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Alger Bankruptcy Services


Same team, new name

Alger & Associates personal bankruptcy services are
now provided by
Grant Thornton Limited

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Edmonton, Calgary bankruptcy Q&A forum

Question:

 

This is lenghty as it is I am sure an unusual situation. I am being sued civilly as an outfall from one of the now defunct ivestment company failures from back in mid-2000's. I stood as employee and feel theoutcome would be decided in my favour if it went to trial since I was not a directing mind, director, or have access to accounts or funds. The people responsible have been criminally charged and still I am the target of a civil action. The issue is that I have spent well over $25,000 to date by de-registering RRSP's, run credit cards and the like to fight this suit. I then work like crazy to reduce the debt load and then the plaintiff appears again after almost 2 years to continue the process. If I continue to fight I will ultimately be reduced to bankruptcy by the legal fees alone. I estimate an additional $40-50,000 coming which I simply do not have do not have. My question, how does bankruptcy or consumer proposal affect the suit process? Is it simply a stay of proceedings until released or is it a permanent outcome. Any thoughts you may have as to how best to proceed are appreciated.


From:

 

Grant Thornton Limited

Date:

 

Sep 10, 2014

Answer:

 

Hi There is a stay of proceeding upon filing bankruptcy and the debt will be fully discharged by the bankruptcy process, unless the debt falls under Section 178 of the Act. In this case I would suggest you make an appointment to come in to see a Trustee to discuss your matter in detail and review your situation in relation to the provisions of Section 178. Thanks for the question.

Marie Kozlowski
T 403-296-3082
Marie.Kozlowski@ca.gt.com

 

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