137 - What Causes Bankruptcy and What Are the Consequences?

DebtMatters Podcast

Debt is on the rise as Canadians deal with surging prices and interest rates. Many may not realize that they’re on the precipice, only making their minimum payments on a large amount of debt. But all it takes is one major change for the house of cards to fall. In this timely podcast, Licensed Insolvency Trustee, Bonnie Hooley talks about the causes of Bankruptcy - taking the judgment out and knowing that when we have credit, Bankruptcy can happen to anyone. Bonnie also discusses:

• Seeing Bankruptcy as a tool for honest but unfortunate debtors to get back on track
• How changes in life’s circumstances can be a contributing factor
• Societal factors are not the only causes of Bankruptcy
• A common mistake that can lead to self employed insolvency
• Small business versus corporate Bankruptcy
• The role of counselling sessions and why they are important

If you are struggling with your debt, Licensed Insolvency Trustees can help. They are licensed by the federal government of Canada and the only professionals who can administer Consumer Proposals and Bankruptcies.

About Bonnie Hooley

Bonnie Hooley has worked in the insolvency field for over 40 years. She attained her Licensed Insolvency Trustee license in 1999 and is the Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP). Over the years, she has served on various boards within her community.

Additional Resources

• LCTaylor Licensed Insolvency Trustee
• $200 Away from Bankruptcy
• Answers to the 7 Most Important Bankruptcy Questions