The Financial Consumer Agency of Canada released an article warning the public against some practices within the field of debt reduction. After reading the article, I thought it important to expand on the topic; specifically on how it relates to the field of insolvency, since the two areas are tied together.

I have been spending beyond my means, I have a good job, but I can't keep up with my payments. My friend told me I can not go bankrupt because I make to much money, is this true? I make close to 40,000 but I owe about the same with credit cards and car payments.

And what about any other types of investments? Assets?

How long after a bankruptcy do I have to wait to be a director of a corporation, non-profit or otherwise?

Canada is a welcoming place. People from around the world have been choosing to immigrate here for generations and have, in return for new opportunities, given back more than could have been expected. Our society is richer for their presence.

In Canada, creditors assign credit ratings on a scale of 1 to 9, with 1 meaning your payments are being made on time and 9 meaning your debts are in collection or considered uncollectible.

Dealing with a personal financial crisis is stressful. Adding to the confusion are the numerous debt settlement companies and financial institutions offering different approaches for resolving your debt issues.

This is the year you are going to make financial health a priority. You are going to gain control of your finances, dig yourself out of debt, and eliminate stress from your life. And every day, you resolve that you will start that process…tomorrow.

Currently, if you ended your studies less than 10 years before you start a bankruptcy, the bankruptcy will not release you from your obligation to repay the student loans.

With a few exceptions, most banks and lessors will agree to your keeping the vehicle in a bankruptcy and continuing on with the payments so long as your payment history has been good and your payments are currently up-to-date.