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"Thank you so much for all you help, I wouldn't have made it without your help "
~Regan - Victoria

"I really didn't want to go bankrupt and was relieved to learn that I could file a Consumer Proposal. "
~Lyn - Sooke

Posts from the 'Bankruptcy Alternatives' category

Credit Counselling - Recent Trends and the Increase in Debt Poolers in Canada

2014-03-10 23:03:32

 Review of Credit Counselling – Recent Trends 

Who’s in the Business and Who is Best Serving Debtor Needs?  This is a question that I get asked regularly.    With the increasing presence of Debt Poolers and those calling themselves Credit Counselor, there seems to be many issues with respect to Credit Counselling and Debt Pooler's – as the level of Canadian debt has been ever increasing, there is also the reciprocal increase in companies who are...[more]

Personal Financial Issues focusing on Canadian Consumer Debt.

2014-03-10 23:15:10

 In the Canadian Context, what leads to the majority of personal financial issues on anecdotal basis?

As a Canadian Bankruptcy trustee dealing with both small business and personal insolvency issues, when we are approached to outline the personal options available to debtors either personal bankruptcy or settlement of debt proposal to creditors we find that:

- You’re struggling to pay your debts and you need some help; who do you go to for advice?  Both Trustees in Bankruptcy and Credit Counsellors offer financial advice and debt solutions options so what is the difference between the two?   Credit Counsellors offer help creating a debt...[more]

Bankruptcy Trustees: Your Questions Answered

2014-08-11 16:24:32

If you are struggling to keep up with your debt and are looking for a solution you have probably come across a lot of references to Bankruptcy Trustees and Consumer Proposal administrators. This post aims to provide a basic overview and answer the most common questions. Who are trustees? Bankruptcy Trustees are individuals who are licensed to administer bankruptcies and consumer proposals.  They have completed specific educational requirements and are federally licensed by the Office of the Superintendent of Bankruptcy, and as such they are subject to government...[more]

What Happens if You Default on Your Consumer Proposal?

2014-08-18 16:48:08

Once your consumer proposal has been approved it is your responsibility to stick to the payment schedule.  Your bankruptcy trustee will provide two mandatory credit counselling session designed to address your money management skills and provide you with tools for better financial health in the future, however they are not responsible for keeping your proposal payments on track. You can miss two proposal payments without dire consequences; the term will simply be extended to include those two payments.  However if you miss a third payment your consumer proposal is automatically annulled...[more]

Tackling Your Debt: Options and Pitfalls

2014-08-25 16:07:45

When you decide to tackle your debt there are many options to choose from and each of them have their own pitfalls.  This post covers three common choices people make to deal with their debt and some of the things you should consider before committing to any of them. Cashing in RRSPs:  Your RRSP may seem like an easy source of money to get you out of a financial jam, but it is likely you will need that money later in life, so think hard about the future consequences.  Once the funds are released to you they will be considered taxable income, so be careful to account...[more]

Consumer Proposal v. Bankruptcy

2014-08-25 16:14:53

There are many options to solve problems with debt in Canada but the main choices are a consumer proposal or personal bankruptcy. While both are options to consider when solving debt problems, there are differences between these two options. The criterion to be eligible for a consumer proposal is:
  • Owe less than $250,000, which doesn’t include mortgage on primary residence
  • Unable to pay your debts on time (insolvent)
  • Be able to make the consumer proposal payments
  • No unfinished or open consumer proposals
A fixed monthly payment...[more]

High Canadian Debt not as Problematic as Previously Believed

2014-08-18 16:45:49

Canada’s debt to income ratio is high, 164% as of the end of 2013.  However this may not be as bad as we believe. The financial crisis in the US was largely caused by people being issued debt they could not afford to pay. Currently, though Canadians have large debt loads, they are able to afford to pay it off. This assertion is supported by the statistics. Delinquency rates on personal debt, credit and credit cards are low and falling. The number of mortgages in default or arrears is also low. The debt service ratio, which measures the percentage of disposable income going towards...[more]

What is a Consumer Proposal?

2015-09-23 19:25:25

What is a Consumer Proposal? A consumer proposal is an alternative to declaring personal bankruptcy. It’s an arrangement that’s negotiated with your creditors through a consumer proposal administrator who is also a licensed bankruptcy trustee. A legally binding agreement is put in place to provide you with immediate protection from creditors/debt collectors and arrange for a partial repayment of your total unsecured debt that is owed. When you file a consumer proposal you agree to pay a portion of what you owe, and your creditors agree to forgive the...[more]