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.
Tag: consumer proposal pei
January 2016 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 1.9% and consumer proposal filings were up 9.1% as compared to the 12-months ended January 31, 2015.
New Brunswick – Personal bankruptcies were down 5% and consumer proposal filings were up 19% as compared to the 12-months ended January 31, 2015.
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 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.
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.
My Spouse filed bankruptcy, do I need too?
No, if one spouse files personal bankruptcy or a consumer proposal, it may not be necessary for the other spouse to file. This depends on several facts which a Licensed Insolvency Trustee will assist the couple to review. The couple can then make an informed decision as to which option best meets their needs and allows them to achieve their financial goals.
Understanding Consumer Proposals
A consumer proposal is a settlement arrangement with your unsecured creditors to pay a portion of your debt in monthly payment over a period of up to 5 years. These payments are the full and final settlement of your debts with these creditors.
Do I Have To Continue Paying Student Loans During My Bankruptcy or Consumer Proposal?
Even though your student loan debt may not be discharged as part of your personal bankruptcy or consumer proposal, the creditor is still prohibited from normal collection activities during your personal bankruptcy or consumer proposal. We recommend paying the interest portion of the payment during your personal bankruptcy or consumer proposal.
July 2015 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 3.8% and consumer proposal filings were up 9.5% as compared to the 12-months ended July 31, 2014.
New Brunswick – Personal bankruptcies were up 2.8% and consumer proposal filings were up 15.3% as compared to the 12-months ended July 31, 2014.
May 2015 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 5.3% and consumer proposal filings were up 9.2% as compared to the 12-months ended May 31, 2014.
New Brunswick – Personal bankruptcies were up 0.4% and consumer proposal filings were up 10.3% as compared to the 12-months ended May 31, 2014.