Posts Tagged ‘Consumer Proposal’
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.
Read MoreBudgeting 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..
Read MoreWhy 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.
Read MoreBudgeting 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.
Read MoreWhat is a Deemed Trust?
In a bankruptcy, amounts owing for GST/HST and the employer portion of CPP and EI, and penalties and interest on these amounts are unsecured claims, ranking the same as all other general creditors of a debtor. However, before bankruptcy occurs, CRA may obtain a lien or charge (be filing a memorial judgment) against the real or personal property of a debtor, CRA will be a secured creditor.
Read MoreBudgeting 101 – Part 3 of 5
Like monthly expenses, most annual expenses are predictable; at least to the extent that you know they are going to happen. Sometimes the amount is uncertain or the amount is discretionary (you set it – requires some internal fortitude to manage).
Read MoreBankruptcy: 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.
Read MoreBudgeting 101 – Part 2 of 5
Monthly expenses should be the most predictable of the expense categories. They happen every month. Some are fixed and some are variable. With your household income, you should be able to comfortably cover these expenses including covering seasonal variations.
Read MoreThe 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?
Read MoreWhat 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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