Insolvency News

February 2015

bankruptcy trustees are changing

Bankruptcy trustees are changing

The term “bankruptcy trustee” could very well change pretty soon. The Office of the Superintendent of Bankruptcy Canada, the OSB, is indeed presently considering the possibility of replacing it by the new designation “licensed trustee in insolvency and restructuring”. (more…)

December 2014

why Jack Johnson and other athletes file for bankruptcy

Why do Jack Johnson and other athletes file for bankruptcy?

Jack Johnson, a professional hockey player who earned nearly US $20M in his career, just filed for bankruptcy. Johnson’s situation is rather specific, but he is not the first professional athlete to be in the red, and he certainly is not going to be the last either. (more…)

November 2014

the impacts of la courte échelle and jacob bankruptcies

The Impacts of La courte échelle and Jacob’s Bankruptcies

This time, it is official! La courte échelle and Boutique Jacob Inc. are bankrupt. These two flagships of the Québec economy are permanently closing their doors, a fact that will have impacts on many individuals. (more…)

October 2014

divorce cause of bankruptcy

Divorce: A Leading Cause of Bankruptcy

The divorce leads many Canadians to declare bankruptcy. This phenomenon is rather disturbing, given the fact that divorce forecasts show an intensification of this trend. In fact, a Canoë study (in French) published in 2011 suggests that 67% of the couples who got married after 1990 will have divorced by 2030. (more…)

July 2014

job losses and over-indebtedness

Job losses and over-indebtedness

A job loss is a direct over-indebtedness factor. On the one hand, when someone loses his job, he has less money at his disposal to pay off his debts. On the other hand, he must rely even more on credit to compensate his salary loss. Once started, such a cycle becomes rather difficult to slow down. (more…)

more boomers and elders forced to file for bankruptcy

During retirement, more boomers and elders are forced to file for bankruptcy

No one wants to be forced to file for bankruptcy. Especially if one is at the dawn of retirement, or already retired. However, statistics from the Office of the Superintendent of Bankruptcy Canada demonstrate clearly a sharp increase of the bankruptcies amongst these populations. (more…)

May 2014

attractive offers to get rid of debts

Watch out for overly attractive offers to get rid of your debts

Every debtor’s situation is unique – and the same goes for the solution. That’s why any self-respecting debt professional would never guarantee results without first analyzing the client’s file. And yet some people have no qualms about making attractive offers along the lines of “Reduce your debts by 70% without declaring bankruptcy!” The fact is that most such sensational offers are only seductive marketing campaigns to attract as many economically vulnerable consumers as possible as potential clients, even though such offers only apply in a very few cases. (more…)