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584 comments:
«Oldest ‹Older 201 – 400 of 584 Newer› Newest»Anon: If the company is in bankruptcy and carrying on operations the trustee will cover the wages for period he is in control. You should confirm the status of the company with the trustee and also the status of wage arrears, which will also be covered.
What does it mean when it says that the bankruptcy is 'purged' by so many years? I am lost..
Deb: "purged" means erased.
wife and I have a mobile home city accessed at $80,000 and we oven the bank 32000 in visea. last year i worked overtime but this is dried up. We have 2 cars $1000 each will we lose one. My income is $2000 and my wife is unable to works. thanks...
Dave F.
I filed for bankruptcy in 2005, but I did not follow up with the trustee as there were a number of issues going on in my life at that time. I realize that was not good. The trustee has closed the file as of a year ago. What would I need to do in order to get discharged? Although I earn $42,000 I barely make enough to live on because my rent is $940/mo and I pay child support for 4 kids. So if I even have to pay $200/month for 9 months that would represent a serious hardship for me.
Anon: You will have to read your 170 report written by your trustee to find out what you have to do in order to get your discharge.
Once you have all the funds together and have complied with any other issues you can contact your trustee and ask if he will get you your discharge. If he will not you will have to contact an insolvency lawyer.
I have been separated since 09/2008 and have moved from Ontario to Alberta since Dec. 2008. My ex and I have 3 loans together. The house, a fifth wheel trailer and a vehicle. All are in both names. My ex has decided to have the fifth wheel reposessed without my knowledge. The fifth wheel was in Ontario. I have the vehicle here in AB. I cannot change the plates or registration because my ex won't sign. I cannot afford the vehicle and cannot refinance without my ex signature. I have to return the vehicle to Ontario. Can the lienholder on the vehicle and fifth wheel come after me for the balance of the loan? The vehicles were purchased in Ontario. What is my recourse? I don't want to go into bankrupcy, but have no control on what my ex is doing in Ontario. My name is on the house he is living in Ontario. How do I remove myself off those loans? Or can I?
I am an individual (in Alberta). I lent money to a friend ($27,000) not knowing he was a bankrupt. We have a signed loan agreement. Now he tells me that since he is not discharged from his bankruptcy, our agreement is void and so he does not have to pay me. Is this true?
Anon: You are responsible for any shortfall on the 5th wheel. You may have to file bankruptcy if you cannot afford to pay your debt.
Anon: If you lent him the money before he filed bankruptcy then the debt will be erased when he is discharged. If you lent him money after he filed bankruptcy then he owes you the money and it will not be erased in the bankruptcy.
I am a 24 year old single mother of two kids....i have about 30,000 or more in debt from co signing for a friend that didnt pay and had the car repossesed, student loans, cell phone bill, cable bill, home phone bill, credit card, all except for the student loan have gone to collections. This is very stressful and i am to my breaking point, im sure my credite score is @ 300?...how can i file for personal bankruptcy?
Has the legislation for the increase to the debt limit for a consumer proposal from 75000 been passed?
Also my student loan is more than 7 yrs old. Can it be included in a consumer proposal?
Anon: The law has not yet been passed to increase the limits of consumer proposal debt to above $75,000.
You can include your student loan debt in a proposal if you have been out of school 7 or more years.
It is our understanding the House of Tools has filed for bankruptcy. They were holding a lathe for repair that is of significant value. Will we get if back? If so, what is it we need to do?
Anon: You should have no trouble getting it back. Just contact the trustee and arrange to pick it up. You will have to have some evidence to prove ownership.
Hi There. Looking for some advice on how to proceed. I filed for bankruptcy in the fall of 2005, and for various reasons I did not complete the duties involved and was not discharged. I then contacted the trustee and was told I would have to pay $1700 to re-open my file. I paid them the money, and they sent me a list of duties to complete, but no deadline to do it. I then received a letter 5 months later saying that they (the trustee) had closed my file again, and that the money I had sent them was used divided between my debtors and the trustee. I then contacted the trustee again and was told I would have to pay another $1800 to re-open my file again. I have not done this as of yet. I'm not sure how to proceed, as I don't really want to pay $1800 to have a file re-opened (again). I am wondering what my options are in this case. Any help would be greatly appreciated!
Gravy: You have the option of paying the trustee to reopen your file and then immediately fulfill your duties. Your other option is to contact a an insolvency lawyer to apply for your discharge.
It will be cheaper to pay the trustee.
How do I get a copy of my discharge paper if it has been lost. I was discharged in June 1999.
Anon: The court in the jurisdiction where you filed will provide you a copy of your Discharge Certificate.
I am a small business owner. I signed a five year lease for my office space. I am currently 1 1/2 years into it. There is a clause in my agreement that reads:
"(f) The Indemnifier's obligations under this Agreement will not be affected by the release or discharge of the Tenant ("Release") in any receivership, bankruptcy, winding-up, or other creditors' proceeding..."
Is this clause legal? Does this mean that if the business was losing money and I file for bankruptcy I would still be liable for the rent outstanding on the lease? Would I have any legal recourse in that event? Still be able to make a proposal? Any other suggestions?
Thanks in advance.
