2025-08-14
How to budget for summer vacation
Vacation costs can add up quickly without proper planning. This guide can help you budget so that you can make the most of your trip without overspending.
2009-02-02
The first question I would have is whether or not the bank can pursue you for this shortfall in the first place. If the mortgage was an insured mortgage....the insurer (CMHC, Genworth) can pursue you for the shortfall. If the mortgage was not insured.....the bank (assuming this was a conventional mortgage) can not pursue you for the shortfall. Assuming that this was an insured mortgage, and you therefore have some exposure for the shortfall, the insurer has to sue you first and obtain judgment before they could garnishee your bank account. If you are thinking that bankruptcy or a proposal may ultimately be an option for you, anything you do with your assets in the period prior to bankruptcy could be reviewed. If you are just moving a "bit" of money in order to live on, there would usually be no problem. Although there is no specific exemption for cash on hand at the date of bankruptcy, reasonable living expenses must be covered. But if you are talking about moving "substantial" funds, you may want to seek further advice before you move them. You may wish to contact one of our Trustees in your area to discuss the specifics of your mortgage and how much savings you are talking about. Donna Carson, CGA, CIRP, Trustee Calgary, Airdrie, Drumheller regions 1.877.500.0792 [email protected]
2025-08-14
Vacation costs can add up quickly without proper planning. This guide can help you budget so that you can make the most of your trip without overspending.
2025-08-05
Bankruptcy Consumer Proposal
Losing your job can be frustrating and, even more so, managing your financial wellbeing while you’re unemployed. However, you can successfully navigate the situation with the right budgeting tips.
2025-08-04
Since it’s impossible to predict or prevent most medical conditions or emergencies, the best way to handle them is by planning and preparing for them.