Questions for Personal Bankruptcy in Alberta (Canada) only.
This service is not intended for indivduals who are already in bankruptcy or who have filed a proposal. Note that if you are in bankruptcy you should contact your Licensed Insolvency 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 responsible for licencing in Canada.
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2013 archived questions and answers:
I know of a person who is being released by his bankruptcy trustee because he has not complided with the conditions set by the bankruptcy rules.Ie. not filing a buget not providing where he is getting his money from so eating a $30 brunch most Sunday is no problem.As a creditor what are my options.
I have approximately $8000.00 in unsecured loans from 6 different money lenders and probably owe the Government on taxes which I have not filed in 2 years. I am not able to make payments on them all and have nowhere to turn for assistance. Is filing for Bankruptcy an option I should/could look at? I am not sure what else to do at this point. I have also looked into credit counselling and debt consolidation. Thank you, CLC
Hello, I'm just trying to figure out how to go about paying all my debt. I have cellphones and a student loan. I believe going bankrupt doesn't cover a student loan but it would cover my other debt. How much do you have to have as a minimum cost in debt to be able to claim bankruptcy? I'm not sure how much my total is but I was just looking at maybe getting some help
Hello, I am the sole director and owner of an Alberta Corporation. The corporation owns small % working interests in oil and gas wells, all operated by a large Canadian energy company. In the past year operating costs of these wells have skyrocketed while revenue has declined. The company now cannot pay its bills. I owe approx $100,000 to the large company and smaller amounts to several other companies. The debts are growing each month. The creditors have begun asking for payment. My company will never be able to pay since revenue is now much less than expenses. Should I advise the creditors of this? Wait and see what happens? File for bankruptcy? What could happen if I never pay? I am not concerned with losing the assets as they are not of value anymore given they are cashflow negative. I would like it if the big co. would just take the assets. I asked them to do this and they said no they were not interested and that I just had to pay the bills. I want my company to just shut down but don't know how to facilitate that. I remain worried that they could go after my personal assets if my company cannot pay. thank you for any help you may be able to provide!
Hi, So I have been really weighing out my options to claim bankruptcy. I am currently registered for debt recovery with Money Mentors, however things are not looking good. My husband cannot get work, we have a 1.6 month old, and I am working/owning a small salon that is not doing well. Can you please help answer my questions before I decide how and where I move forward. 1 - Will my husbands credit be affected if I claim bankruptcy? -will he be responsible to pay those debts? 2 - Can I move out of the country if I claim? 3 - What are my obligations if I claim? 4 - Can I also pull my corporate debts from the incorporation* I dissolved into my personal debts to bankrupt? The salon I am part owner originally was incorporated under a different corporate name with myself owning 100%. Recently I brought on a partner to help levitate the pressures of the salon. When I brought on my partner we made it 50/50 ownership and we created a new incorporation. Since dissolving I have been closing everything and finding currently I owe over 24,000$ just in payroll as I could not afford to pay anything. I have had a whirl wind of bad hires (apprentices are small business destroyers). My year end is currently being done for the original incorporation I had 100% ownership of, I am sure I am owed money which it could make it a little less. 5 - If I claim bankruptcy can they go after the new incorporation? or my new partner? 6 - I was also considering giving the salon to my new partner 100% in exchange the salon pays the rest of my schooling and I work there until I am done school as strictly an employee only. -can I do this? KT firstname.lastname@example.org
If I am currently in Bankruptcy and believe my current trustee has not fulfilled their duties "properly" can I terminate by engagement with that trustee and have another trustee take over my "account"? Thanks for your time.
I was thinking of filing bankruptcy, but then saw a friend file, pay off the monthly payments, but still not get discharged. The original payment was for $12,700 which was paid off. Now they are saying there is a surplus based on gov't allowance and they want another $15,000. Is this normal?