J
To add clarity to my question just posted I should mention that the "Agreement" in question is a "Guarantee" that I signed in order to be able to lease the space. I have heard of this referred to as an "unlimited personal guarantee". Though, these words are not specifically mentioned in the contract.
Thanks again,
J
tied into 5 year lease: Sorry, but we do not give legal advice.
I'm unemployed and have been for some time following a hospitalization. I want to know what is included in filing for bankrupty, I have one credit card in which I owe less than 1000 on, however I also owe for several cell phone bills and utility bills which have not recieved any sort of payment for some time.
Anon: All debts are erased in a bankruptcy except for the ones at the following link:
http://alberta.bankruptcycanada.com/faq.htm#debts
I have an agreement to rent to own a property. NOw the people I am doing this with are going bankrupt. What are my options? Do I need to move, does the agreement continue?
Anon: I suggest you get legal advice to determine any rights you may have.
We live in Alberta and are struggling to make ends meet. Our mortgage is too much for us and the penalties the bank would impose make it impossible to sell (we would end up owing the bank more than $20K).
We have permanent residency in the US and have job offers in the region that we used to live. The cost of living is MUCH lower there as well.
Can we move there, buy a house using our US credit, and then declare bankrupsy in Canada? The only debt we have is our mortgage, 1 vehicle and a line of credit.
Can the Canadian bank come after our house in the US?
Dale: Filing bankruptcy in Canada will include all your assets; even assets in the US.
A Canadian creditor such aa a bank can pursue collection in the US.
I have filed for personal bankruptcy and have since been unemployed and unable to make any payments due to depression and anxiety problems. I have avoided dealing with it and I am worried that I will be discharged. Am I able to re-file with another company if I have money to make some payments. Can I appeal being discharged? I have been told additional monies will be charged... what will happen to me if I am discharged by the trustee?
Anon: You want to be discharged from bankruptcy because that is when all your debt is erased.
If you are NOT discharged from bankruptcy then when the trustee is discharged you will lose the protection you had under the bankruptcy and the creditors will be able to pursue you for collection. It will be as though you were never bankrupt.
we will have our discahrge in 2 months, is it illegal for us to borrow funds from a bank before this time?we want to buy a home , because we cant find anything to rent?
Anon: While you are in bankruptcy you must tell anyone from whom you borrow money that you are an undischarged bankrupt.
If I have surrendered my house in a bankruptcy do I have any leagel responsibility to keep utilities on the house after day of filing if I leave the house?
mcpennell: For your protection I suggest you advise the mortgage holder and your trustee, in writing, that you are leaving the house and are not going to be responsible for any of the costs.
so If I notify the mortage holder and my trustee in writing then I am not leagely responsible for anything to do with the house?
How long after I file my bankruptcy till I am not responsible for the house is it effective the day I file if I leave the house?
Mcpennell: You will not be responsible for the debt the day you file bankruptcy.
my husband has a veichle that he gets paid to use for work he financed the truck and the payments are 950 a month we were told that we could claim this payment in our bankruptcy as a condition of employment as it is a source of income and we were also allowed the fees that we pay for child care, we are a family of three so the guidline of allowd earnings is 2800 per month then we pay the sitter 500 per month and the truck payment 950 which is total 4250 so would we then pay half of anything over this 4200 to our bankruptcy? this is what my trustee told me and I am not sure if I misunderstood?
Private: You should double check with the trustee. The allowance for a family of three is $2,862.00; not $2,800.00.
An example of a calculation is given at the following link:
http://www.bankruptcycanada.com/Surplus-Income-Standards.htm
Do I need my spouse's income tax info to claim bankruptcy? If I do, what do I do if he hasn't filed for 4 years?
Meow: You do not need tax returns for your husband for your bankruptcy.
I have just filed bankruptcy and one of my creditiors have some household items secured to my loan this loan was taking out two years ago and some of these items I no longer have some of the items were a video camera, Tv and couch set we wernt aware that these were secured because we took the loan as a personal loan and then a few months later we paid that loan off with a larger loan from the same company that was a second mortage secured to the house now they are calling looking for these items but I dont have them and saying I have to pay them this money what should I do?
Can you declair bankruptcy on a debt caused by over payments from the government such as Canadian Child Tax benefit?(they paid you more than you were intitled)
Private: I suggest you take your loan documents to your trustee. Perhaps he can advise if those missing assets are secured and also what your options are.
Meow: Over payments on Child Tax Benefits are not erased in a bankruptcy as they are considered to be obtained by misrepresentation. Please refer to:
http://alberta.bankruptcycanada.com/faq.htm#debts
Would a debt incurred by overpayments from the government regarding child tax be included in the bankruptcy if there was no misrepresentation but the government calculated it wrong?
Anon: A debt incurred by over payments from the government regarding a Child Tax Credit is not discharged in a bankruptcy because the government will take the stance that you should have know the payment was too high. Therefore the debt was incurred by misrepresentation.
Here's the deal: I have 2 student loans over 7 years etc etc. I am planning to claim bankruptcy on them. The problem is I made a mistake on my tax return and I was over refunded and the payments went to my student loans. I know they will charge me back but my only concern is now that money has been payed to my loans (essentially money I was going to claim bankruptsy on) will I be able to claim bankruptcy on the balance owing?
