Posts in Debt
When Small Business Owners Run Into Financial Trouble, What They Need is Help

We believe that entrepreneurs should be encouraged and supported, particularly when they run into financial difficulty.

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What happens to a business when a shareholder goes bankrupt?

A shareholder’s personal bankruptcy or consumer proposal always creates questions and sometimes concerns for anyone who has an interest in the business. Here are a few answers.

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Buying vs. Leasing a New Vehicle – Part Two – The Risks and Benefits of Leasing

Remember, leasing is like renting so there are usage limits. This isn’t actually your vehicle.

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Buying vs. Leasing a New Vehicle – Part One – 3 Important Points to Remember

Figuring out how to pay for this expensive infrastructure is something most of us have to consider.

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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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Budgeting 101 – Part 4 of 5

Lumpy expenses, as I call them, are expenses that we know (or should know) are coming down the track and will have to be incurred but only happen once in a lifetime or only once every couple, few, 5, 10 or 15 years (or so). Lumpy expenses can cause significant stress if you have not prepared for them. 

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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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The Cost of Keeping Up With the Jones

We often see families putting themselves in difficult financial situations because they make purchase decisions based on emotions rather than considering the total cost.  Sometimes, we have to take a step back and ask ourselves a few questions: what are these material things going to add to my overall quality of life?  How are we going to pay for these purchases and what is the overall cost?

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Financial Math - The 5% House Down-Payment

The reality is that owning a home can be the root of a myriad of problems, one of which is tied to the 5% down-payment. With mortgage insurance, you can buy a house with only a 5% down-payment.  Mortgage insurance is actually required whenever your down-payment is 20% or less of the purchase price.

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Debts Owing to the Canada Revenue Agency

Many people believe that debts owing to CRA will never go away. That is not necessarily the case, particularly when an individual goes bankrupt or files a proposal under the provisions of the Bankruptcy and Insolvency Act (“BIA”). However, prior to file personal bankruptcy or a consumer proposal, CRA has some significant legislated powers to collect debts.; including garnishing paycheques, seizing bank accounts.

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What Is The New Brunswick Personal Property Security Act (PPSA)?

PPSA legislation provides a central registry for filing notices of security interests in personal property, allows both individuals and institutions to record their financial interest in personal property (cars, boats, appliances, etc.). Bankruptcy eliminates all of your unsecured debt such as credit cards, bank loans, tax debts, unpaid bills and payday loans.  However, secured debts such as vehicle loans, mortgages and home equity lines of credit are typically not included in a bankruptcy.

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Guaranteed, Co-Signed and Joint Loans

Generally, a co-signor is usually jointly and severally liable for 100% of the debt.  This means that, if there is a default, the lender will pursue the primary debtor and the co-signer at the same time and will be happy to collect their entire debt out of whomever they can recover from first.

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How to Avoid Bankruptcy

You can’t go bankrupt if you have no debt.  Bankruptcy is a relief valve for debtors who find themselves unable to cope with overwhelming debts.  Bankruptcy is not the only option for resolving debts but the availability of other options is dependent upon individual circumstances.  The sooner you identify and seek to address significant debt, the more options will be available to you.

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