Hi there, if someone has entered into a consumer proposal and during the proposal, a new debt was incurred that was not discharged by the proposal, can it be collected during the proposal? Or does one have to wait until the proposal has been succesfully completed to collect on the new debt? Thanks so much! Nicole
I filed bankruptcy in 2010. I made the payments each month and attended meetings with them as requested. However, I failed to provide proof of attending money management and STEPS for gambling addiction. I have since acquired such documents. I have spoken with one of the company's rep sometime ago and he indicated in order to work further on my case, I have to pay a fee upfront. I have indicated I will save up for the fee but legal and financial circumstances prevented me from doing so. I just received a copy of their application to discharge themselves as my trustee. I don't want that to happen. I want to save up to pay them the fee and finish the case with them. What can I do, if there is something I can do at this point. I have until December 20 to resolve this issue. I would appreciate any help from you. Thank you.
I am in fort mcmurray ab I have had a double bankruptcy in the passed appx 10 years. how do I get a mortgage to buy a house .tks brian Bennett. I make 40 dollars an hour now and paid every week.working steady for passed 3 yrs
Hi there. I am currently 1 year into a 4 year OPD plan. I am paying 775.00 every 2 weeks. I own my acreage with about $20,000 in equity, a truck with about $2,000 in equity etc. Now in your opinion do you feel I would have been better off going bankrupt based on what has happened to my bureau or is an OPD better off in the long run? I make approx. $120K/year and that includes an annuity that I get paid monthly and is indexed yearly. I was hurt back in 1982 in an MVA and have been a paraplegic since. An amount of money was invested, paying me back monthly. Thank you. I look forward to your feedback. Kind regards, Mark
I had to go on AISH 3 years ago due to a life long battle with Crohn's Disease.(I am 51, got Crohn's as a child before entering the work force,so despite a graduate level education and professional jobs was not eligible for any disability benefits through employers as I was considered high risk). I had yet more surgery and tried new and rather well, scary drug therapies, hoping I would become well enough to return to work at least part-time, but the number of surgeries,the damaging medications and constant recurrence of inflammation have resulted in ongoing and debilitating health issues. My doctors tell me I should not attempt to return to work at all. I have tried to make payments on the credit cards I obtained while working,and as my daughter was just starting out on her own needed to use them even when I didn't want to, but with the hope I would be able to arrange some type of employment. I am really struggling here to make ends meet and as time goes by even though I am no longer using credit the balances keeps rising due to interest. I am so uncertain as to whether claiming bankruptcy is a course I should take,but I don't see any other way out of this. Best wishes to you,and thank you,any advice you can give me would be most welcome
I went bankrupt August 20, 2012 and have been released from bankruptcy. I am now getting a collection agency calling me for a debt that I believed my ex husband had taken care of, He did not. Since I did not claim this debt at the time of bankruptcy do I now have to pay it? Thank you for clearing this up for me.
I have had two bankruptcies in my life. The first was in 1989 and I went though all the things required of me and because I never requested credit, had thought I had done everything required of me, I had thought it was off my record until 2004 when I found out and had it discharged. Now I am finding a 1989 bankruptcy still showing on my credit 24 years later. Is there anything I can do? or am I screwed? Lol Thanks
Our niece has a 3yr old debt to us of $3000- (lent to help her start a business). She did not list this debt, when she claimed bankruptcy in Ontario, April 2012. Her bankruptcy was discharged January 2013 but she has just (Oct 11) added this debt to her bankruptcy according to the notice we have received from her Insolvency company. 1./ Can we contest the addition of our debt because it was not claimed in the beginning and her bankruptcy has been discharged? 2./ If we cannot have it removed from her bankruptcy, is this family debt still able to be recovered at some point? 3./ If it is recoverable, are we able to begin adding interest (from the beginning) to the debt?
I have a mortgage with a bank it was originally Wells Fargo and now it is with National, my original principal was for 38500 and now is 39500 after 8yrs, I also have a loan for 20k that is worth more than the original loan amount borrowed. both have a lien on my home, if declare bankruptcy can they still garnishee my wages for debt repayment? I do not want to leave my job but the 21 and the 16% interest rate they are charging I will never pay the debt off and they will not renegotiate.
