Canada – Personal bankruptcies were up 1% and consumer proposal filings were up 8.4% as compared to the 12-months ended November 30, 2015. New Brunswick – Personal bankruptcies were up 0.7% and consumer proposal filings were up 1.8% as compared to the 12-months ended November 30, 2015.
Posts
What is a Deemed Trust?
In a bankruptcy, amounts owing for GST/HST and the employer portion of CPP and EI, and penalties and interest on these amounts are unsecured claims, ranking the same as all other general creditors of a debtor. However, before bankruptcy occurs, CRA may obtain a lien or charge (be filing a memorial judgment) against the real or personal property of a debtor, CRA will be a secured creditor.
Budgeting 101 – Part 3 of 5
Like monthly expenses, most annual expenses are predictable; at least to the extent that you know they are going to happen. Sometimes the amount is uncertain or the amount is discretionary (you set it – requires some internal fortitude to manage).
October 2016 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were up 0.5% and consumer proposal filings were up 8.7% as compared to the 12-months ended October 31, 2015. New Brunswick – Personal bankruptcies were down 1% and consumer proposal filings were up 1.3% as compared to the 12-months ended October 31, 2015.
Bankruptcy: My Name is Still On My Ex-Spouse’s Home
To get your name off of the mortgage, your ex-spouse will have to qualify for the mortgage, on his or her own name, when the mortgage comes up for renewal. Whether or not they qualify is up to their financial institution.
Budgeting 101 – Part 2 of 5
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.
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.