Student loans: how are they treated if you go back to school?
The Bankruptcy and Insolvency Act states that student loans under a federal or provincial student loan program are not discharged from bankruptcy if you have filed for bankruptcy within 7 years of last attending school. So practically speaking, what this means is that you’ll have to wait for 7 years from the date you last attended school before filing bankruptcy, or else that student loan debt won’t go away after you’ve received your discharge from bankruptcy. This is fairly straightforward. Where it gets a bit complicated is when a debtor obtains student loans to attend a program of study. She graduates from the program (or drops out) but some time…
Millennials Woes – Ontario’s housing crisis is delaying adulthood
Millennials, it appears that you’re being economically squeezed out of the transition to adulthood. An excerpt from the news article by CBC News’ Kate McGillivray, April 5, 2017: A new report out from Vancouver-based campaign Generation Squeeze says Ontario has the second-worst economy for young people in the country, eclipsed only by British Columbia. “No province reports a decline in full-time earnings [for the typical 25-34 year old] since 2003 except Ontario. That wouldn’t be so bad if Ontarians’ primary cost of living — housing — was also not going up in price,” said the lobby group’s founder and University of British Columbia professor Paul Kershaw. The report, part of the…
Toronto real estate prices increase 33% in a year
The Toronto real estate market gets crazier and crazier – from the Canadian Press, April 5, 2017: The Toronto area saw real estate prices soar again last month, with the average jumping 33.2 per cent from the same time last year. The Toronto Real Estate Board says the average price in the area rose to $916,567 — up from $688,011 in March 2016. Compared with February, the average price was up 4.6 per cent from $875,983. At the high end of the range, the average price for detached houses in the Greater Toronto Area was $1.2 million in March — up 33.4 per cent from last year but about the…
Darwin, Trump, Globalization and the Shrinking Middle Class
This is a repost of an article I posted in January 2012. Donald Trump was recently elected U.S. President largely by working class Americans in the rustbelt states of Pennsylvania, Michigan, Ohio and Wisconsin (which were previously carried by Barack Obama in the 2012 elections). The mainstream media was in a state of shock – they clearly expected a Clinton win and were seemingly oblivious to the anger and desperation of working class voters across the United States. Here were some mainstream media predictions on the eve of the election: New York Times Los Angeles Times Associated Press Perhaps if the mainstream media read this article prior to the election,…
How will a Trump Presidency affect you? A guide for Canadians
TRUMP PRESIDENCY – INTRODUCTION As we head into the year 2017, we are faced with the possible consequences of a Trump Presidency; consequences that will reverberate throughout the world. Trump will certainly have an impact of the geopolitical landscape, but the economic impact of his administration will be even more acute, particularly within countries with high levels of household debt. One of the most significant impacts of “Trumponomics” will be on interest rates. President Trump has promised a massive infrastructure rebuilding program in the United States of $1 Trillion dollars. This has already had an impact on the bond market – yields have increased due to expectations of inflation. This…
Bankruptcy and surplus income (Video)
Summary Stephanie has discussed filing for bankruptcy with a Licensed Insolvency Trustee. The trustee explains how Stephanie’s income requires her to make payments during her bankruptcy. Meet Stephanie, the mother of a young son, James, who is just about to enter primary school. Recently, Stephanie has overextended her credit and, despite her best efforts, is unable to pay her bills. Realizing that she needed to speak to an expert, Stephanie found a Licensed Insolvency Trustee located in her area and has gone to meet with her. After speaking to the trustee, Stephanie has determined bankruptcy was the most appropriate option for her. After explaining the bankruptcy process and looking more…
Understanding the bankruptcy discharge (Video)
Summary Vincent has decided to file for bankruptcy. His Licensed Insolvency Trustee outlines what debts will be discharged in a bankruptcy and how long the process takes. Meet Vincent, a father of two young children. A recent separation has left him unable to meet his financial obligations. After having his options explained by a Licensed Insolvency Trustee, a professional whose duties are regulated by the Office of the Superintendent of Bankruptcy Canada, Vincent has decided that bankruptcy is the most appropriate solution to his financial troubles. The trustee explains that after fulfilling his bankruptcy obligations, his debts will be discharged and he will be free to start over financially.…
Submitting a consumer proposal to your creditors (Video)
Summary A Licensed Insolvency Trustee explains to Mary and Paul that a consumer proposal might be the way to resolve their financial situation. The trustee tells them how a consumer proposal is different from bankruptcy and what they need to do. Meet Mary. Mary took a job right out of college but recently she has had to take a lot of time off to care for her sick husband, Paul. With reduced income and their debts mounting, they are now considering bankruptcy. Their first step was to visit a Licensed Insolvency Trustee, a professional who is licensed by the Office of the Superintendent of Bankruptcy Canada. To their surprise, the…
What to expect if you file for bankruptcy (Video)
Summary After talking with a Licensed Insolvency Trustee, David and Julie decide that bankruptcy is the most appropriate option to handle their debts. The trustee explains the way their creditors will be paid and what they will need to do during the bankruptcy process. It’s been a tough time for David and Julie —David has been laid off, credit card payments have slipped and the other bills are also falling behind. Thinking bankruptcy may be an option, he sits down and begins an online search to get information about the topic. He finds the Office of the Superintendent of Bankruptcy Canada, the federal organization that licenses and regulates Licensed Insolvency…
Discussing your options with a Licensed Insolvency Trustee (Video)
Summary Richard is unable to pay his bills and unsure what to do. He talks to a Licensed Insolvency Trustee to explore the different ways he can deal with his debt. This is Richard. Unable to pay his bills, he is unsure what to do. On the advice of a close friend, he contacts a Licensed Insolvency Trustee, a professional who is licensed by the Office of the Superintendent of Bankruptcy Canada. While Licensed Insolvency Trustees can and do handle bankruptcies, they can also offer information about other possible options. These might include reworking his budget, consolidating his debts, selling his assets, or offering a proposal to his creditors. Whatever…
