Personal bankruptcies were down 4% and consumer proposal filings were up 6.8% as compared to the 12-months ended June 30, 2013.
Category: Bankruptcy
Beware of Debt Settlement Offers
The debt settlement and credit counselling companies would have you believe that they can easily have your credit balances reduced and save you hundreds if not thousands of dollars. The problem is they cannot guarantee any results. They will require that you pay them monthly administration fees and/or a percentage of the settlement amount as payment for their services. But you need to read their documents very closely to find out what happens to all of those fees that you have paid if they are unable to reach agreements with some or all of your creditors.
Financial Warning Signs
Most of us can sense impending financial trouble but we tend to shy away from seeking professional help out of embarrassment or fear of being judged. Licenced Insolvency Trustees and debt counsellors are there to help and should be able to provide you with financial counselling in a non-judgmental and professional manner. The information they provide should help you better understand your financial situation and the options and resources that are in place to assist you. This will allow you to make the best possible decision to resolve your financial concerns.
The Cost of Credit Card Debt
If you are struggling to keep up with credit card debt and don’t see your balances decreasing this is a sign to seek professional help. A Licensed Insolvency Trustee can review your financial situation and help you find the best strategy to deal with your credit card debt.
Can Bankruptcy Deal With My Student Loans?
Individuals who file a personal bankruptcy or consumer proposal, at least 7 years after ceasing to be a part-time or full-time student, are released from paying their Canadian student loan debt.
What is Surplus Income and How Will it Affect My Bankruptcy?
Surplus Income is having excess income above the net monthly income threshold, set by the Superintendent of Bankruptcy, for a person or family to maintain a minimal standard of living in Canada.
May 2014 Personal Bankruptcy & Consumer Proposal Statistics
Personal bankruptcies were down 4% and consumer proposal filings were up 6% as compared to the 12-months ended May 31, 2013.
What Happens to my Investments in Bankruptcy
Your RRSP is exempt from seizure except for your contributions in the 12 months before filing personal bankruptcy or a consumer proposal.
Which Debt Solutions, is Right for Me?
With consumer debt at an all-time high, the number of companies offering credit counselling or debt settlement services, are multiplying at an alarming rate. Many of these companies have large advertising budgets and slick websites designed to play on the fears of stressed out consumers who are in need of debt relief.
Why Choose a Licensed Insolvency Trustee For Advice?
A Licensed Insolvency Trustee will treat you in a dignified manner and review the facts of your situation and review the options to deal with your financial situation, including explaining how personal bankruptcy or a consumer proposal would work for you so that you can make an informed decision and choose the solution that is best for you.