CRA registered a lien against my home, jointly owned with on again off again common law wife, also file a judgement on equifax and garnisheed my bank account for 150k. I am self employed, how am I to operate? I have made 15 calls over the last 90 days trying to make arrangements and have not received a single call back from the name on all the CRA documents. Now the wife ?? Wants to sell and run, we have a 3 year old child that deserves healthy home life, but wife is constantly upset over money issues. (She doesn't work). Equity is about 45 - 50 k, as she is on title but never contributed can CRA seize her share? How likely is it to renew with scotiabank while in a three year bankruptcy? Can the lien be lifted?
I currently have collections wanting payment for bills accumulated thru the last ten years,,,,,am I legally bound to pay them now, as I am on aish disability and cpp disability. My name is Tammy Lorraine Pollak. I hope to get this off my "plate" as this is stressful and not good for my mental illness to be so stressed .. Thank you
I have lots of unsecured debts to my co workers and before i told them i will pay them one by one and little by little by next year. And they all agree! Suddenly i received a ketter frim court they file a claim against me! Niw im just wondering if i can still go to bankcrupcy? Before i dint want to do this because i want to be fair for them. And i thought our verbally agreement are ok? Can you pls advice me!
i just went into bankruptcy.i sod my house had 55,000.00 equity i was told i was exempted for 20,000.00 had to pay my tustee 35,000.00, this 20,000.00 i can put in my account, is it protected, i was told it was but now i am hearing not . can you please let me know or give me more info on this exempton thank you.
if you declare bankruptcy, and 6 months later you are awarded a nelp award from wcb, does that monies go back to the trustee?a nelp award is given to someone who has had a permanent disability through work, it is usually awarded 2 years after the last surgery was performed.
A roommate and I bought a house together a few years ago. Both our names were on the mortgage. The house is now foreclosed and we owe a substantial amount of money on it. I am thinking of declaring bankruptcy to get out of this debt. However, I have been told that the other person on the mortgage debt could then sue me for the value of the foreclosure debt making my bankruptcy pointless. Because of this I have been advised to include this person as a potential creditor in the bankruptcy even though I technically owe them no money at the moment. Does this make sense? What is your advice?
About seven or eight years ago, my now ex-husband and I started a joint bankruptcy account with your company. About a year later, we split up, and he had our joint account split into two separate ones without seeking my approval or even telling me. Since then, your company has moved out of the Red Deer area, and I am unable to travel to Calgary or Edmonton to seek a resolution to this issue. I would like to have my case either closed or be allowed to work with a different company here in Red Deer. Thank you for your time. I will expect an email response as soon as possible.
Hello, I have 2 questions. If I were to file bankruptcy would I loose my house (negative equity at this point)? Would I loose my car (no liens; value 12,000.00)? My debt load apart from the house mortgage is $40,000.00
I own a house that has gone down in value due to gutting basement from sewer back up in High River. I owe 288 on it and value is less. I also am 45,000 in debt, but expecting a payout from insurance for basement damage, maybe 50 to 60 grand. I also gambled and withdrew funds from my bank accounts in the last two years. If I go bankrupt, and then foreclose, what happens> Or if foreclose first, then bankruptcy?
i owed 6500. in as of jan 1.2013 imade payments of 1000x2 and one of 2000 by june of 2013. they then filled a garnshi on may bank acount and took all money with not even a phone call the remaing 2500 can larger payments be made and miss a few months
My common-law husband has a large CRA debt (around 50,000). They have frozen his bank account for 2 years now. Can he claim bankruptcy? My credit is great, and I want to buy a home in the next 5 years. If I buy a home in my name, since we live together, could they seize the home?
I have been in bankruptcy and have been discharged in Dec 2012. My father passed away in April 2013. I will probably get some money(20-25K) from my dad's property that is being sold. Will Receiver General take anything from this money? Thanks,
I understand that in Canada a bankrupt person cannot be the director of a corporation. Does this same rule apply if the bankrupt is a US Citizen and filed bankruptcy in the US? Must he resign as director of the Canadian corporation?
