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At the start of every year we are all tempted to make our financial New Year’s Resolutions. Perhaps you already have. My advice: don’t bother. According to researcher John Norcross in the Journal of Clinical Psychology in 2002, approximately 50% of the population makes resolutions each New Year. Among the top resolutions are weight loss, […]
A s the year draws to a close, it’s easy to see that 2009 was the most eventful year in bankruptcy in Canada in at least the last decade. There were two stories that captured our attention: First was the massive increase in the rate of personal bankruptcy in Canada in 2009. It was only […]
Over the next two weeks you will be getting together with family and friends. You may see people you only see once a year. You will have a lot of catching up to do. Remember Christmas two years ago? It was great. Your cousin was working lots of overtime at the plant, so he had […]
I have worked as a personal bankruptcy trustee in Canada for many years, so I know from experience that one of our busiest phone days of the year is the first Monday back after the Christmas holidays. I assume that January 4, 2010 will be no different: the phones will be ringing off the hook. […]
Consumer proposals have been around for quite a long time, but it’s only been the last couple of years that people have become aware that there is a solution other than bankruptcy to deal with their financial problems. Briefly, a consumer proposal is a legal procedure whereby you offer to repay a portion of the […]
One of the longstanding and fundamental purposes of the Bankruptcy and Insolvency Act of Canada has been to allow honest but unfortunate debtors to deal with unmanageable debt so that they can make a fresh start and resume their places in the community. For those of you who are unaware, September 18, 2009 was a […]
The personal bankruptcy rate in Canada had a huge upward spike in September, 2009, according to numbers released by the Office of the Superintendent of Bankruptcy. In the month of September 12,305 Canadians filed personal bankruptcy, which is an astounding 47% increase over the 8,347 who filed in September 2008. In addition there were 3,160 […]
There’s a very old saying that if something sounds too good to be true, then it probably is. Recently I’ve met with quite a few people that have managed to get themselves into far more debt than their income and assets (things that they own) justify. Here’s a recent example: I got behind on my […]
The world is made up of different kinds of people. Some are always looking ahead and planning. Others sort of “fly by the seat of their pants.” When it comes to financial planning, the “seat of the pants” method often produces disastrous results. Yes, you might win the lottery, but in most cases not having […]
I am a strong believer in education. I believe that many of our personal financial problems would be eliminated if we were educated about the impact that credit has on our lives. It is generally believed that credit is “good”, and the more credit you have, the better. Unfortunately, that’s not true. It is possible […]
