Posts tagged debt help
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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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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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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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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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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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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Tackling Your Finances Head On

Hiding from the reality of your financial situation will do nothing to improve it. People have a pre-disposition to hide from the truth, particularly when the truth is ugly. Unfortunately, we see this every day.

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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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Can A Person Have Savings During Bankruptcy?

Yes, you can accumulate savings during a personal bankruptcy or consumer proposal. During a personal bankruptcy provided you are paying your required surplus income payment, if applicable. You can save as much as your budget allows.

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How Are Secured Debts Treated In Personal Bankruptcy or a Consumer Proposal?

When an individual files personal bankruptcy or a consumer proposal these loans are not always impacted and the assets can usually be kept as long as the loan payments are current and continue to be made in accordance with the credit agreement.

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Can I Declare Bankruptcy If I Live Outside of The Country?

Generally speaking, under the Bankruptcy & Insolvency Act, if you reside outside of the country you can still declare bankruptcy as long as you meet certain criteria. If you are a previous Canadian resident and are have debt issues you should contact Powell Associates Ltd. to determine if you meet the criteria to file personal bankruptcy or a consumer proposal in Canada.

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Using RRSPs to Pay Down Debt

If you are unable to keep up with your debt payments you should consult a Licensed Insolvency Trustee to discuss your options before cashing-in any of your investments.   Your investment savings may be exempt from seizure so you may be able to keep them if you file for personal bankruptcy or settle your debts through a consumer proposal.

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Banking Fees – Are You Paying Too Much?

Your bank account service fee plan should reflect your needs and monthly usage otherwise you may be paying more than you should. If you find that your bank account is always in overdraft could be an indication that you are headed for financial trouble.  Consider reaching out to a licensed professional to receive a financial assessment to review your debt restructuring options.

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My Bank Account Is Always In Overdraft

The interest charged by banks to those carrying an overdraft can range as high as 20% so it can be a very expensive form of credit. If you find that you are carrying an overdraft balance and running out of money between pay periods this can be an early warning sign of future financial difficulties.

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Caught in the Pay Day Loan Cycle?

The problem with this type of borrowing is that it is very expensive and can often leave the borrower, who is already in a tight financial position, unable to repay the loan.  So they end up re-borrowing or getting a “roll-over” loan by paying off the current loan and immediately getting another one from the payday lender.

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Will My Separation Agreement Protect Me If My Ex Goes Bankrupt?

When a relationship ends it is not uncommon to have a formal separation agreement drawn up by a lawyer to spell out the responsibilities of each party.  Even though both parties may have agreed to assume responsibility for certain debts, it does not absolve the parties should one of them default on credit that was granted jointly such as joint credit cards or lines of credit.  

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