Money Mentors provides practical tips and free supports for dealing with holiday debt, including credit card balances. For many people, the most wonderful time of the year also ends up being the most expensive. The joy of the holiday season can quickly become overshadowed by the stress of … [Read more...]
Bankruptcy Increases Among the Young and Old
A recent bankruptcy study by my firm found that the average person who files for bankruptcy in Canada is 44 years old. He is likely to be married, may have a mortgage, and owes almost $53,000 in unsecured debt. In fact, the clear majority of insolvent debtors, 77%, are between the ages of 30 and … [Read more...]
Bankruptcy Increases Among the Young and Old
A recent bankruptcy study by my firm found that the average person who files for bankruptcy in Canada is 44 years old. He is likely to be married, may have a mortgage, and owes almost $53,000 in unsecured debt. In fact, the clear majority of insolvent debtors, 77%, are between the ages of 30 and … [Read more...]
Student Loans Under the Bankruptcy & Insolvency Act
The Bankruptcy & Insolvency Act of Canada (the Act or BIA) eliminates most unsecured debts like credit card debt, bank loans, lines of credit and payday loans. There are, however, certain debts that are excluded under the Act. Student debts are often confusing because some debts can be … [Read more...]
Divorce and Bankruptcy Law in Canada
Almost one in five insolvencies in Canada (a bankruptcy or consumer proposal) involves someone who has experienced a marital or relationship breakdown. Often the financial problems occurred long before the divorce. Financial pressures often increase after divorce as two households are now trying to … [Read more...]
What Types of Proceedings Can You File Under the Bankruptcy & Insolvency Act?
The Bankruptcy & Insolvency Act regulates insolvency law in Canada. This legislation governs both business proceedings and personal procedures. In terms of personal insolvency, individuals have three basic legal measures available to them to obtain relief from creditors. The primary types of … [Read more...]
Superintendent of Bankruptcy Changes Designation to Licensed Insolvency Trustee
Individuals able to provide debt relief services under the Bankruptcy & Insolvency Act (BIA) in Canada are licensed by the federal government through the Office of the Superintendent of Bankruptcy (OSB). In December of 2015, the OSB announced a significant change in the designation of these … [Read more...]
How Debt Can Impact Your Ability To Sponsor An Immigrant To Canada
With the well-documented problems occurring now in many areas of the world, an increasing number of Canadians are considering sponsoring a relative or other person to immigrate to Canada. But is it possible to be a sponsor if you have debt? The answer is yes, but there are limitations. First, … [Read more...]
Do I Need A Lawyer To File For Bankruptcy?
If you are struggling with more debt than you can repay, you may be considering either bankruptcy or a consumer proposal to help you deal with those debts. If you are, then you need to speak with someone who is a licensed Bankruptcy Trustee; in Canada, that person is not a lawyer. A Bankruptcy … [Read more...]
