Monday, 06th February, 2012
Toronto Directory
SPECIAL SECTIONS
Federal Bankruptcy Exemptions 2010
Bankruptcy exemptions vary by province in Canada. Here is a complete list of Federal Government exemptions a bankrupt individual can keep in Ontario: Click here
Bankruptcy and Insolvency Act 2010
Knowing your rights is imperative to ensuring creditors preserve as many of their assets as possible. This link takes you to the Government of Canada's website containing a copy of the Bankruptcy and Insolvency Act (R.S., 1985, c. B-3). Click here
Bankruptcy in Canada 2010
Here's a comprehensive overview of procedures and legal consequences of consumer bankruptcy in Canada. This article discusses Bankruptcy reform, discharge rules, the Wage Earner Protection Program Act, reduction of the student loan discharge period from ten to seven years, protection of all registered retirement savings plans and more. Click here
Financial Mistakes
The result: rising levels of consumer debt and declining household savings rates. But in 2008, this culture was hit hard by economic reality. As a result of the credit crisis and ensuing economic recession, savings rates rebounded. For those who had been living beyond their means for years, it suddenly got a lot harder to [...]
How To Declare Personal Bankruptcy In Canada
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 [...]
Why You Should Avoid Bankruptcy
At first glance, this may seem a pointless topic for an article. Who would want, after all, to declare bankruptcy? Most Americans are well aware of the far-reaching financial consequences of bankruptcy protection. Bankruptcy can immediately and significantly lower FICO scores, darken credit reports for up to a decade and, depending upon the situation, forever [...]
Top Five Ways To $ave Hundreds Monthly
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. [...]
Top 10 Budget Myths
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 [...]
Top 10 Money Myths
Unfortunately, one of the factors that will prevent many people from becoming financially successful is their false beliefs about money. In fact, widespread financial myths can negatively impact both your short- and long-term net worth. Throw away these top 10 money myths, and you’ll avoid the consequences of believing them.
1. If I get a raise [...]
RRSP’s: What Happens To Them When You Go Bankrupt?
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 [...]
Debt Collection Agency: Know Your Rights!
I came across this very sad Toronto Sun story about an abusive collection agency that took harassment to a new level, phoning a debtors 81-year-old dad and a neighbour, telling them he owed money and he better pay up.
When the man’s 14-year-old daughter got a harassing call and was so overcome with fear she decided [...]
The Facts about Bankruptcy
Bankruptcy often has a huge stigma attached to it but if you are struggling under a huge pile of unmanageable debts then it is something you may want to seriously consider.
It is not something that you should enter into lightly but can also free you from your debts and help you start again. It will [...]
What happens to my house if I file for Bankruptcy in Toronto?
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 [...]
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