Personal debt  and bankruptcy is on the rise in Canada. Here’s a brief overview of the personal bankruptcy process.
Between 1990 and 2006 business bankruptcies declined by 42 per cent - but consumer, or personal, bankruptcies increased by 85 per cent, according to Industry Canada statistics. And with Canadian household debt loads continuing to rise, it’s […]

 
North Americans are a collection of spenders who must learn the hard way to practice what our grandparents have always known: A penny saved is a penny earned. […]

 
The closest many people get to budgeting is depositing their paychecks into their checking accounts and buying everything with an ATM card until the money’s gone.
While there are certain advantages to this method, such as not incurring credit card debt, there are also major disadvantages, such as not quite knowing where all that money’s going […]

 
I came across this fantastic news today in the Toronto Sun newspaper that will give investors some peace of mind:
If you find yourself in financial trouble and have to declare bankruptcy, your registered retirement savings are now safe from your creditors.
Recent amendments to Canada’s Bankruptcy and Insolvency Act now rule that for bankruptcies occurring after […]

Most people are very concerned about their home and what happens to it if they file bankruptcy. There are only two options: you keep it or you lose it.
To keep your home you need to answer YES to the following questions:
Do you want to keep the house? (Not everyone wants to keep their house. If […]

There are no quick fixes for improving your credit score. But you can raise your score over time by demonstrating that you consistently manage your finances responsibly. Any of the following ten tips can help you to improve your credit score:

1. Pay your bills on time.
This is the best way to improve your score, and […]

Don’t let poor financial planning keep you awake at night. If you take these actions now, you might sleep better — and better sleep might ensure good health as you age. Concerns about financial well-being in retirement keep many Canadians awake at night.
About 43% of employees at small and medium sized businesses, as well […]

 
Avoiding credit card overload increases your opportunities to save and invest for important goals.
1 Managing Debt and Credit
Credit was once defined as “Man’s Confidence in Man.” But in fact, the definition of credit today is more like “Man’s Confidence in Himself.” Using credit today means you have confidence in your future ability to pay that […]

If you’re a Type A credit card user, chances are you know it whether or not you are willing to admit it. If you can answer yes to these questions, then a lifestyle change is in order.

Do you pay interest fees when you send in your credit card payment?
Have you ever paid your credit card […]

 
All about Bankruptcy Mediation
Recent amendments to the Bankruptcy and Insolvency Act have led to changes in the consumer bankruptcy process, changes that could be very helpful to you as a bankrupt or a creditor.
This post provides basic information on the mediation process. It does not provide detailed legal advice. For complete legal information related to […]