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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What is a credit score?
When thinking about filing for bankruptcy, many people are hesitant to do so as they are worried about the effect it will have on their credit score. So, what exactly is a credit score? Your credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you…
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Can’t fulfill your duty as a bankrupt? Here is what you can expect.
Once you file personal bankruptcy, you have certain duties that you must complete in order to keep your bankruptcy on schedule and your discharge date in tact. Therefore, it’s important to understand your duties before filing bankruptcy. Some of the most important duties of a bankrupt are: Disclose all assets in your possession and deliver…
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Stages of Bankruptcy in Canada
In Canada, any individual who owes at least $1,000 and is insolvent can file bankruptcy. Some people be feel a bit overwhelmed before the process even begins, so allow me break down the steps you will take when filing bankruptcy. Consult with a Licensed Insolvency Trustee Your initial consultation with a trustee at Welker and…
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2016 Surplus Income Limits
If you are considering bankruptcy, ask your trustee if your income is in the range that will require you to pay surplus income and, if so, to estimate your surplus income payments. During the bankruptcy period, you will be required to send your trustee a copy of your income and expense statements (i.e. medical expenses, child…
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What should you ask a Licensed Insolvency Trustee?
Before you meet with a Licensed Insolvency Trustee, I’m sure you will have many questions in your head. My suggestion is, make sure you write those questions down. You can never have too many questions. I never want a client to leave my office with more questions. Our goal is to give you as much…
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Student Loan Debt Solutions
Each year, thousands of Canadians rely on student loans to help fund their continuing education. Getting a student loan is an investment in your future as it helps you to get an education which in turn, will help create better job and career opportunities. Unfortunately, once you graduate from post-secondary school, life gets in the…
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If I am unable to pay the mortgage on my home, may I simply give it back to the bank?
A mortgage is a loan agreement which requires you to repay the loan with interest and which also gives the lender (the mortgagee) a claim on your house if you don’t repay. If you miss a mortgage payment, that’s a default under your mortgage. When you default, the full amount of your mortgage becomes payable…
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Bankruptcy: Fact or Fiction?
Many people have an idea of what bankruptcy is and what it involves, but there are a lot of myths that people believe to be true. Make sure you are properly educated on all of your debt options before making a decision. If everything you know about bankruptcy has been through the grapevine, I have…
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Can you file bankruptcy while renting?
The majority of people who make consumer proposals or file personal bankruptcy with our office are renters. Most of those people have questions surrounding their current and future rental agreements. Here are some of the common questions we are asked: Will this affect my current rental agreement? Making a consumer proposal or filing personal bankruptcy does not affect your current rental…
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