Insolvencies Up Again According to March 2016 Statistics
The Office of the Superintendent of Bankruptcy Canada has recently released their statistics for the month of March 2016. Insolvencies in Canada increased by 8.8 percent from the previous month, and up 1.8 percent compared to a year ago. Bankruptcies increased by 10.4 percent, consumer proposals up by 7.2 percent. For the 12 month period ending March…
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Advantages of Filing a Consumer Proposal
Filing for a consumer proposal is a legal process, done through a bankruptcy trustee. It will provide an insolvent person with a number of meaningful advantages and protections that are much more effective than any kind of credit counselling arrangement or informal payment plan agreed to by one or more of your creditors. Informal agreements or credit…
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New Insolvency Information Product From OSB
The Office of the Superintendent of Bankruptcy (OSB) has published new information products to assist consumers in making informed decisions when seeking assistance to resolve serious financial difficulties. This information can be found here and includes: A new webpage for consumers, What is a Licensed Insolvency Trustee?, which provides information and answers to frequently asked questions about…
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Canadian Seniors and Debt
It is becoming clear that more and more Canadian seniors are succumbing to the combined challenges of a fixed income, higher living costs and, in many cases, increasing levels of assistance to dependent children. A past CTV news article about Seniors Struggling with Debt and Bankruptcy outlines some of the issues and causes of seniors getting into financial…
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Does a bankruptcy cover Canada Revenue Agency debts?
If you owe Canada Revenue Agency (CRA) for income taxes, GST, or employee remittances, these debts can be included in a bankruptcy and can be discharged under certain conditions. Generally speaking, a discharge of the debt is granted if you have completed your duties under the Bankruptcy and Insolvency Act and you have complied with…
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Bankruptcy May Not Be Right For You
When an individual is drowning in debt, often times the first option contemplated is filing personal bankruptcy. Although this option will allow you to find relief from creditors, a bankruptcy isn’t always the right option for everyone. Upon filing bankruptcy, your credit rating goes to an “R9” with the credit bureau and remains so for…
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Three Ways to Reduce Debts Quickly
Whether it’s credit card bills or a line of credit, many of us are carrying debt and trying to get control of our finances. Debts can be debilitating and can often times seem like there is no way out. For some, bankruptcy or a consumer proposal may be the answer. For others, it may be…
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Tips For Seniors In Debt
In Ontario senior bankruptcies are increasing rapidly. The unique social and economic situations of seniors put them at a higher risk of insolvency and financial hardship, including unexpected health and long-term nursing care costs. On top of that, in some cases seniors continue to financially support their adult children and grandchildren for longer than they…
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Consumer Proposals and TFSA and RRSP Investments
When you file a consumer proposal you are able to keep ALL of your assets. This includes any amounts that you have invested in an RRSP or TFSA account. When you make a consumer proposal, you are offering your creditors a settlement, which is more than what they would get if you were to go bankrupt. Essentially you are saying,…
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Recognize the debt danger signs!
Do you have more debt than you can handle? Many debt problems are easy to solve, others require professional assistance. Our advice is to deal with your debt and financial problems now, before they get out of hand. If you answer YES to any of these questions, YOU NEED HELP: ARE YOU unable to pay your bills…
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