Anon: You can claim bankruptcy on the balance on the student loans. You may be responsible for repaying the over refund on your tax return.
If I have financed a car in the past year, and have only paid around 3500 on the original value, how do I find the value to see if I even have any equity in the vehicle. Also the same goes for my house, I bought it this year as well, and I was wondering where the value comes from that would be used to see if i have any equity in my house, as I read I am allowed to have 40,000 equity before it is taken.
Sam: Set up an appointment with a trustee and just give him this information. I don't believe there is any equity in the home of the vehicle.
My husband and I have quite a hefty debt load. I have quite a good job and he runs his own company. The debt we are having trouble with is our cc and lines of credit. If we were to apply for a credit proposal would he lose the equipment and truck he is leasing for his company. We also own property that we rent out. How does that factor in. There is no equity in the house. Bought 2 years ago at prime calgary market. We make good money but just use it to pay debt that we have gotten in over our head. What to do??? He needs to run his company and requires his tools, equipment and vehicles to do this. Thanks.
Debt load for both excluding mortgage payment and vehicle/equipment leases is approx. 135,000.
Brianna: A proposal could work for you by you both retaining key assets. One of the major keys to a proposal is that the creditors must be better off then in a bankruptcy.
Another key factor is that it must make economic sense for you too.
Proposals are complicated. If you wish to discuss this with us we can set up a meeting with you at one of our office. Please refer to:
http://alberta.bankruptcycanada.com/Calgary-Bankruptcy-Trustees.htm
In saskatchewan, if I am the sole owner of a corporation, and I decide to enter a personal bankruptcy, will I be required to include the business debts into the bankruptcy.
Anon: A corporation is a legal entity so your filing bankruptcy will not bind it to a bankruptcy. When you file personal bankruptcy you must include all your assets. The corporation is an asset, which may or may not have a value.
How do you fined out if I am not in bankruptcy no more. And I want a printout of bad debt Report
Can you include a mortgage in a consumer proposal? What happens at the time of mortgage renewal if it falls within the 5 years of the proposal?
Deb: You can do a bankruptcy search at the following website:
https://strategis.ic.gc.ca/sc_mrksv/bankruptcy/search/engdoc/
You can get a free credit report at the following link:
http://alberta.bankruptcycanada.com/credit-bureaus-collection-agencies.htm
Anon: You cannot include mortgages in a proposal as secured creditors have the right to realize on their security at all times.
I am currently in bankruptcy and I need to book a hotel am I allowed to get a load it up master card from money mart this is a pre paid card that holds no credit but is used much like a gift card what money you put on it is what you can use?
Anon: Yes, you can use that method to pay for a hotel room.
If a married couple are separated, and no settlements have been made what will happen if the spouse living in the house (owned jointly) files for bankruptcy? Does the spouse not living there lose their claim on the property?
Anon: The spouse not filing bankruptcy will not lose his ownership to his portion of the house.
I own a house worth $320,000 and my downpayment was about $32000. I have owned it for 9 months. Would I loose it? I also had a cosmetic surgery which I financed. Would I be liable to pay it back? I own 2005 Chrysler Sebring, would I loose it? I owe about $70000 on my credit cards.
Anon: The equity in assets you can keep in a bankruptcy is set by your province: http://alberta.bankruptcycanada.com/alberta-bankruptcy-exemptions.htm
When filing bankruptcy you must include all your debts.
my wife and i are planning to file for bankruptcy very very soon. we were making over 80k a yr and now less then 55k due to job losses for both of us.
2 main questions before we do. one is because 2 of us are filing vs just one is the exempt assets = to the same amount as if only one of us ,eg. alberta has $4,000 worth . would that double because of usÉ
other main question. from what i read online , i hear it`s very hard to get a new place to rent due to credit rating being dead. if after we meet with a trustee and they say we will most likely loose our house. should we hold off to find a place firstÉ
and i guess one more question related to moving if we have to. should we also hold off on filing and save money for damage-deposit and utilities hookups and first months rent. and moving truck rental. i ask cus i read the banks often hold our account and take all the cash in there. not sure how long we`d get to stay in our house after filing , it looks like 30-45 day in the US. but not sure on canada?
hope you can offer advice on these thanks
Anon: You are each entitled to the full exemptions if you are both filing bankruptcy. So, for example, you would be each entitled to keep $4,000.00 worth of furniture.
You may be entitled to stay in the house for a number of months depending on whether its goes into foreclosure. For more on this talk to your bankruptcy trustee and/or refer to:
http://www.canadianlawsite.ca/realestate.htm#j
I am considering personal bankruptcy. My creditors I am unable to pay are all credit cards totalling approx: $21600. I am not behind in my mrtgage at all and am in good standing with them. However, I do not have enough equity in the house as it is only a year old mortgage. If I claim bankruptcy will I lose my house?
THanks
Rhea Gosbjorn (Edmonton AB)
gosbo@shaw.ca
Anon: You should be able to keep your home in a bankruptcy so long as the equity is below the exemption for Alberta:
http://alberta.bankruptcycanada.com/alberta-bankruptcy-exemptions.htm
i was wondering if i should look into bankruptcy if i'm only making about 600 a month and i owe close $25,000 in debt.
what happenes when u declare bankruptcy a second time?
