Posts tagged bankruptcy canada
January 2017 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were up 0.1% and consumer proposal filings were up 7.6% as compared to the 12-months ended January 31, 2016.

New Brunswick - Personal bankruptcies were up 1.4% and consumer proposal filings were up 4.1% as compared to the 12-months ended January 31, 2016.

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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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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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What is a Deemed Trust?

When an employer deducts income tax, CCP, and EI from its employees’ pay, those amounts are deemed to be held in trust for the Crown and to be remitted at a later date. These deemed trusts attach to ALL assets of the employer or vendor and are to be paid to the Crown in priority to all security interests.  This is true regardless of whether or not the funds have been kept apart or commingled with the property of the employer or vendor, and notwithstanding any security interest in the property or proceeds thereof.

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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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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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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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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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June 2016 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were up 0.2% and consumer proposal filings were up 9.4% as compared to the 12-months ended June 30, 2015.

New Brunswick - Personal bankruptcies were down 2% and consumer proposal filings were up 5.9% as compared to the 12-months ended June 30, 2015.

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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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Why Would My Trustee Oppose My Bankruptcy Discharge

Your Trustee is required to oppose your discharge if you do not complete specific duties or tasks: complete both mandatory counselling sessions, report you monthly income to the Trustee, sessions, make all agreed upon payments, including voluntary, surplus income, and equity payments.  These are only some of the duties that you must complete.

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April 2016 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 0.9% and consumer proposal filings were up 8.2% as compared to the 12-months ended April 30, 2015.

New Brunswick - Personal bankruptcies were down 2.6% and consumer proposal filings were up 13.5% as compared to the 12-months ended April 30, 2015.

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The Bankruptcy Process in 12 Steps

This article is meant to provide you with a general understanding of the personal bankruptcy process however each individual situation is unique.  Your Trustee will review the details of your particular situation and provide you with information specific to your circumstances so you can make an informed decision.

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March 2016 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 1.1% and consumer proposal filings were up 8.1% as compared to the 12-months ended March 31, 2015.

New Brunswick - Personal bankruptcies were down 5.6% and consumer proposal filings were up 16.3% as compared to the 12-months ended March 31, 2015.

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Dealing With Increasing Insolvency Rates

There are lots of factors but, I think the greatest single contributor is the proliferation of easy credit combined with low levels of financial literacy.  High debt levels limit financial flexibility and the ability to weather and recover from financial setbacks resulting from job loss, reduced income, illness, separation/divorce, and other life events.

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February 2016 - Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 1% and consumer proposal filings were up 9.5% as compared to the 12-months ended February 28, 2015.

New Brunswick - Personal bankruptcies were down 3.9% and consumer proposal filings were up 19.9% as compared to the 12-months ended February 28, 2015.

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The Real Cost of Vehicle Ownership

Think about the cost of ownership before you buy and then think about the cost of use and think ahead to consolidate trips, skip the trip, or car pool with friends and co-workers.  The cost of vehicle ownership also needs to be considered when you choose where you live.  While the cost of housing may be cheaper here in rural New Brunswick, the cost of the travel can offset the housing cost savings.

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