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Press Release: F.A.I.R. Practice Announcement

Today, Personal Bankruptcy Canada announced the development of a new standard of practicing bankruptcy in Canada, called F.A.I.R. Practice.  It has been estimated that Canada's poorest have been overpaying for their bankruptcies by more than ten million dollars (or $350 per family) a year. What is it? [Tweet "F.A.I.R. Practice is designed to change the way bankruptcy is administered to Canada's…

Orderly Payment of Debts

Orderly Payment of Debts Canadians who are unsure about their financial future are doing what they can to protect themselves from personal bankruptcy. Some are able to establish personal budgets allowing them to cut expenses and use the savings to pay down debt faster.  For many others personal budgets are not enough.  Their total monthly debt repayments are simply too…

6 Reasons Why New, Low Cost Banking Fee Rules For Low Income Canadians Are Great News

We’ll just come right out and say it: Bank fees suck. But the truth is that for most of us, they are little more than an annoyance. Sure, no one likes having a few extra dollars pried away by multimillion-dollar banks, especially when those corporations are already earning interest on our life savings, our mortgages, our car loans, etc., each…

Bankruptcy Protection in Canada

Bankruptcy Protection If you are struggling financially under a crushing burden of debt, the Bankruptcy and Insolvency Act (BIA) – the federal law governing bankruptcies in Canada – offers you full legal protection from your creditors. As you may already know, the further you fall behind with your creditors, the more incessant their efforts to collect become. First, it’s a…

Bankruptcy Law

The Bankruptcy and Insolvency Act (BIA) The principal legislation governing bankruptcy in Canada was created by the Office of the Superintendent of Bankruptcy and is spelled out in the Bankruptcy and Insolvency Act (BIA) of Canada.   The Bankruptcy and Insolvency Act recognizes there are two parties in any bankruptcy filing – the debtor and his or her creditors.  Each has…

Are You Managing Your Credit Wisely?

Managing Your Credit Wisely Credit card offers that show up in your mailbox can be tempting, especially if they offer perks. But do know the real cost of using credit? Before you get that first credit card or add another card to your wallet, ask yourself these questions to determine the impact it will have on your budget and goals.…

Why Living With Less Gives You More

Society often encourages us to have “more.” But big, beautifully decorated homes, faster cars, and more possessions carry a cost that can be limiting instead of satisfying.  A “less is more” lifestyle can open the way to a more fulfilling future. The Cost of Having Too Many Possessions It’s expensive to keep up with the Jones’s. Not only that, but…

Every Month Should be Financial Literacy Month

Did you know that November is Financial Literacy Month in Canada?  Probably not, most people don’t.  Why do we need to ‘celebrate’ financial literacy anyway?  Because it really is that important. Why is Financial Literacy Month Important? For the last several years, Canadians have been struggling with extremely high levels of household and personal debt.  At one point, the statistics…

Why Bad Financial Habits Are Hard to Change and How to Do It

Comedian Jerry Seinfeld famously joked that public speaking ranked ahead of death as something people feared. In other words, people at a funeral might be more afraid of giving the eulogy than ending up in the casket. But that’s hardly the only irrational fear people hold onto. Most of us are also awfully afraid of the unknown. That’s because any…

Is There Any Way to Stop Collection Calls?

If you’ve ever received calls from a bill collector demanding money, you know how stressful they can be. This is especially true when you don’t have the money to pay the bills. Bill collectors can be relentless when it comes to collecting their money, and it’s difficult to stop collection calls without actually paying the money needed to bring your…