Stanley: You may not have to file bankruptcy if you are judgement proof.
Judgement Proof:
A term to describe assets protected from being seized by a creditor. i.e. assets a creditor cannot seize by going to court and getting a judgement.
Also refer to the list of assets that cannot be seized:
http://alberta.bankruptcycanada.com/alberta-bankruptcy-exemptions.htm
If you file bankruptcy for the second time you will not be discharged for at least 24 months. Please refer to:
http://alberta.bankruptcycanada.com/new-bankruptcy-laws.htm
In the new rules how much is first time bankruptcy ,one on CPP and one working allowed to make.Also how much can the trusty take if you make over the amount allowed?
Anon: The Bankruptcy Predictor will give you the answers to questions on payments in a bankruptcy:
http://www.bankruptcycanada.com/bankpred2.htm
can i sell my personal residence which i exempt under bankrupcy to my parents so they can help with monthly payments. or would my exempt portion of my personal residence the be put into my monthly income statements?
Anon: Be very careful what you do. Check with your trustee and get his approval first.
if i filed bankruptcy would my commonlaw boyfriend credit be checked also.
Anon: Your common law boy friend will not be affected by your bankruptcy. For more information please refer to:
http://alberta.bankruptcycanada.com/faq.htm#d
comicaldI claimed bankruptcy in 1984 all government again in 1996 and am going to have to again because my husband is and my name is on some of his credit cards I am afraid of it all.
Beazley: And your question is....?
what is the guideline for a one person in bankruptcy? and what is the guideline for a two person family? do I have to pay my child support payments from my allowed amount or is this payment in exess of my alloweable amount?
Anon: The Bankruptcy Predictor will give you the answers to your question.
http://www.bankruptcycanada.com/bankpred2.htm
If I am currently in bankruptcy can I purchase a used veichle?
Anon: You should be able to purchase a used car while in bankruptcy. Just run it by your trustee so he current on what you are doing.
Are you able to be an executor of a will if you are bankrupt?
Anon: You may be able to be an executor of a will while in bankruptcy. Just run it by your trustee so he is up to date.
If I am in bankruptcy can I sell my car?
Anon: You can probably sell your car but check with your trustee so he is up to date.
if i understand correctly $3062.00 is the line from 9 - 21+ month duration change.
can you tell me if that is gross or net and what else would add into it. for example i will be applying for back dated support payments from my ex that could show up during the period.
CCTB, child support, UCCB, EI, GST etc. what is included/excluded from the income that makes the 3062.00 amount?
how do deductions such as medical plans or union dues affect the number net number aswell? are they legitimate deductions off the take home or not considered in the 3062.00 total amount.
Anon: Try the calculator at this link:
http://www.bankruptcycanada.com/BankruptcyTermPredictor.php
Bankruptcy is complex so if you still have questions you can set up a free consultation with one of our offices:
http://alberta.bankruptcycanada.com/#offices
my son and daughter in law want to declare bankruptcy. i bailed them out of credit card debt 3 years ago with a personal line of credit with the royal bank...it has now grown to almost 20K because they have not been able to make payments and i have been making them and charging them back to the LOC. If we change the LOC to a personal loan with all three names on it, will it be covered in the bankruptcy claim? or some of it?
Anon: If they do that the trustee has the power to set aside the transaction as it will be considered giving you a preference.
I am considering bankruptcy because of credit cards. I have debts of $80,000 including outstanding mortgage & credit card debt. Market value of my condominium is $200,000. Income is insufficient to maintain minimum payments. Will I have to give up my home in bankruptcy?
Anon: You are allowed to keep up to $40,000 equity in a home. Please refer to all the Alberta exemptions:
http://alberta.bankruptcycanada.com/alberta-bankruptcy-exemptions.htm
We have no mortage on our home and because of our situation, we will need to declare personel bankrucy, our debts exceed our home equity and it is an RCA debt... My question is is both my husband and I go into bankrucy are we both entitled to the $40K from the home sale to the total of $80K or only $40K split between us ( 20K each). Our lawyer says he believes it is $80K total but the website is unclear, tols us to ask a Trustee.
Anon: You can only claim a maximum of $40,000 equity in your home. Please refer to:
http://alberta.bankruptcycanada.com/alberta-bankruptcy-exemptions.htm and also to:
http://www.alger.ca/assetsinbankruptcy.htm
I know that in bankruptcy you have to make a min payment of 190 dollars per month ahalf of anything over your guideline so if half of my surplus income is less the a min payment what amount do I pay half of the surplus or the 190 or both?
Anon: You pay the greater of the monthly minimum payment or the surplus income amount.
I purchase a home in with an individual that is on the title and mortgage owned 25%.
1. My initial investment 12500 his 1200
2. After about 1 year he lost his job and was unable to afford payments.
3. Placed house up for sale and could not get initial investment back. (Spent 3000.00 replacing carpets and another 3200.00 for taxes and 1 delinquent mortgage payment)
4. Offered to have him removed from mortgage and title at my cost.
5. Paid 150.00 to have him removed from mortgage...he signed to be taken off the mortgage with the mortgage company.
6. Never returned calls for 2 months and filed for bankruptcy before he was taken off title.
Our down payment was 12,000 his was 1200 he has not contributed to the mortgage or taxes for 11 months and now the trustee is claiming they are entitled to 25% of the sale.
