Stuck in a cycle of debt but not sure exactly what your options are or how to decide which is the best route for you?

Assessing whether your client is experiencing financial distress does not require access to detailed financial information, but rather facts which are readily available if you keep a keen eye and watch for them.

For most people meeting monthly expenses while covering the costs of the holiday season makes this a difficult time of year. We become caught up in the moment and before we know it, the credit cards come out and we are spending, spending and spending.

The debt load is now overwhelming. This is not where you thought you would ever find yourself. After trying everything you can think of to manage it, you see no light at the end of the tunnel and you know it’s time to consult with a Licensed Insolvency Trustee about your options.

If I decide to declare bankruptcy for my own personal dept, are my allowable asset values the same even if I am married with children?

Your bankruptcy does not automatically lead to the bankruptcy of your spouse. The fact that you are married or living common-law has no effect during bankruptcy. It is mostly your shared assets and debts that may have consequences for your spouse.

What are my rights with regards to collectors? I have heard that there are some regulations regarding what collectors can and can't do and I'm wondering where I would find out about that?

What exactly are your duties during a bankruptcy and what happens if you can’t keep up with them? Both very good questions!

The insolvency statistics for March have just been released and they are consistent with the trends for the previous few months. Generally filings are flat across the country except for those provinces affected by the decline in oil prices. Total filings in Canada for the 12 months ended March 31, 2016, were up only 2.8% and were basically flat in Ontario, Quebec and British Columbia.

As Halloween approaches and the kids are back in school, parents can now refocus on the bills that were put off during the hectic days of summer such as vacations, back to school supplies and fall clothing.