Financial Recovery After Divorce

One of the leading causes of divorce in Canada is financial mismanagement. And one of the leading causes of bankruptcy is divorce. The effect of family support obligations, the division of family assets, and the loss of income can have a devastating effect on both parties going through a separation. When I meet with people who…
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Bankruptcy and Co-signers

Many people who are in debt need a co-signer to sign loans, which is a great way for a debtor to build their credit score. The problem is, it might be hard to get a co-signer to sign your loan. That is because a co-signer is essentially on the hook and responsible for paying back…
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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…
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Debt After Divorce

Managing debt after divorce can be overwhelming for many people. Take solace in knowing that you’re not alone. In fact, almost one in five insolvencies (which include bankruptcies or consumer proposals) in Canada involve someone who has had a marital or relationship break-up. And it’s completely understandable as to why. Below we’ve listed the top…
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Filing Bankruptcy Without Your Spouse

I have many married couples ask me if one spouse can file bankruptcy without it affecting the other. The answer always depends on their personal situation. Many people have the mistaken impression that because they are married, their spouse is automatically responsible for their debts. This is not the case. The good news is, in…
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How will bankruptcy affect your spouse?

When you’re struggling with debt, there are a variety of options you can consider. In some instances, filing for bankruptcy is the best choice; although, it should always be the last resort. If you are insolvent, you may be contemplating this strategy. One important detail to keep in mind, if you’re married, is how filing…
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Can you inherit debt if a family member dies?

Typically when someone dies, their personal debt does not get passed on to surviving family members. Their debt belongs to them and them alone; it is not passed on to their family members when they die. Normally, the person would have made a will in which an Executor would be appointed. The Executor is the person…
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Talking To Your Kids About Debt

It’s fairly common for parents who are going through hard financial times to never mention debt in the presence of their children. What some people don’t realize is that today’s kids are smarter than you think, and they can usually sense what’s going on at home. What kids can’t understand is why. As a responsible…
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Senior Citizens are Increasingly at Risk for Bankruptcy

In the last few years, it seems that in my practice, the number of senior citizens filing bankruptcy has increased dramatically. Senior citizens are one of the more vulnerable populations in our country in terms of health and earnings potential. What is driving this incredible rise in senior citizen bankruptcy, and how can you tell…
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Bankruptcy and Divorce: Two Things Never Bargained For

You may have heard that the number one thing that causes tension in a marriage is money. Financial tension can put serious strain on a marriage and can often lead to divorce. It should therefore come as no surprise that when many marriages fail, the spouses wind up with financial difficulties, as well. When wanting to…
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