Posts in Consumer Proposals
August 2017 Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 6.5% and consumer proposal filings were up 2.6% as compared to the 12-months ended August 31, 2016.

New Brunswick - Personal bankruptcies were down 6.5% and consumer proposal filings were up 21.7% as compared to the 12-months ended August 31, 2016.

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July 2017 -Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 5.7% and consumer proposal filings were up 3.4% as compared to the 12-months ended July 31, 2016.

New Brunswick - Personal bankruptcies were down 5.9% and consumer proposal filings were up 20.5% as compared to the 12-months ended July 31, 2016.

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June 2017 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 5.9% and consumer proposal filings were up 2.4% as compared to the 12-months ended June 30, 2016.

New Brunswick - Personal bankruptcies were down 7.1% and consumer proposal filings were up 14.4% as compared to the 12-months ended June 30, 2016.

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May 2017 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 4.9% and consumer proposal filings were up 4.1% as compared to the 12-months ended May 31, 2016.

New Brunswick - Personal bankruptcies were down 6.2% and consumer proposal filings were up 13.8% as compared to the 12-months ended May 31, 2016.

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April 2017 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 3.7% and consumer proposal filings were up 5.1% as compared to the 12-months ended April 30, 2016.

New Brunswick - Personal bankruptcies were down 2.9% and consumer proposal filings were up 9.4% as compared to the 12-months ended April 30, 2016.

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February 2017 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 1.6% and consumer proposal filings were up 6.4% as compared to the 12-months ended February 29, 2016.

New Brunswick - Personal bankruptcies were down 0.5% and consumer proposal filings were up 1.8% as compared to the 12-months ended February 29, 2016.

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Income Tax Deadlines

For Canadians, April 30 is the official deadline to file your personal income tax return with the Canada Revenue Agency.   If you file your return past the deadline you will be assessed a late filing penalty. The deadline, if you or your spouse or common-law partner carried on a business in 2016, is June 15.

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2017 Surplus Income Standards

The Government of Canada has set net monthly income thresholds for a person or family to maintain a minimal standard of living in Canada. Every dollar that a bankrupt family makes above this level is subject to a surplus income payment of 50% while a person remains bankrupt.

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Budgeting 101 – Part 5 of 5

Catastrophic expenses are those expenses that you have no reasonable expectation of knowing that they are coming and they have a material and negative impact on your finances to the extent that you cannot recover from the impact and, in fact, may not even be able to deal with the expense in the first place..

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December 2016 - Personal Bankruptcy & Consumer Proposal Statistics

Canada – Personal bankruptcies were down 0.1% and proposal filings were up 7.4% as compared to the 12-months ended December 31, 2015.

New Brunswick – Personal bankruptcies were up 3.2% and proposal filings were up 1.4% as compared to the 12-months ended December 31, 2015.

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Why People Delay Getting Help With Their Debt

The longer an individual waits to get help with their finances, the harder it is to help as the number of options is greatly reduced.  By the time most consumers come to us the only choices left are to file personal bankruptcy or consumer proposal. If you are starting to struggle financially reach out for professional assistance before things get beyond your control.

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November 2016 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were up 1% and consumer proposal filings were up 8.4% as compared to the 12-months ended November 30, 2015.

New Brunswick - Personal bankruptcies were up 0.7% and consumer proposal filings were up 1.8% as compared to the 12-months ended November 30, 2015.

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October 2016 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were up 0.5% and consumer proposal filings were up 8.7% as compared to the 12-months ended October 31, 2015.

New Brunswick - Personal bankruptcies were down 1% and consumer proposal filings were up 1.3% as compared to the 12-months ended October 31, 2015.

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Bankruptcy: My Name is Still On My Ex-Spouse’s Home

To get your name off of the mortgage, your ex-spouse will have to qualify for the mortgage, on his or her own name, when the mortgage comes up for renewal.   Whether or not they qualify is up to their financial institution.

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September 2016 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were up 0.1% and consumer proposal filings were up 9.2% as compared to the 12-months ended September 30, 2015.

New Brunswick - Personal bankruptcies were down 3.5% and consumer proposal filings were up 0.4% as compared to the 12-months ended September 30, 2015.

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August 2016 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - There was no increase in personal bankruptcies and consumer proposal filings were up 7.2% as compared to the 12-months ended August 31, 2015.

New Brunswick - Personal bankruptcies were down 2.9% and consumer proposal filings were up 1.7% as compared to the 12-months ended August 31, 2015.

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Your Credit Report After a Bankruptcy or Consumer Proposal

Debts included in a bankruptcy should be rated as R-9 or I-9, indicating written-off, and the outstanding balance should be reported as zero. There should also be a note indicating “included in bankruptcy” below the trade line for the corresponding creditor. Debts included in a consumer proposal should be rated as R-7 or I-7 and the outstanding balance should also be reported as zero.

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