New bankruptcy rules will come into force in Canada on September 18, 2009. If you are in financial trouble and are considering bankruptcy, what do you need to know? Here’s a brief summary of the new rules that will impact on consumers. More details will emerge as we become familiar with these new rules, so […]
The Office of the Superintendent of Bankruptcy recently released statistics showing that in April 2009, when compared with the same month in 2008, Canadian insolvencies increased by 32.2%! Why the big increase? Is it due to the downturn in the economy, or is there something else that we need to be worried about? Clearly the […]
If bankruptcy is one of the scariest “B” words in the English language, “Budgeting” may be the next scariest “B” word. No-one likes to make a budget, but a budget is a necessary first step before you decide whether or not you need to file bankruptcy in Canada. Here’s why: Let’s take the case of […]
One of the most common reasons for not wanting to declare bankruptcy in Canada is the fear that you will never be able to borrow again. Of course owing more money than you can afford to repay is the reason you file bankruptcy, so finishing a bankruptcy and then running out to get more credit […]
You are in financial trouble, so you decide to visit a bankruptcy trustee. How do you know you have found a good trustee? How do you know they are giving you good advice? Here are some tips: First, do some research. Read our article on choosing a bankruptcy trustee, and our suggestions for questions to […]
Is owning a home in Canada a good investment? Conventional wisdom in Canada is that yes, owning your home is the best investment you can make. Instead of paying rent to a landlord and having nothing to show for it, you may make mortgage payments, and over time you build up your equity. Here’s something […]
A common cause of bankruptcy in Canada are debts that resulted from a failed business. I meet many Canadians each month who started their own business, and for various reasons it wasn’t successful, and they were left with more debt than they could handle, so they had to file bankruptcy in Canada. During a recession […]
Most people make their New Year’s Resolutions on January 1, since that’s the start of the new year. That’s a difficult time of year to start a new diet, fitness program, or other life changing activity, since you are still recovering from Christmas, and have a long cold winter ahead of you. I think Canada […]
The purpose of Trustees Talk is to give you an inside look at the bankruptcy process in Canada, and to provide information you can’t find anywhere else. Today, I’ll let you in on a dirty little secret: the federal government is fast asleep. In Canada, bankruptcy laws are created by the federal government. Their job […]
On June 12, 2009 the Pittsburgh Penguins won the Stanley Cup. What does that have to do with bankruptcy in Canada? The story begins in November, 1988 when the hockey team filed for Chapter 11 bankruptcy protection in the United States, which is similar to what we call a proposal here in Canada. Their star […]
