2025-10-01
Debt consolidation vs. consolidating credit: What’s the difference?
Lifestyle Debt
Financial jargon can be murky at the best of times. Downright frustrating when you’re sinking in the depths of unmanageable debt.
2009-11-25
The recent amendments to the Bankrutpcy and Insolvency Act now require that a first time bankrupt stay in bankruptcy a minimum of nine months (unchanged from before) and that a second time bankrupt stay in bankruptcy a minimum of 24 months (a change from before - there was no required minimum - a court application was required). However, a bankrupt with surplus income (e.g. net monthly take home income in excess of certain guideline amounts) is required to add an additional twelve months to the above totals. Accordingly, a first time bankrupt who has surplus income will be in bankruptcy for 21 months, will be paying surplus for those 21 months and will be filing monthly income and expense statements for those 21 months. A second time bankrupt with surplus will be doing the same for thirty six months. The intention of the above was, I believe, the encourage more insolvent debtors to file proposals, rather than bankruptcy, and, based on my experience since the amendments on September 18th, this appears to be happening. As always, please feel free to contact us for a free initial consultation to review your options. Ian Schofield MNP Regina 306-790-7904
2025-10-01
Lifestyle Debt
Financial jargon can be murky at the best of times. Downright frustrating when you’re sinking in the depths of unmanageable debt.
2025-09-30
In times of economic uncertainty, finding joy in the simple, budget-friendly experiences is more important than ever.
2025-09-29
Lifestyle Debt
A clear, realistic budget can help you reach your goals faster. Learn five practical steps to take control of your finances and spend with confidence.