I guess what I’m looking for is
Options.
Is it best for me to just sell and take the 25% hit or is there someone out there that can give me advice.
Thanks
Tigg: Sorry, but we do not give advice.
It is your decision, as only you know all the relevant factors.
I am currently in Bankruptcy in
Alberta, but would like to move to another province. Do i have to wait until i am discharged from bankruptcy to move?
Anon: You can leave the province while in bankruptcy. Just keep your trustee up to date so he can make sure you perform all your duties and therefore be eligible for your discharge.
Hello I have a home that I have not made payments on for sometime now. It is going into forecloseure, I hope I am unable to make the payments on it. I was forced to move into Calgary, a court order.
So now I am still making payments on it as far as insurance and other things, yet I have been waiting for it to go into forecloseure before filing.
Can I file now and get on with my Life, or do I have to wait till they foreclose?
Anon: You can file now. There is no need to wait for the home to go into foreclosure.
in ontario, i filed and have been discharged from a bankrupcy in2005.
unfortunately i moved to alberta in 2006 and now owe the goverment taxes in excess of $50,000. can i file for a second bankrupcy. this is the only debit i have.and this debit occurred in alberta while the boom was on, now the boom is over and i have no work.
Anon: Yes, you can file for a second time.
We ar out of bankruptcy soon.We hve paid our bnkruptcy fee,do we have to pay the rest of the extra money we owe from my husbnds wages on the exact date of the bankruptcy date,or do we have time to pay after the nine months is up.Or will they keep taking half of my husbands cheque?
Anon: Your trustee will have told you how much to pay. If you follow those instructions and pay on time you should be discharged at the 9th month. Payments cease after you are discharged.
I have a personal loan, secured by my car. Can I keep paying this loan, but declare bankruptcy on my other debt?
Anon: Your probably can if the debt is secured. A trustee will look at the documents and be able to confirm if the debt is secured.
Is it possible to finance a car while i am still in bankruptcy?
Anon: While in bankruptcy you must tell anyone from whom you borrow more than $500.00 that you are an undischarged bankrupt. This will make it very difficult to finance a vehicle while in bankruptcy.
What time period is land transfer or sale applicable or non relavent to bankrupty?
Anon: Sorry, but I don't understand what you are asking.
can we file bankruptcy on a mortgage forclosure debt?
Kandra: You can include your mortgage debt in a bankruptcy and have it erased when you are discharged from bankruptcy.
I sold my property to my father last year because i owed him $20 000 , if I go into bankrupcy, is that house anyway affected? Or if he later decided to sell it on his own?
Anon: You cannot prefer one unsecured creditor over another. If you do the trustee has extraordinary powers to recover the preference.
the house was sold prior to claiming backruptcy. What period of time must pass by, after selling a house, in which case the backrupcy can be claim, where sold land wasnt applicable to any extrordinary measures?
Anon: A trustee can go back 5 years in the case of a preference payment to a relative.
are you allowed to recieve funds from a settlement prior to your release date.
An injury settlement of 4300. does the bankrupsy trustee have title to these funds if I recieve them after the release date? Eg: release date april 22,2010, funds recieved May 1, 2010.
thanks
Anon: You should have informed the trustee of the possibility of a settlement at the time you filed bankruptcy. In some cases there is a pain and suffering component that the bankrupt retains. Review this with your trustee.
I had recently worked for a company in Calgary who filed for bankruptcy after selling its assets off to another company which included contracts from jobs performed by myself and others. We were terminated 3 days before they filed for bankruptcy but were not compensated for wages in leu from jobs performed before the filing. Is their anyway we can collect these unpaid wages?
Anon: You may be eligible to collect these wages. Please refer to:
http://www.servicecanada.gc.ca/eng/sc/wepp/index.shtml
I am seperated from a common law situation and have been for over two years. My ex common law partners parents signed for a consolodation loan (car, credit cards, line of credit). I have paid loan payments, however, the parents paid off the loan several months ago and have been threatening to take me to court for $15,000.00. They want me to pay the entire amount or pay $400.00 per month. I cannot afford this, I also pay $350.00 for child support. If they win in court and I am ordered to pay $400.00 per month I will have no choice but to go bankrupt. Because the court ordered the repayment is it exempt from bankrupcy?
Anon: The court ordered payment will be erased in a bankruptcy.
Two questions:
What is the difference between a alberta BK trustee and getting a BK lawyer?
I'm being sued by a company in the states, who is "domesticating' it here in alberta. does that change the rules at all?
Thanks
Anon: Only a trustee in bankruptcy can handle a bankruptcy file. A bankruptcy lawyer can give you advice on bankruptcy.
If you file bankruptcy the foreign debt will be erased by the Canadian bankruptcy.
What has caused my potential bankruptcy are two divorces. I still pay $3400 a month until 2013 from my first settlement in 1999. Obviously my financial picture has darkened since then. Basically down to no assets except a RRSP.
If I am limited to $3400?? a month of income during nine months of bankruptcy, what happens?
