Think about the cost of ownership before you buy and then think about the cost of use and think ahead to consolidate trips, skip the trip, or car pool with friends and co-workers. The cost of vehicle ownership also needs to be considered when you choose where you live. While the cost of housing may be cheaper here in rural New Brunswick, the cost of the travel can offset the housing cost savings.
Category: Bankruptcy
Announcement – New Designation for Insolvency Professionals
The Office of the Superintendent of Bankruptcy Canada released Directive 33, Trustee Designation and Advertising, updating the designation to be used by Licensed Trustees with regards to the advertisement, promotion, and communications related to their services. All trustees will now adopt the professional designation “Licensed Insolvency Trustee”.
What Is the Bankruptcy and Insolvency Act (“BIA)
Generally speaking, the BIA is a federal statute that governs bankruptcy, proposal and receiverships in Canada. It provides relief to the honest, but unfortunate debtor from the crushing burden of debt so they can get a fresh start.
What Happens If I Win The Lottery While Bankrupt?
If you win the lottery during your personal bankruptcy, before you are discharged, the lottery winnings are considered “after-acquired property” and forms part of your bankruptcy. After-acquired property can be seized by your Trustee in Bankruptcy for the benefit of your unsecured creditors.
2016 Surplus Income Standards
When an individual files for personal bankruptcy the trustee will calculate whether or not he will be required to make surplus income payments based on his net household income.
What Are My Duties In Bankruptcy?
There are several duties that an individual must complete as part of a personal bankruptcy to be eligible to be discharged from bankruptcy. These duties include, but are not limited to; completing two counselling sessions, report your monthly income to the Trustee, assist the Trustee with file your income tax return for the year of bankruptcy.
What Is A Stay of Proceedings?
A stay of proceedings basically means that creditors must cease all collection or legal proceedings against the debtor, including wage garnishments. The purpose of the stay is to protect the assets of the bankrupt so the Trustee or Proposal Administrator can deal with them in an orderly fashion.
Can A Person Have Savings During Bankruptcy?
Yes, you can accumulate savings during a personal bankruptcy or consumer proposal. During a personal bankruptcy provided you are paying your required surplus income payment, if applicable. You can save as much as your budget allows.
The Difference Between Secured and Unsecured Debt
Secured debts include mortgages, vehicle or investment loans. The borrower gives the lender a lien or mortgage against assets such as property, vehicles or investments in exchange for the loan. Unsecured debts typically include personal loans, lines of credit, credit cards, overdraft on bank accounts, and personal income taxes.
November 2015 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 1.9% and consumer proposal filings were up 9.7% as compared to the 12-months ended November 30, 2014.
New Brunswick– Personal bankruptcies were down 3.7% and consumer proposal filings were up 19.7% as compared to the 12-months ended November 30, 2014.