Category

Bankruptcy Information
Second time bankruptcy Hi Ross, looks like I have to do a personal bankruptcy. I owe $59,000 across several credit cards and my minimum monthly payment is over $1,700! Back in 1997 I declared bankruptcy (for only $10,000 in debts), and it went pretty smoothly. Now I am making around $70,000 per year, and I...
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Will bankruptcy protect home equity Hi Ross, Many years ago my wife and I took the advice of a well meaning financial planner and invested in a mass marketed tax shelter which was based on donations of art works. Not long after CRA took a dim view of this, and reassessed us both significant amounts...
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So many times when I meet homeowners in debt stress, the first thing they say is they intend to keep their house – come hell or high water. “Find us a solution Ross, but we insist on tying your hands behind your back in the process.” In some cases, it’s actually quite doable. If, after...
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Very Bad Credit and Self Employed Qualify for Mortgage Yesterday’s mid day appointment arrived in despair. He has been working with his bank, and various other “connections” to secure a mortgage on a new condo he is buying May 28. So far, everyone has declined him, even though he can put up a $100,000 down...
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Filing for Bankruptcy While Waiting for Insurance Claim Dear Ross, three years ago we were involved in a serious car crash, and I sustained permanent injuries. I have been unable to work since then. We have exhausted all our financial resources keeping things afloat, and now even my Canada Pension Plan (CPP) is being withheld...
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This Bankruptcy Could Lose Home to Power of Sale Dear Ross, I declared personal bankruptcy a year and a half ago, and I am still waiting for a discharge. After a few months I was told to attend a session at the Examiner’s office, and after that I was told my discharge had been opposed,...
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Buys a Strip Club, Gets Ripped Off By Boyfriend Dear Ross, I have worked in a busy gentleman’s club for three years as a bartender. Last year I began dating Sam the owner, and he suggested I put together the money to buy the club, as it was ‘printing money’. I was very intrigued. He...
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Hi Ross, I went to college in 2000, and finished my studies in 2003. Four years later, I hit a rough spell in my life, and I declared personal bankruptcy. My student loan balance with RBC at the time was around $1,400. My trustee included the loan in my statement of affairs she filed with...
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We Need to Protect Debtors in Distress The stress and worry from not being able to make ends meet can be toxic and sometimes even causes physical and mental illness. A few stick their head in the sand and hope the phone won’t ring, and the collectors will disappear. Eventually most  people over their heads...
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It’s no surprise there is usually a spike in the number of consumer proposals and personal bankruptcies in the early months of a New Year. It’s often a result of holiday spending beyond people’s needs, and also a frank assessment of where people’s personal finances are at as they buckle down and make New Year’s...
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