The Canadian economy has enjoyed more than 10 years of robust growth, yet only around half of Canadians are in good financial shape — and the COVID-19 pandemic certainly hasn’t improved matters.

Are you in a situation where you’ve fallen behind on your debts and now the account is in collections? As if the stress of your mounting bills wasn’t bad enough, now you’re worried there’s a collections agent lurking behind every phone call, every mail delivery, and every email. It doesn’t take long for the fear and anxiety to consume every waking moment of your life.

Just the mere thought of financial planning is enough to send many people into a tailspin. But it can be a truly empowering exercise. You just have to break it down into small enough steps so it’s not so overwhelming.

Consumer Proposals and Bankruptcies are government legislated insolvency options that can provide relief from serious debt problems. Both solutions can only be administered by a Licensed Insolvency Trustee. In addition, both solutions provide a legal stay of proceedings which require creditors to discontinue harassing collection calls, wages garnishments and other legal proceedings.

Purchasing decisions used to be easy for most households. Until the early 1950s, people mostly bought what they needed and paid for their purchases with cash. Wants were few and luxury items for the most part beyond reach. Fast-forward 70 years and it’s not surprising that “I see, I want, I buy” has become the guiding mantra for so many consumers and that consumer debt keeps breaking one record after another.

Despite the fearless efforts of previous generations there remains a pronounced gender wealth gap in Canada, along with persistent stereotypes and stigmas about how women manage their money. In celebration of International Women’s Day 2021, and their theme #choosetochallenge we’re challenging preconceptions around women and debt — and empowering women to take responsibility for their own financial success and debt freedom.

It is a common misconception that if one partner in a marriage files Bankruptcy, the other needs to as well. However, this isn’t always the case: there is no law that says both parties must file Bankruptcy. But it is a timely opportunity to review your financial affairs and consider exploring options to deal with your debt.

One of the most common questions among consumer debtors contemplating Bankruptcy is, “what will happen to my assets?”

Everyone can relate to feelings of depression and hopelessness at various points in their lives. Chronic or fleeting, these emotions may result from a sudden unexpected event such as a job loss, illness, or relationship breakdown — or build up more gradually.

Bad financial habits are easy to fall into and impact wealthy households, low income individuals, the highly educated and uneducated alike. They can cause all sorts of personal and financial difficulties — but it’s often not until they’ve done significant damage that people begin to recognize how their bad financial habits are sapping their wealth and holding them back.