Are you Interest(ed)?

Are you Interest(ed)? [caption id="attachment_6193" align="alignleft" width="149"] Interest Rate Increase[/caption] I’m 53. My wife and I bought our first house in 1988. The interest rate on the first mortgage was 8% and we had a second mortgage at 12%. I do chuckle at current interest rates Read More...

Statute Barred Debts

  [caption id="attachment_6166" align="alignleft" width="184"] "If your debts are old, you don’t have to pay them; they just go away.” Is this truth or another urban legend?[/caption] Following up on last month’s article “Don’t Stick Your Head in The Sand!”, we quite often hear “If Read More...

What Happens if I Default on My Consumer Proposal

What Happens if I Default on My Proposal As the average Canadian household debt continues rise, the filing of Consumer Proposals to deal with debt is becoming a popular alternative to Bankruptcy. Consumer Proposals are administered by Licensed Insolvency Trustees (LIT) and typically allow the debtor Read More...

Can A Person Have Savings During Bankruptcy?

Can A Person Have Savings During Bankruptcy? The short answer is “Yes”. By definition savings can consist of actual cash holdings, RRSPs and other investment products, pensions, and the cash surrender value of insurance policies.  Your bankruptcy trustee will recover any non-exempt portion of your Read More...

What Assets Can New Brunswick Residents Keep In Bankruptcy?

What Assets Can New Brunswick Residents Keep In Bankruptcy? When an individual files for personal bankruptcy they assign all of their assets to the trustee to be liquidated for the benefit of their unsecured creditors.  That means any assets that    have equity above and beyond what Read More...

Consumer Proposal vs. Credit Counselling?

Consumer Proposal vs. Credit Counselling? With all of the choices facing financial distressed consumers it’s important to compare your options. The following chart provides you with information to help you choose the debt repayment solution that best meets the needs of you and your family.   Read More...

How Are Secured Debts Treated In Bankruptcy or a Consumer Proposal?

How Are Secured Debts Treated In Bankruptcy or a Consumer Proposal? The majority of consumers who file for personal bankruptcy or file a consumer proposal have some type of secured loan such as a mortgage, vehicle or investment loan.   These loans allow the lender to Read More...

Can I Declare Bankruptcy If I Live Outside of The Country?

Can I Declare Bankruptcy If I Live Outside of The Country? Although many Canadians work abroad, they still maintain a permanent residence in the country. Generally speaking, under the Bankruptcy & Insolvency Act, if you reside outside of the country you can still declare bankruptcy Read More...

Will Bankruptcy Take Care of Judgments?

Will Bankruptcy Take Care of Judgments? There are two types of judgments. The first, is one that a creditor can obtain against you through the courts to enforce an outstanding debt.  The judgment is typically registered against any property that you own and you cannot Read More...

Using RRSPs to Pay Down Debt

Using RRSPs to Pay Down Debt Dealing with debt can be very stressful and people often resort to casing in their RRSPs or other investments to pay down or pay off debt. Before you cash in your savings you should consider the following: The time value of Read More...