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Alberta bankruptcy Q&A forum



Hi, I just had a few questions about the process as I do not know anything about it. I currently own a vehicle which I owe about 30000 on, plus I have a 5000 credit card from a furniture store, I also have a 2000 personal credit card, a student loan for almost 5000 and am 1000 in overdraft. I do have a job but the bills I acquired over the past few years seem impossible to catch up on and pay off. This is causing me much stress and bankruptcy had become an idea of possibility for me. I would just like to know in general how it works and do I have to pay you guys and how long would the bankruptcy last? Also if I am not working after I declare how does that work? Can you just give me some information generally how it works and what I would have to do. Thanks for your time!



Grant Thornton Limited



Feb 24, 2016



Hi Crystal, Bankruptcy allows an honest but unfortunate person to obtain a financial fresh start. If you have never filed bankruptcy before; Bankruptcy is either 9 or 21 months. The term is based on your income earned during bankruptcy. There are 4 main duties to be completed during bankruptcy: 1. 2 counseling sessions 2. monthly budgets 3. monthly payments or Trustee fees 4. providing your tax information to the Trustee for the year you file At the end of the Bankruptcy term and completion of your duties you may receive a discharge. The discharge is the point where you are no longer liable for the debts declared in bankruptcy (with a few exceptions). The information discussed above is very general. We offer a no charge and no obligation information session if you are interested in an appointment.

Susan Methuen
T 403-310-8888


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