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.

Nearly half (47 per cent) of all homeowners with a mortgage agree in that they’re concerned about their ability to make their mortgage payments when interest rates rise, according to a survey conducted by MNP Debt.

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.

Bankruptcy is a process that allows a debtor to get a fresh financial start. When you file for bankruptcy, you surrender your assets to your bankruptcy trustee. The trustee then turns those assets into cash, and distributes the money to your creditors.

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

And what about any other types of investments? Assets?

Sometimes it seems that financial duress can sneak up on you. There are however, certain warning signs that may indicate you are in financial trouble, such as...

Canada day marks a great time for a mid-year check-up into where you are at surrounding your financial goals for the year.

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.