Do I continue to be burdened with this payment.
Anon: You must continue making your maintenance payments but you can deduct them when calculating how much you have to pay to the creditors via your trustee. Please refer to:
http://www.bankruptcycanada.com/BankruptcyTermPredictor.php
What rights do unsecured creditors (contractor who built the bankrupt a house) have in receiving funds due to them by the bankrupt
i: You could have lien rights if you acted in time. Otherwise, you have the same rights as all other unsecured creditors.
You should file a proof of claim with the trustee to ensure you get any funds being paid out.
I was just wondering if your company would be able to give me advice before I clamed my income taxes. I owe money on the years from 2005-2009 for some companies and was just wondering what the best options would be.
Anon: Sorry, but we do not give advice and only answer insolvency related questions.
I am an Alberta resident and have rented in Alberta for the last 4 years. I own a home in BC worth 700,000 with a 550,000 mortgage which I have rented the last 4 years. I own my vehicle (2005). I have no savings or rrsps as I have lost it all on the stock market 2008. I have been unable to find suitable work. I cannot continue to pay my credit cards 100,000 debt. Can I keep my house in bc if I declare bankrupcy? Can I keep my vehicle?
Anon: Assets you can keep in a bankruptcy are set by your province. Note that home exemptions apply only to a principal residence so the home in BC , in a bankruptcy, would have to be given up to the trustee, for the benefit of the creditors.
http://alberta.bankruptcycanada.com/alberta-bankruptcy-exemptions.htm
If creditors have not had any contact with a debtor for over ten years can they still demand to be paid and garnish your wages?
Anon: You are asking about Limitation Acts. These can be complicated so only a lawyer can give you a definitive answer. Here is some information:
http://www.canadianlawsite.ca/debt-collection.htm#u
I have a car that is worth $5,000 if that. I owe $10,000 on the car. is it possible to file for bankruptcy and still keep this car. the car is my only means of transportation?
Justin: The trustee may be able to talk to the lessor and have the loan written down to the market value of the vehicle.
I have been previously bankrupt (discharged 12 years ago) and my husband has been previously bankrupt (discharged over 4 years ago). If we file a consumer proposal, can we keep an RESP we have? Can student loans be included in a consumer proposal?
Is there a limit on how much you can owe if filing for a proposal? Can a couple file for joint bankruptcy when they have joint debts? If so, can the couple file for bankruptcy if they both have previous bankruptcies that have been discharged? If not, can they file for separate bankruptcies under the same circumstances?
Anon: RESPs are not kept in a bankruptcy, although you might be able to "buy" them back from the trustee. Student loans can be included in a proposal if you have been out of school 7 or more years.
Anon: There is a limit of $250,000 of debt that can be included in a consumer proposal. If more than that is owed a Division I proposal can be files. Joint proposals usually cannot be filed.
For answers to all your question please set up a free consultation at one of our office.
I'm going to be filing bankruptcy but what I want to know is the house and the credit cards( I'm a secondary card holder) are in my wife's name.
1- Will I be able to claim any of the credit card debt in my bankruptcy?
2- am I able to claim any of the mortgage payments in my monthly expenses that I submit to the trustee ( as I am not on title for the house)?
Len
Len: You will have the credit card debt erased in a bankruptcy. You cannot offset mortgage payments against income for the purpose of calculation excess income payments.
To whom are bankruptcy trustees accountable? What is the complaint resolution process for issues with trustees?
Thanks
Anon: Trustees are regulated by the Office of the Superintendent of Bankruptcy. Any complaints can be made at:
http://strategis.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br01003.html
I have a question about lottery winnings during bankruptcy. Obviously, if the winnings are less than your debt, it should all go to the creditors. But what about if you win a major jackpot (let's say in excess of $1 million).
Does my trustee HAVE to collect this and then give you what is left, or can I collect the winnings myself and, of course, immediately write the trustee a cheque for all fees and debts being covered by the bankruptcy?
My concern is that, say I win $50 million, and the trustee gets to claim that money... what, other than a contract, is keeping him or her from taking my money and moving to the Caribbean or something?
And if the trustee has to collect the winnings, what if I just held on to the ticket until my bankruptcy was through? I would still pay back what was covered in the bankruptcy. Would that be okay as long as I'm not trying to rip anyone off?
Thank you for answering!
Anon: Any lottery winnings will go to the trustee who will pay the creditors and the bankruptcy costs and then remit the balance to you.
If I choose to file for bankruptcy can i move back home with my parents to save money on rent or will this break any laws of bankruptcy?
thanks,
Rusty
Rusty: You can move back home.
I just received a treat for legal action against a credit card debt more than 9 years old with out any payments for aprox. 7 years. With the statute of 2 years on credit card debt, can they take legal acton against me? I am unaware of any judgement agaist me to extend it to 10 years. If there is a judgement against me how do I find out? And, if they have no legal right to take me to court, how do I tell them without renewing the statute?
Meow: I'm sorry but we cannot give legal advice as we are not lawyers.
I work for a major hotel brand - during construction the general contractor went bankrupt - we are having a warranty battle with the roofing company (who WAS paid via lien) we have had them come to do warranty repairs on our sloped (shingled) roof, but they are flat out refusing to warranty repair the flat roof section of our building, claiming non-payment.
