Personal bankruptcies were down 6.3% and consumer proposal filings were up 7.6% as compared to the 12-months ended December 31, 2013.
Category: Bankruptcy
Caught in the Pay Day Loan Cycle?
The problem with this type of borrowing is that it is very expensive and can often leave the borrower, who is already in a tight financial position, unable to repay the loan. So they end up re-borrowing or getting a “roll-over” loan by paying off the current loan and immediately getting another one from the payday lender.
What happens If My Ex-Spouse Goes Bankrupt?
If both parties have agreed to assume responsibility for certain debts, it does not absolve them, if one of them defaults on a debt, that was granted to both parties jointly. Bankruptcy laws and family laws do not deal with assets and liabilities in the same way; there can be conflicts and unintended consequences when the two interact.
November 2014 Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 6.4% and consumer proposal filings were up 6.9% as compared to the 12-months ended November 30, 2013.
New Brunswick – Personal bankruptcies were up 3.6% and consumer proposal filings were up 20.3% as compared to the 12-months ended November 30, 2013.
Is Bankruptcy My Only Option?
Bankruptcy is not the only debt solution option available to resolve overwhelming debt. Your Trustee (Licensed Insolvency Trustee) can also put together a consumer proposal to your creditors. Where you pay a portion of the debt, you owe your creditors, and the creditors write off the remaining balance of the debt.
October 2014 Personal Bankruptcy & Consumer Proposal Statistics
Personal bankruptcies were down 6.4% and Consumer proposal filings were up 6.9% as compared to the 12-months ended October 31, 2013.
Am I Responsible For the Debt of My Business?
If your business is incorporated, you may still have personal obligations for certain debts; debt that you personally guaranteed, director liabilities, unpaid wages. If you operate your business as a sole proprietor, you are personally responsible for all the debts of that business. If you are a partner in a partnership, you and your business partner are jointly liable for all the debts of the partnership, not just your own portion.
Can I Claim Bankruptcy a Second Time?
Yes, you can declare personal bankruptcy a second time, as long as you have been discharged from your first bankruptcy. If you don’t have surplus income, comply with your duties and cooperate with your trustee on other estate matters. You are eligible to be discharged from your second bankruptcy, after 24 months.
Dealing With Debts in Collection
Besides all of the harassing phone calls and intimidating letters, these collection accounts have a negative impact on your credit score and your ability to access credit or to own a home.
How to Create a Budget in 5 Steps
We all know the importance of living within our means but according to recent statistics, less than 50% of Canadians use a monthly budget to plan their spending. When putting together a budget plan the key is not to make it complicated or difficult to follow.