Monthly expenses should be the most predictable of the expense categories. They happen every month. Some are fixed and some are variable. With your household income, you should be able to comfortably cover these expenses including covering seasonal variations.
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The Cost of Keeping Up With the Jones
We often see families putting themselves in difficult financial situations because they make purchase decisions based on emotions rather than considering the total cost. Sometimes, we have to take a step back and ask ourselves a few questions: what are these material things going to add to my overall quality of life? How are we going to pay for these purchases and what is the overall cost?
September 2016 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were up 0.1% and consumer proposal filings were up 9.2% as compared to the 12-months ended September 30, 2015. New Brunswick – Personal bankruptcies were down 3.5% and consumer proposal filings were up 0.4% as compared to the 12-months ended September 30, 2015.
What Are the Different Types of Bankruptcy Administrations?
Summary administration bankruptcy, there is no notice in the newspaper and no automatic meeting of creditors. Ordinary administration bankruptcy, there is a mandatory meeting of creditors and there is also a requirement for the Trustee to publish a notice of the bankruptcy in the newspaper.
Budgeting 101 – Part 1 of 5
If you want to make a budget, you need to understand your expenses, short-term, medium-term and long-term. Monthly expenses can be fixed or variable. Annual expenses can be fixed and some variable.
August 2016 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – There was no increase in personal bankruptcies and consumer proposal filings were up 7.2% as compared to the 12-months ended August 31, 2015.
New Brunswick – Personal bankruptcies were down 2.9% and consumer proposal filings were up 1.7% as compared to the 12-months ended August 31, 2015.
Financial Math – The 5% House Down-Payment
The reality is that owning a home can be the root of a myriad of problems, one of which is tied to the 5% down-payment. With mortgage insurance, you can buy a house with only a 5% down-payment. Mortgage insurance is actually required whenever your down-payment is 20% or less of the purchase price.
July 2016 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 0.4% and consumer proposal filings were up 7.8% as compared to the 12-months ended July 31, 2015.
New Brunswick – Personal bankruptcies were down 4% and consumer proposal filings were up 1.2% as compared to the 12-months ended July 31, 2015.
Can I Go Bankrupt If My Debts Are The Result of Gambling?
For individuals who are problem gamblers we strongly recommend other counselling to help address the addiction. Personal bankruptcy may provide short-term financial relief but cannot resolve the issue of gambling unless it is combined with other treatment.
Will I Lose My Canada Child Benefit (CCB) If I File For Bankruptcy?
The short answer is no, you will not lose your Canada Child Benefit (CCB) if you decide to file personal bankruptcy. While your CCB will not be affected by bankruptcy, you are required to report your CCB when calculating and reporting your household income. These monthly reports will determine whether or not you have “surplus income”, which in turn will impact how long you are in bankruptcy and how much you will be required to pay.