The Office of the Superintendent of Bankruptcy Canada has recently released their statistics for the month of March 2016.
One of the leading causes of divorce in Canada is financial mismanagement. And one of the leading causes of bankruptcy is divorce.
We often times recommend that if you file bankruptcy or make a consumer proposal that you get a new bank account at a new bank. Why do we suggest that?
When you make a consumer proposal, you compromise your total debt. That means that you pay a portion of your debt that you and your creditors agree upon. Therefore your payments are higher than a bankruptcy.