Bankruptcy Options When it’s time to deal with an impossible debt situation, many debtors assume there won’t be many bankruptcy options for going forward. Most ordinary people don’t know the details of how to claim bankruptcy, or what happens after a person is discharged. Bankruptcy is often, and erroneously, thought of as “the end of…

Licensed Trustee in Bankruptcy The Superintendent of Bankruptcy, a federal government department is considering changing the title of “Bankruptcy Trustee” to “Licensed Trustee in Insolvency & Restructuring”.  If this change goes through what will it mean to Consumers? Bankruptcy trustees are the only professionals that are licensed by the federal government to provide businesses and…

Consumer Proposal & Revenue Canada Debt what you need to know. Do you have outstanding tax debt with Revenue Canada, being charged penalty and interest? Does CRA allow liabilities to be included in my consumer proposal? CRA will only allow liabilities up until the end of the calendar year, before the proposal. Example filing a…

In “Turning over a new leaf – Part I” we talked about developing a plan to eliminate your debts and tracking your cashflow over a period of time.  I recommended that you record all your transactions for at least 12 months. By this time, hopefully, you have been faithfully recording all of your purchases for…

Spring cleaning can be a good exercise for you, your closet and your finances. As the weather starts to improve and that fresh spring breeze starts to blow I just want to throw open the windows and the closet doors and clean house. Results:  collection of clothes, home decor, odds and ends  that are still very…

Who Qualifies For Bankruptcy The answer is very simple. To be eligible to file for bankruptcy you must: owe at least $1,000 and have debts greater than the sale value of your assets and are unable to pay your debts when they are due. Who Qualifies For Consumer Proposal This answer is also very simple….

1. Omitting Expenses – Not all expenses can be tracked monthly and yet they are important and must be included in the monthly allowance in order to not be caught short when the item rolls around.  Easy one, Christmas, budget every month to put away an amount that will prevent you from using credit to…

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