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Know Your Rights: Divorces and Finances

What Does a Divorce Mean For Your Finances? No one wants to get to divorced, at least not at first. However, for many people, divorces are something that happens. Millions of Canadians get divorced each year. If you do find yourself getting divorced, it’s obviously an emotional situation. However, it isn’t JUST an emotional situation. There are facts to consider as well, including what a divorce could mean for your financial situation. Your Asset...
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An Unexpected Relationship Breakup Jeopardizes a Retiree’s New Car Lease

I met with a retired lady who recently separated from her common law spouse. She was quite distraught over the break up and was wondering how she was going to manage to pay her debts and a vehicle lease she had just recently entered into. After reviewing her situation it was clear that she could not afford her vehicle lease payment now that she would have only her pension income to rely on. We discussed that she could give up her current leased v...
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It’s Never Too Late to Take Control of Your Finances

There are some couples out there where only one of them looks after the finances. This was the case for a client of mine whose husband passed away suddenly. She had no idea of the joint debt they had, as her husband paid all the bills, took care of the mortgage and took care of her. She was at a loss as to where to turn when she started getting calls from creditors asking and demanding payments, and sometimes wanting the balance to be paid in ful...
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449 Hits

Is Your Spouse Financially Cheating On You?

People are often surprised to find out that their spouse (and sometimes ex-spouse) has been financially cheating on them. Typically when people enter a marriage or relationship, they often feel that they are going to live happily ever after together financially responsible with no debt (or controllable debt), and many assets. When I’m providing financial counselling services for people or meeting with people to discuss free financial options...
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933 Hits

Marital Breakdown and Bankruptcy

The two proceedings regularly clash together, and when they do, it may create numerous issues calling for resolution. There are three interested parties in the marital and bankruptcy proceedings. One is bankrupt, the second is the bankruptcy estate (on behalf of all the creditors in general), and third is the non-bankrupt spouse or another bankruptcy estate if both former spouses filed for bankruptcy protection. The common disputes could involve ...
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Family Law - Equalization Payments

What happens when your former spouse declares bankruptcy or files a consumer proposal and equalization payments are still owing? From time to time it happens that following long and drawn out divorce proceedings, one of the parties is forced to file a proposal to his or her creditors or in some cases, make an assignment in bankruptcy. The question is, where does that leave the support recipient? Spousal Support and Child Support In the case of sp...
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954 Hits

Resolving an Adult Son’s Debts When He Moved Home to Care for an Ailing Parent

I recently met with a debtor that we were able to help out through a consumer proposal. Health issues had struck a retired family member and the adult son was asked to move back home and help out with the living expenses and medical treatments not covered by provincial health care. Because of the high costs involved with the medical treatments the debtor’s own payments to creditors fell behind. He was unable to work out a repayment plan with his ...
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817 Hits

If Your Name is on Title, You’re on the Hook for the Mortgage

I met with a man in our Tillsonburg office who had been in a common-law relationship. There was a split and he left the house while she remained in the property as per their agreement. She was making the mortgage payments on the property and maintaining the house. After a while she could no longer afford the house and ResMor Trust seized the property in 2012 legally by Power of Sale. On March 4, 2015 he received a notice from CMHC (Central Mortga...
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908 Hits

What Happens to the Liability for Equalization Payments in a Consumer Proposal or Bankruptcy?

Care must be taken when looking at examples of what has happened to non-support related spousal claims in an insolvency situation. Ontario is an equalization jurisdiction The Family Law Act tries to divide the accumulation of net assets during the marriage, usually resulting in one spouse becoming a creditor of the other. There is no actual division of property or acquisition of a beneficial interest in any of the property. Assets are only transf...
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1227 Hits

What Happens With Child Support And Spousal Support When Someone Files A Consumer Proposal Or Bankruptcy?

When a marriage breaks down, the broken family unit often faces many new challenges. Where there are children involved, learning to co-parent with two separate homes, managing a household budget on less income and for many, managing debt repayment is a new skill that needs to be learned. Sometimes, the debt load can be too much for an individual to handle and the assistance of a Licensed Insolvency Trustee may be helpful. This professional can he...
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1431 Hits

Bankruptcy Impact on Your Marriage and Marital Breakdown

When it comes to marital breakdown and financial difficulty, it‘s the old chicken and the egg story. Without a doubt, financial difficulty resulting from excessive debt levels, can put stress on a relationship, ultimately resulting in the dissolution of a marriage. On the other hand, when a marriage dissolves, financial difficulties often develop as there are now two separate households to support, with no change to the overall income. In either ...
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950 Hits