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Posts Tagged ‘credit’

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 […]

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 […]

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 […]

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 […]

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 […]

You may be considering filing bankruptcy in Canada because you are getting telephone calls from collection agencies. Back in 2008 the Ontario Registrar of Collection Agencies wrote a letter of direction to all collection agencies operating in Ontario warning them against two specific collection practices when hiring lawyers to send out collection letters. In this […]

This week the Office of the Superintendent of Bankruptcy released statistics stating that an increasing number of senior citizens are filing for bankruptcy in Canada. Here’s a quote from the report: From 1989 to 2009, the proportion of insolvent consumers between 18 and 34 years of age has fallen steadily (from 12.9 percent to 4.4 […]

What’s the fastest way to accumulate so much debt that you have no option but to file bankruptcy in Canada? As a bankruptcy trustee I have handled thousands of personal bankruptcy filings over the last two decades, and the answer to that question, based on my experience, is easy: Credit cards. If you want to […]

On September 1, 2010 new credit card regulations took effect in Canada. What are the new rules, and what will they mean to you? Here are the three new regulations: The New Credit Card Regulations in Canada First, credit card issuers must offer a minimum 21 day grace period, during which they can’t charge you […]

An interesting debate has emerged in the pages of the Financial Post over the last two weeks regarding the need for senior citizens to file bankruptcy in Canada. The debate started with an article by Jonathan Chevreau published on August 11, 2010 titled No Immunity to Bankruptcy. That day Mr. Chevreau also published a blog […]

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