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...]
Bankruptcy: The End or the Beginning?
Headed for bankruptcy? Find out what you need to know. This article will be helpful to someone who is trying to deal honestly with overwhelming personal indebtedness and who has a genuine desire to make a fresh start financially. Briefly noted are two of the changes to Canada’s Bankruptcy and … [Read more...]