Posts in Uncategorized
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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The New Debtor Prison

We have found that a new form of debtor prison exists and this is due to excessive phone calls, emails, text messages and mail from creditors and collection agencies.   These tactics can leave a person feeling afraid to answer their own phone and for some, it can cause undue stress and anxiety which can negatively affect their everyday life and ability to function at work.

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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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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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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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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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What Are the Different Types of Bankruptcy Administrations?

Summary administration bankruptcy, there is no notice in the newspaper and no automatic meeting of creditors. Ordinary administration bankruptcy, there is a mandatory meeting of creditors and there is also a requirement for the Trustee to publish a notice of the bankruptcy in the newspaper.

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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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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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July 2016 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 0.4% and consumer proposal filings were up 7.8% as compared to the 12-months ended July 31, 2015.

New Brunswick - Personal bankruptcies were down 4% and consumer proposal filings were up 1.2% as compared to the 12-months ended July 31, 2015.

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Can I Go Bankrupt If My Debts Are The Result of Gambling?

For individuals who are problem gamblers we strongly recommend other counselling to help address the addiction.  Personal bankruptcy may provide short-term financial relief but cannot resolve the issue of gambling unless it is combined with other treatment.

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