Can the roofing company refuse warranty service, even though they were paid with the lien?
Thanks for your help.
Anon: This is a question for your lawyer.
My wife and I claimed bankruptcy on May 6th 09.She is discharged and I still owe a few thousand from the wages I was making back then.The trustee is not taking any other money from us,my income or hers.That,s all that is oweing and then I will get my discharge.However my wife is disabled and applied for the disability tax credit through an agency.They stated that they'll try to go back ten years on the claim and to check with our trustee for advise.The trustee stated that they will confiscate any tax credit that comes in and disrtibute it to our creditors.Can they do this?If so why aren't they taking any of our income now?
Anon: Any assets outstanding as at the date of bankruptcy such as tax refunds belong to the bankruptcy estate for the benefit of the creditors. It's the trustee's duty to realized on this asset.
I was injured a car accident a few years ago. My injury lawyer thinks there may be an injury settlement forthcoming in the next several months netting me about $20,000. My lawyer thought under Alberta bankruptcy law both secured and unsecured creditors are not allowed to claim any part of this personal injury settlement. Is this correct?
Dee Lee: You must divulge this to your trustee. Some or part of the settlement may be exempt from seizure by the trustee.
I am currently in a relationship with a man that has said he is going to declare bankruptcy. Both names are on the house. We have a secured line of credit that is secured by the house. I put the money down on the house which was 70 thousand dollars. If he declares can I keep the house and what would happen to the secured mortgage.Am I able to keep the house, and what happens to the secured line.
Anon: You should seek legal advice from an insolvency lawyer ASAP.
If he files bankruptcy then his interest in the house, less the provincial exemption, will be available for the creditors. The home security on the loan is secured on the house if it is registered against the house.
Please refer to:
http://alberta.bankruptcycanada.com/alberta-bankruptcy-exemptions.htm
O.K. so it's complicated so I'll try to be brief.
My wife and I have owned 45% of a small bizzness for the last 10 years. Our partner has exceeded his operating expenses and this has put severe financial strain on us. We are owed 20K in wages at this time and no hope of being paid. We have been struggling for the last year trying to make this work but this un limited partnership is failing real badly. Our personal debt is prolly 45K and the bizzness debt is roughly the same. Bankruptcy is our only option at this time. We have been barely making our min payments and working our bizzness 19 hrs/day leaves no time for other jobs.
Questions:
There is an outstanding G.S.T. debt that has incurred, Will bankruptcy absorb this debt?
Because our partner and I are on the G.S.T. account as well as the Revenue Canada acct, if we go bankrupt will he have to as well? AND does bankruptcy cover Revenue Canada debt?
We have 3 children and have paid into RESP since they were born, does bankruptcy recognize this as exempt?( I couldn't find a specific reference)
We bought our house 3 years ago and lost our all our equity when the bottom fell out of the market, will we keep our house?
I have claimed now I am wondering do they take my gst, cctb and alberta family tax benifits?
I have about ten bills or more that have been sent to collections but i don't yet know what as i haven't sent away the paper work for a credit report yet. how much do i have to owe to file for bankrupcy?
In Debt: It is too complicated to answer at this forum.
I suggest you make an appointment at one of our offices where we can review your information and advise you.
Anon: Technically you only have to owe $1,000.00 to file bankruptcy.
I am currently separated from my spouse, and waiting for the divorce papers to be signed. He advised me that he is filing bankruptcy. We still own properties and two line of credit together. How can I protect myself if he files for bankruptcy, since we are not legally divorced yet.
Anon: Sorry, but we do not give legal advice. Please discuss this with your lawyer.
I am a disabled person living with my mother. She has 35 thousand dollars in credit card debt. In the event she passes away suddenly, I as the executor cannot service the debt. Would I be able to put the estate into bankruptcy.
Our home, a mobile home is willed to me on her death..it's value is 85 thousand..will I be forced to sell this thereby making me homeless. My monthly income is 1188.00
Anon: You can place your mother's estate in bankruptcy. However this is not practical as one is allowed an exemption $40,000 for the home so it would have to be sold to pay the creditors. Please refer to:
http://alberta.bankruptcycanada.com/alberta-bankruptcy-exemptions.htm
I am a 51 year old male in poor health and on a disability income of just 1200 a month. I currently have 16,000.00 in credit card debt and I owe another 20,000.00 in personal debt(relatives). All of this arose out of a gambling problem that I have recently and mercifully gotten grips with.
Does the fact that I also owe so much to relative come into account or should I just not mention that.
Also..should I die suddenly, is my family responsible for my unsecured credit card debt.
Thanks
Anon: If you file bankruptcy you will have to declare all your debt, including debt to family members.
If you die owing this money your relatives will not be responsible for repaying these debts unless they personally guaranteed any of the debt.
You may not have to file bankruptcy if you are judgement proof:
Judgement Proof:
A term to describe assets protected from being seized by a creditor. i.e. assets a creditor cannot seize by going to court and getting a judgement.
Also see:
http://alberta.bankruptcycanada.com/alberta-bankruptcy-exemptions.htm
"You may not have to file bankruptcy if you are judgement proof."
Could you explain the above a bit further please.
