Canada Bankruptcy

Women Need To React Sooner and More Aggressively When It Comes To Finances

Douglas Hoyes | Posted 12.10.2014 | Canada Living
Douglas Hoyes

Looking at our study, the percentage of women filing bankruptcy who were living on their own, either because they were single, divorced or widowed, increased over the four year study period. The largest growth occurred in women who were divorced or separated. We also saw an alarming increase in the percentage of female single parents declaring bankruptcy.

Just Because You Can Get a Big Mortgage Doesn't Mean You Should

Douglas Hoyes | Posted 11.14.2014 | Canada Business
Douglas Hoyes

If you can't afford the monthly mortgage payment (and property taxes, and repairs and maintenance) your mortgage is too big. The "equity" answer is that if you have less than 10 per cent equity in your house, you are at higher risk of financial problems.

How An Aging Population Means Trouble For Canada's Debt

Douglas Hoyes | Posted 10.08.2014 | Canada Business
Douglas Hoyes

Although aging Canadians were typically the most financially stable age group, older Canadians are piling up debt more quickly than other demographics. A recent study by the Vanier Institute of the Family showed that more than 70 percent of those aged 55 to 64 held some form of debt in 2012, up from 61 percent in 1999.

Get Back On The Horse: Saving For Retirement After Financial Losses

Posted 05.12.2014 | Canada Living

On the road to financial comfort and a history of good investments, it is more than likely that you’ll run into your fair share of bumps and pitfall...

Why a Higher Minimum Wage Won't Reduce Bankruptcy Rates

Douglas Hoyes | Posted 04.05.2014 | Canada Business
Douglas Hoyes

The government of Ontario has announced that the minimum wage will increase to $11 per hour on June 1, 2014. Putting more money in the pockets of the working man or woman should reduce the bankruptcy rate, right? I doubt it.

Why One in Six Canadians Will Eventually Go Bankrupt

Douglas Hoyes | Posted 03.15.2014 | Canada
Douglas Hoyes

With low interest rates our average debt service ratio is at record lows. In 1990 Canadians used over 11 per cent of their disposable income to pay interest on their debt; today we only need 7 per cent of our income to pay interest. All is good. Or is it?

Canadians Are Going Bankrupt, So Let's Change the Money Conversation

Tanya Raheel | Posted 10.06.2014 | Canada Business
Tanya Raheel

Did you know that not only did the overall number of women (especially single, divorced and widowed) who declared bankruptcy after the 2008 Recession go through the roof both in Canada and the U.S., but it's been on a steady rise ever since?

What Triggers Personal Financial Collapse?

Douglas Hoyes | Posted 01.23.2014 | Canada
Douglas Hoyes

Over the years I have met with thousands of people who "unexpectedly" lost their job. My advice: assume you might lose your job at some point in the next year, and make a plan now to deal with that job loss.

Financial Lessons You Can Take Away From Detroit's Bankruptcy

Jane Blaufus | Posted 09.22.2013 | Canada Business
Jane Blaufus

Are you dealing with overly optimistic assumptions when it comes to your investments? Detroit's pension fund managers had assumed a rate of return on their annual investments of 8 per cent. I do not know about you but I have not seen 8 per cent on any of my investments for a long time.

Give Me Liberty, or Give Me Debt

Douglas Hoyes | Posted 09.02.2013 | Canada
Douglas Hoyes

Conventional wisdom says that debt used to purchase something of lasting value, like an investment, or a house, or a car, is good debt, because you benefit from the purchase. An example of bad debt would be borrowing to go on vacation, because when the vacation is over you have nothing to show for it. In some cases both of these examples are true.

Canada's Trillion-Dollar Generation

Tim Paziuk | Posted 07.24.2013 | Canada Business
Tim Paziuk

Most people believe that having lots of money and not having to work for a living is a beautiful thing, but we know from studying lottery winners that this is often not the case. In many cases, a large inheritance is no different.

Five Canadian Dreams Destroyed by Debt

Douglas Hoyes | Posted 07.08.2013 | Canada Business
Douglas Hoyes

Every two years my bankruptcy firm, Hoyes, Michalos & Associates, analyzes all of the debtors we have helped in order to put a face on the average person who files bankruptcy or a consumer proposal. In what we call our Joe Debtor study we identified five dreams destroyed by debt.

The Purchase That Could Keep Your Small Business From Bankruptcy

Barbara Haynes | Posted 12.22.2012 | Canada Business
Barbara Haynes

Small and medium-sized business owners are risk takers and dreamers. But most small and medium sized business owners are either unfamiliar with, or put off the purchase of Legal Expense Insurance. Though the benefits could mean the difference between success and bankruptcy, few are aware of the many compelling reasons for such a policy. Here are the top five reasons to look into legal expense coverage.

Who's In More Debt: Canada Or The U.S.?

The Huffington Post Canada | Posted 10.10.2011 | Canada Business

The U.S. is going through a historic debt crisis, but Canada's economy also faces an uncertain future. While the American government raised the debt c...

Close Bankruptcy Loophole, Supreme Court Says

The Canadian Press | Posted 09.13.2011 | Canada

THE CANADIAN PRESS -- OTTAWA - The Supreme Court of Canada has left open a legal loophole that could see spouses get out of paying divorce settlements...