For many people, the stress and uncertainty surrounding the pandemic has only served to compound existing financial difficulties. Loss of income and rising debt loads are adding to the stress and forcing individuals to look at options they never thought they’d have to.

One of the biggest concerns among indebted pensioners is whether creditors have the right to seize or garnish their Canada Pension Benefits (CPP) and Old Age Security Benefits (OAS).

This year’s tax season will more than likely be extra challenging for the nearly nine million Canadians who applied for the Canada Emergency Response Benefit in 2020.

More than half (53%) say they are $200 or less from not being able to meet all of their bills and debt obligations each month, a whopping 10-point jump from December. This includes three in 10 (30%, +7pts) who report they are already insolvent with no money left at month-end to cover all their payments.

Fifty-three percent say they are $200 or less away from not being able to meet all of their monthly bills and debt obligations, a six-point jump from December. This includes three in 10 (30%, +3pts) who report already being insolvent with no money left to cover their payments at month-end.

When individuals can no longer service their debt, it creates significant issues for both the borrower — who may find themselves in an ever-worsening cycle of debt — and their lender(s) who are having trouble recovering the money owed to them.

We may not always agree with our parents, but we are undoubtedly influenced by their habits, attitudes, and points of view. The norms and traditions of our upbringing can have lasting impacts on everything from the kind of laundry detergent we prefer to our conscious and unconscious relationship with money.

That’s a good question, and one that might produce some surprising answers. There’s no one size fits all solution to debt.

Bankruptcy can provide relief for most types of consumer debt, save for a few noteworthy exceptions. Therefore, you can — in most cases — include a debt owing to the Insurance Corporation of British Columbia (ICBC) in a bankruptcy. However, each situation is different and ICBC will take a position based on the facts of each file.

Managing insolvency engagements within the new reality of the Bubble impacted engagements when travel was required from individuals outside the Bubble. The creation of the Bubble affected interaction with other professionals – such as lawyers, courts, appraisers, auctioneers and most importantly, buyers of assets.