If you don't file bankruptcy, but can't pay your bills then the what do you have to do....
The bank has seized our van as we could not afford to pay them anymore. When it was picked up we were told that the seller could not come after us for the money after the seizure. Is this true and how does it affect our credit?
Anon: In Alberta if the vehicle is secured by a conditional sales contract the lender can seize the vehicle or sue you bur not both. Please refer to:
http://www.servicealberta.ca/1026.cfm
The creditor can report this so it shows up on your credit report
Are RESP's exempt in a bankruptcy claim? I read that RRSP's RRIF's were.
Anon: RESPs are not exempt in a bankruptcy.
My daughter got what she thought was a "student line of credit" with the ATB. She was supposed to only have $7000.00 per year to draw on. My husband and I were co-signers on that line of credit. An error was made by the bank and she was given an ordinary line of credit and she used all of the funds. We tried to arrange with the ATB a loan with a payment schedule that our daughter had some kind of hope to repay it. No luck. So my husband and I opened a line of credit at our own bank and paid of the ATB line of credit, her MasterCard, her governement student loanes and a number of small debts. We thought at that time that the line-of-credit at the ATB was closed once we paid it off in full.
Our daughter has been making regular payments to our "combined" line of credit and she has no way to withdraw from that account. Unfortunately she was unable to keep up with her "living expenses" and other debts and found herself very deep in debt again.
She discovered that the line-of-credit with the ATB had not been closed and went ahead and withdrew funds from there without our knowledge. (we were co-signers remember). She maxed it out ($21,000 again!) and then her bank account was closed because of how much was owed.
My question for you is : can she claim that line-of-credit if she files for bankruptcy? Can she claim the loan from us as part of her bankruptcy?
She is currently unemployed but is activily looking for a job. Does she have to wait until she gets a job before she can life for bankruptcy?
Thanks in advance for any insight you could give us on this matter.
Shelly
Razz: She must claim all of her debt including what she owes you if she files for bankruptcy. She can file at any time but she will have to provide for the trustee fees of approximately $1,800.
I am going to have to file bankruptcy and I know I will only be able to use a certain amount of my earnings. I have a line of credit on my house that increases after I pay my morgage. Will I be able to use that above the amount I can use from my earnings?
Anon: You said: "I am going to have to file bankruptcy and I know I will only be able to use a certain amount of my earnings. I have a line of credit on my house that increases after I pay my morgage. Will I be able to use that above the amount I can use from my earnings?"
You may be able to include the line of credit in the bankruptcy and have it erased, if it is not secured. Please have the trustee check this when you set up your initial consultation with one of our trustees.
How far back from the date of filing for bankruptcy are your financial transactions reviewed and what are the rules/standards? I have some equity in my condo and am wanting to sell it prior to filing to pay back a friend that lent me some money in the last few months as I was unemployed-I know this will not give me the ability to hold the secured $40,000 equity but it is more important to me to ensure this person is paid back! I have about $100,000 in equity and owe $45,000.......
Anon: We do not give information to people on how to get around the bankruptcy laws.
how much income is a family of 4 allowed to live on in alberta?
Anon: Copy and paste the following link into your browser:
http://www.bankruptcycanada.com/BankruptcyTermPredictor.php
This page will tell you how much you will have to pay and how long you will be in bankruptcy.
if my income go up and down from month to month depending on how much work there is how is it calculated how long you will be in bankruptcy? I used the caculator but am wondering hat happens the months i make more?
If go bankrupt and also own companies in Sask. and Alta. do they also go bankrupt.
If go bankrupt and also own companies in Sask. and Alta. do they also go bankrupt.
Anon: If you monthly income varies you will have to use an average.
Anon: If you file personal bankruptcy your incorporated companies will not automatically be bankrupt. The companies will be personal assets which, if they have value, will belong to the creditors.
Please refer to:
http://alberta.bankruptcycanada.com/alberta-bankruptcy-exemptions.htm
Does a proposal cover CRA debt (income tax $ gst owing)?
Anon: Yes, a proposal can include GST and income tax debt.
I recently sponsored my spouse to come to Canada. I am a Canadian citizen by birth. She is a Russian national. The whole process was very expensive. She is now in Canada with me and she is a permanent resident of Canada and has a Canadian Permanent Residency card. If I declare personal bankruptcy, is there any chance her permanent residency could be revoked?
Jason: This is an immigration question. Sorry but we cannot answer this as our expertise on only on bankruptcy and proposal matters.
I am self employed and have a limited company. how does personal bankruptcy affect this? can i still have my own business?
Anon: A person who is bankrupt cannot be a director of a company. You will have to have someone else appointed and then resign.
Also, if the company has value, that the trustee can sell, the company will be sold by the trustee for the benefit of the creditors.
Often the company is retained by the bankrupt. Please discuss this with one of our trustees as it can be complicated.
I took out a 80K loan to pay back my GF the money she loaned me while I was unemployed for 1.5years.
I am afraid I will have to declare bankruptcy.
My GF is worried that "they" will look at the money I paid her back with from the loan and say it was fraudulent & take it back.
Is this possible? I borrowed the money from her and got the loan to pay her back.
Frank: The trustee can go back 5 years and recover preference payments to non-arms length creditors.
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