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Canada – Personal bankruptcies were down 0.9% and consumer proposal filings were up 8.2% as compared to the 12-months ended April 30, 2015.
New Brunswick – Personal bankruptcies were down 2.6% and consumer proposal filings were up 13.5% as compared to the 12-months ended April 30, 2015.
Division 1 Proposal Is when a consumer debtor owes more than $250,000 in debts, excluding the mortgage on their principal residence. If creditors don’t accept this proposal there is a deemed personal bankruptcy.
A consumer proposal is when a consumer debtor owes less than $250,000 in debts, excluding the mortgage on their principal residence. There is no deemed personal bankruptcy if the creditors reject the consumer proposal.
As part of the bankruptcy process, your Licensed Insolvency Trustee is required to file your income tax return for the year of bankruptcy and any returns that came due during the calendar year prior to bankruptcy. Any tax refunds for either of these periods will come directly to your bankruptcy estate for the benefit of the unsecured creditors.
Canada – Personal bankruptcies were down 1.1% and consumer proposal filings were up 8.1% as compared to the 12-months ended March 31, 2015.
New Brunswick – Personal bankruptcies were down 5.6% and consumer proposal filings were up 16.3% as compared to the 12-months ended March 31, 2015.
There are lots of factors but, I think the greatest single contributor is the proliferation of easy credit combined with low levels of financial literacy. High debt levels limit financial flexibility and the ability to weather and recover from financial setbacks resulting from job loss, reduced income, illness, separation/divorce, and other life events.
Canada – Personal bankruptcies were down 1% and consumer proposal filings were up 9.5% as compared to the 12-months ended February 28, 2015.
New Brunswick – Personal bankruptcies were down 3.9% and consumer proposal filings were up 19.9% as compared to the 12-months ended February 28, 2015.
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.
Hiding from the reality of your financial situation will do nothing to improve it. People have a pre-disposition to hide from the truth, particularly when the truth is ugly. Unfortunately, we see this every day.
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”.
