Posts tagged consumer proposal 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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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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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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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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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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Dealing With Debt - Understanding the Two Types of Proposals

Division 1 Proposal Is when a consumer debtor owes more than $250,000 in debts, excluding the mortgage on their principal residence. If creditors don’t accept this proposal there is a deemed personal bankruptcy.

A consumer proposal is when a consumer debtor owes less than $250,000 in debts, excluding the mortgage on their principal residence. There is no deemed personal bankruptcy if the creditors reject the consumer proposal.

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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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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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January 2016 - Personal Bankruptcy & Consumer Proposal Statistics

Canada - Personal bankruptcies were down 1.9% and consumer proposal filings were up 9.1% as compared to the 12-months ended January 31, 2015.

New Brunswick - Personal bankruptcies were down 5% and consumer proposal filings were up 19% as compared to the 12-months ended January 31, 2015.

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What Is the Bankruptcy and Insolvency Act (“BIA)

Generally speaking, the BIA is a federal statute that governs bankruptcy, proposal and receiverships in Canada.  It provides relief to the honest, but unfortunate debtor from the crushing burden of debt so they can get a fresh start.

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What Is A Stay of Proceedings?

A stay of proceedings basically means that creditors must cease all collection or legal proceedings against the debtor, including wage garnishments.   The purpose of the stay is to protect the assets of the bankrupt so the Trustee or Proposal Administrator can deal with them in an orderly fashion.

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The Difference Between Secured and Unsecured Debt

Secured debts include mortgages, vehicle or investment loans.  The borrower gives the lender a lien or mortgage against assets such as property, vehicles or investments in exchange for the loan.  Unsecured debts typically include personal loans, lines of credit, credit cards, overdraft on bank accounts, and personal income taxes.

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Will I Have To Go Bankrupt Or File A Consumer Proposal If My Spouse Does?

No, if one spouse files personal bankruptcy or a consumer proposal, it may not be necessary for the other spouse to file. This depends on several facts which a Licensed Insolvency Trustee will assist the couple to review. The couple can then make an informed decision as to which option best meets their needs and allows them to achieve their financial goals.

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