More Seniors Are Filing Bankruptcy
Would you be surprised if I told you that the fastest growing demographic group of bankruptcy filers is those over 65? It’s sad, but true. The reasons for this are diverse: fewer traditional pensions; increases in the cost of medical care; availability of easy credit before the Great Recession; and efforts to help younger family…
Read More
Provinces Ranked By Consumer Debt
According to recent data collected by Equifax Canada, Canadians demand for credit reached a record high for the first three months of 2017. In an article recently posted by Global News, it was reported that credit inquiries rose by 3.6 percent in the first three months of 2017 compared to the final months of 2016, with…
Read More
Consumer Proposal: Will I lose my home?
When you make a consumer proposal, your home and related equity is unaffected. You retain possession and control of your assets. The trustee and creditors will not take possession of your property and you will be able to keep any house equity that you have accumulated. They have no interest in any of your property. When you make a consumer proposal, what you are essentially…
Read More
Bankruptcy: Will I lose my home?
People have many concerns when they come into my office, but a few concerns seem to come up more often than not. One concern that is in the forefront of many minds is the fear of losing their home if they file bankruptcy. The answer depends on whether or not there is any net equity…
Read More
Saving or Paying – Which is better?
As a rule of thumb, I always say that having an emergency savings with three months of expenses (at least) can protect you from relying on credit during a financial bind. But, I understand that in many cases, it’s hard to grow that fund. So, it makes sense that many clients ask me if they…
Read More
How does Credit Counselling differ from a consumer proposal?
Credit counseling agencies cannot provide a guarantee that the amount you owe will be reduced, interest will be stopped or creditors will stop calling or continuing legal actions. Arrangements with credit counseling agencies are not legally binding and will appear on your credit report for three years upon completion of the counseling program. Credit counseling…
Read More
If my ex-spouse files bankruptcy, will it affect our joint mortgage?
If you file for bankruptcy your ex-spouse may be affected if you have a joint mortgage. Your bankruptcy will remove you from your responsibility to pay that debt, however, it does not: a) require your mortgage lender to take your name off of the mortgage; or b) take your name off of the deed/title. When you file for bankruptcy, all of your non-exempt…
Read More
Income Tax and Personal Bankruptcy
For Canadians, April 30 is the official deadline to file your personal income tax return with the Canada Revenue Agency. Because April 30 falls on a Sunday, your return will be considered filed on time if it is received or postmarked on or before May 1, 2017. If you file your return past the deadline you will…
Read More
Can I keep my home in bankruptcy?
When people are in debt, they don’t want to think about what they may have to give up in order to get out of debt. People like their possessions. They are their possessions for a reason! People work hard for those possessions, especially their homes. Your home is where your kids grew up (or they’re…
Read More
Who can you trust to help you get out of debt?
When debt becomes overwhelming, sometimes the best thing you can do is turn to a professional for debt management help. This is often easier said than done. There are many companies that are nothing more than scams, charging huge fees without actually helping you deal with debt. Finding help for your debts that is both…
Read More
