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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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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

Hi so i have a few questions in regards to bankruptcy. 1. if we own a home for only 2 months and then claim bankruptcy what happens to our house? 2. we just got married and bought furniture. its all still on loans.. what happens to all our stuff? 3. we are making all our payments right now but we are now expecting a child i dont think we can make the payments anymore. will we get in trouble? 4. we have gst debt from a failed business if we claim bankruptcy does that debt get dissolved as well? 5. i got a joint loan with my sister for $10000 if i claim bankruptcy does she get affected?


From:

 

Grant Thornton Limited

Date:

 

Jan 07, 2015

Answer:

 

Preet 1. The ownership period is not relevant, the issue is how much equity there is in the property at the date of bankruptcy. In Alberta, the protected or "exempt" amount is $40,000.If equity is below $40,000 you can retain the property providing of course you keep the mortgage current. 2. If the furniture was purchased on unsecured credit and has a liquidation value of less than $8,000 ($4,000 per individual)it will be exempt and can be retained. If the furniture has been used as collateral, you may have to continue the payments. 3. You need to put together a budget to determine if you can afford your monthly debt payments. Please contact us to discuss how you can reorganize your financial affairs. 4.If the business was a sole proprietorship, any business debts are personal and so will be discharged by bankruptcy. 5.Your sister will be required to service the loan. Please give me a call to discuss your concerns Thanks for the question.

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

 

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