Questions for Personal Bankruptcy in Alberta (Canada) only.
This service is not intended for individuals who are already in bankruptcy or who have filed a proposal. Note that if you are in bankruptcy you should contact your trustee. If you cannot resolve matters with your trustee, you might want to contact the Office of the Superintendent of Bankruptcy who are the federal regulators resopnsible for licencing all bankruptcy trustees in Canada.
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Recently posted questions and answers:
My daughter and son-in-law live in Alberta. He has an incorporated company. The business has no assets; he is a general laborer. He is the sole director of the business. Unfortunately a couple of years ago he was injured and found out then he didn't have the proper injury insurance. Consequently I had to help them financially for almost a year just to cover their expenses; mortgage, etc. They got behind with a credit card, bank loan and CRA. In Alberta, in order to get WCB (workers comp) he has to be incorporated. They have been told that if they go personally bankrupt he cannot be a director of his company which we think means he loses his WCB and can't get work. They have tried negotiating with the bank (CRA is no problem) but it seems they are pushing for them to go bankrupt to close the file. The monthly payments are more each time they go back and unrealistic. Any thoughts on this because they don't know what to do.
I am in the process of foreclosure of my home. The court has granted me permission to try to sell my home in lieu of the bank taking it. I only until July 7th to sell it. The value of the home according to the appraisal, is much lower than what I owe towards the mortgage, so even if I sell I will still owe the bank the remainder of the funds as well as all of the other debt I have accrued. I know bankruptcy is probably my only option but is it worth the time for me to try to sell my condo in lieu of letting the bank take it. Personally at this point I am in the process of applying for income support, as I have not been able to get another job since I was let go last year. Please advise any options I may have.
My friend did a consumer proposal 5 years ago when her and her husband separated and he let everything go into default. She was given 4 years to pay it off, but actually paid it off in 14 months. That was in 2014. How can she rebuild credit after something like that and how long does it take. She can't even get a credit card at this point to try and rebuild credit.
Hello, I own a semi and trailer ( owner operator driving for a company)which has still has $200 thousand owing, I owe CRA approx. $30,000 credit card totaling $75,000 and personal truck still owing $ 40,000 on it. work has slowed down and can not keep up with all the bills, no creditors calling yet but should I file for bankruptcy and lose it all? is everything going to be lost in bankruptcy? Thanks
Just a quick question. I had declared in 2010 I believe and was never able to fully complete the payment schedule every month. The file has now been closed and has been for some time now. Is there a possible reason you can think of as to why the declaration is not showing on my credit report? Says I have a 655 score but that seems awfully high to me knowing my credit history. Thanks for you time, Chris
In Alberta, are any household assets/assets owned by the non-bankrupt spouse included in the bankrupt spouses' bankruptcy file? Prefer Yes or No answer only. I am aware of exemptions, this question pertains to ownership.
I would just like to end the small debt I'm in. I had to use my credit cards to pay rent with when i was first on maternity leave and I'm struggling to pay them both off. I have an appointment with my bank soon but i would like to know if you guys could help me more. My debt is around $2,500. Thanks
I am considering a consumer proposal. I have about 55k equity in my home, at the same bank as my biggest debt. Would the bank want part of this? Also I have 1 credit card with no balance on it. Can I keep it? Thank you!
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