We have found that a new form of debtor prison exists and this is due to excessive phone calls, emails, text messages and mail from creditors and collection agencies. These tactics can leave a person feeling afraid to answer their own phone and for some, it can cause undue stress and anxiety which can negatively affect their everyday life and ability to function at work.
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February 2017 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 1.6% and consumer proposal filings were up 6.4% as compared to the 12-months ended February 29, 2016.
New Brunswick – Personal bankruptcies were down 0.5% and consumer proposal filings were up 1.8% as compared to the 12-months ended February 29, 2016.
7 Ways to Get More From Your Income Tax Refund
Hopefully you are one of the people who is fortunate enough to be getting a refund. While it may be tempting to spend your refund at the mall or splurge on some other consumer goods or a trip, we have 7 suggestions that will provide you with more bang for your buck.
Income Tax Deadlines
For Canadians, April 30 is the official deadline to file your personal income tax return with the Canada Revenue Agency. If you file your return past the deadline you will be assessed a late filing penalty. The deadline, if you or your spouse or common-law partner carried on a business in 2016, is June 15.
January 2017 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were up 0.1% and consumer proposal filings were up 7.6% as compared to the 12-months ended January 31, 2016.
New Brunswick – Personal bankruptcies were up 1.4% and consumer proposal filings were up 4.1% as compared to the 12-months ended January 31, 2016.
2017 Surplus Income Standards
The Government of Canada has set net monthly income thresholds for a person or family to maintain a minimal standard of living in Canada. Every dollar that a bankrupt family makes above this level is subject to a surplus income payment of 50% while a person remains bankrupt.
Budgeting 101 – Part 5 of 5
Catastrophic expenses are those expenses that you have no reasonable expectation of knowing that they are coming and they have a material and negative impact on your finances to the extent that you cannot recover from the impact and, in fact, may not even be able to deal with the expense in the first place..
December 2016 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 0.1% and proposal filings were up 7.4% as compared to the 12-months ended December 31, 2015. New Brunswick – Personal bankruptcies were up 3.2% and proposal filings were up 1.4% as compared to the 12-months ended December 31, 2015.
Why People Delay Getting Help With Their Debt
The longer an individual waits to get help with their finances, the harder it is to help as the number of options is greatly reduced. By the time most consumers come to us the only choices left are to file personal bankruptcy or consumer proposal. If you are starting to struggle financially reach out for professional assistance before things get beyond your control.
Budgeting 101 – Part 4 of 5
Lumpy expenses, as I call them, are expenses that we know (or should know) are coming down the track and will have to be incurred but only happen once in a lifetime or only once every couple, few, 5, 10 or 15 years (or so). Lumpy expenses can cause significant stress if you have not prepared for them.