advertisements in […]
In the 2010 Super Bowl, the Indianapolis Colts played not to lose. They didn’t take any unnecessary chances. In contrast, the New Orleans Saints played to win. In the first half, with two yards to go on fourth down, they tried to score, and were stopped, turning the ball over to the Colts. At the […]
As readers of this weekly Trustees Talk feature are well aware, in September of 2009 the federal government decided to implement changes that had been approved by Parliament (quite literally years ago) that had the affect of increasing the length and cost of filing bankruptcy in Canada. One of the effects of these changes was […]
There’s a loaded question for you: Are credit card companies evil? Judging by the comments I’ve heard from many different people in my bankruptcy office over the last few weeks, the answer from many Canadians would be “yes” Why are people making these comments? A few years ago everyone loved their credit card. Today, as […]
When it comes to the economy there seems to be more questions than answers. The Canadian Government has begun announcing that we are out of the recession, but they are pledging to continue to support the economy through a combination of low interest rates and capital spending (which doesn’t exactly sound like we are out […]
There is a new trend in the insolvency world. The term “reasonable” has always been a part of our lexicon, but until recently, very few creditors were bothering to define it. That is all changing. When you offer your creditors a consumer proposal, (a legal procedure whereby you offer and your creditors agree to accept […]
The media has recently carried stories that that the Consumer Bankruptcy Rate in Canada is Starting to Ease, which sounds like good news. In October, 2009, bankruptcy filings across Canada fell a whopping 27.7 percent in October when compared to the previous month, which is the largest monthly drop on record. This figure softens when […]
