August 23rd, 2010 by A Licensed Insolvency Trustee
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 […]
August 16th, 2010 by A Licensed Insolvency Trustee
I have written quite a few pieces were I am critical of the “debt consulting” industry and persons presenting themselves as credit counsellors when they have little or no formal education or credentials. It’s not that I begrudge any of these people a livelihood – I just wish they’d pick a career that doesn’t involve […]
August 9th, 2010 by A Licensed Insolvency Trustee
In addition to our usual commentary on bankruptcy in Canada, we occasionally review books that may be of interest to our readers. You can see all book reviews in our book review section. Today we review Debt Free Forever: Take Control Of Your Money And Your Life by Gail Vaz-Oxlade, the host of TV’s Til […]
August 2nd, 2010 by A Licensed Insolvency Trustee
The consumer proposal is probably the least known of the processes to deal with overwhelming debt, but it is the mechanism that has the greatest capacity for good given our current economic environment. Let’s face it, right now the number one biggest risk to the Canadian economy isn’t the high dollar, it isn’t our level […]
June 14th, 2010 by A Licensed Insolvency Trustee
The Office of Superintendent of Bankruptcy is a special operating agency associated with Industry Canada, part of the federal government. The “OSB” regulates bankruptcy trustees (the people who administer bankruptcies and proposals, and ensure they comply with all aspects of the Bankruptcy and Insolvency Act). As the regulator, the OSB will often seek the input […]
May 17th, 2010 by A Licensed Insolvency Trustee
Would your financial well-being be noticeably affected if your paycheque dropped by 10%? For most of us, the answer is “yes”. We tend to live paycheque to paycheque, so any drop in income can lead us down a slippery slope that often ends with a person filing bankruptcy in Canada. The Certified General Accountants Association […]
April 19th, 2010 by A Licensed Insolvency Trustee
This is a website devoted to discussing all aspects of bankruptcy in Canada, but today we will discuss the opposite of bankruptcy. Today I present my Top Three Ways to Avoid Bankruptcy in Canada. Why would I, a bankruptcy trustee, want you to avoid bankruptcy? Because I strongly believe that bankruptcy should be a last […]
March 8th, 2010 by A Licensed Insolvency Trustee
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 […]
March 1st, 2010 by A Licensed Insolvency Trustee
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 […]
October 26th, 2009 by A Licensed Insolvency Trustee
There were three interesting stories in the press this week about pensions and bankruptcy in Canada. On Wednesday the CBC ran a story on how the Liberals vow to change bankruptcy laws. Here’s a quote from the story: The Liberal Party says it is committed to changing Canadian bankruptcy laws so former employees of failed […]