my husband and I got scammed on a timeshare in mexico and it looks like bankruptcy is the only way out we both are on the contract. I own a house in my name only my mother left me, and own property in joint tenancy with my children how would this be affected, and would we both have to claim bankruptcy to get out of this timeshare we have never used it bought last feb
1) do I lose my condo (mortgage $100K) 2) do I lose my vehicle (own) 3) credit card/line of credit debt $75K 4) business debt $20K Divorced, single income - self employed business owner, personal/private butler - monthly income $2500 Can't make monthly payments - have not been late with payments yet, however using my CC to pay living expenses - which is increasing my debt monthly. Not certain consolidation would work but I am open to discussing. Thank you for your thoughts Jackie Hickson
I live in calgary. I am a single dad with a 15 soo to be sixteen year old son in high school. I just filed bankruptcy and my son wants to work to save for collage. How muvh can he make a month without trustee taking it?
Just a question - my ex wife has declared bankruptcy in April of 2012 and has not paid any surplus amounts eventhough she should (500-600 per month). She says she is no longer in bankruptcy and that the bank will be coming after her for the money she owes. Can you clarify if this is correct or if she is still in bankruptcy and will not be discharged until she has made 21 consecutive payments of her surplus income to her trustee. Thanks
Land was left to me before I filed for bankruptcy.I sighned it over,I was discharged now I received a phone call saying they want the orginal copy of the will from my wife even though they had copies of the will with notarial certificates from my lawyer.I went there with the orginal copy and it was grabbed from my hand and I got the photo copies and have been tring to get the orginal copy back but keep getting excuses.What is going on.
If a person is in bankruptcy already, can they switch bankruptcy companies if they have not been discharged yet, and secondly, what date is your bankruptcy effective? example - if you file June 23 but you had extra money does that count as surplus income for June or is it anything after your file date? thanks.
Hello, My husband and I have split up and prior to splitting we were having a ton of financial issues and he had a meeting with a trustee and was told to stop paying everything and once the collection agencies start calling then file for bankruptcy. We stopped paying on cards and LOC's and have split up. The collections agencies are calling and have been for some time now. I have a lot more in debt than my ex, problem is we own a house that is currently being rented by one of the oil companies here in town and can't sell it. There's 1 yr left on the lease. I need to get the collection agencies off my back, and before they start calling my employer or garnishing. If I file and my ex doesn't how does this affect the house that we are both on title and is rented out right now? Thank you!
CRA has recently sent me my assessment and I now owe them money!! I didnt think that could happen. Im not sure if I can afford to pay it (its $100,000). Could I also do somethign about my credit card debt at the same time??
My question is that what happens to employees who through no fault of theirs a company they are working for goes bankrupt and contract is terminated by the contractor and a new company takes over.?I am a security guard with a company that has lost a contract and a new one has taken over. We were sent home by the camp management without the new company offering us any job opportunity.We were not advised by the company we were working for either.
A Company I used to work for filed for bankruptcy and I was supposed to bring the company to small claims court for unpaid overtimes. I have heard that they are protected under Bankruptcy and that the moment they filed for bankruptcy that are not obligated to pay for unpaid overtimes
I filed for bankruptcy in 2002. I decided not to go through with it because I did 1 in 1997. I did pay the open file cost but never made the other payments. There is a judgement against me with the superintend of bankruptcy. How can I take this off my Equifax file? is it possible to void or cancel this 2002 bankruptcy? Thank you for your time. John Wilson
hi there, I am living in AB and my mother is in NB. she is ill and is being put into a care home. she has a credit card debt and is being told, by the gov't, that I (her child) am responsible to pay off the debt before they'll allow her to move into the home as, once she goes into care, her pension will go to the home. I have nothing to do with this credit card and have never signed anything with this card company. am I legally responsible for this debt? thanks very much frustrated in AB
If I am to think about declaring bankruptcy, what does this mean for my pention with the Alberta Government I will be getting in the future, the 2 pentions I am currently getting from a deceased common law spouce. I own a condo which I am renting out at the moment and I live with my girlfriend. I owe $206,000.00 and my condo is worth about $175,000.00. How does this process begin?
My ex told me he filed for bankruptcy a few months ago. He owes me child support in excess of 3 years. With him in bankruptcy, did the arrears for child support get deleted like his other debts? He seems to think so. Does he still owe my child all the money from previous years?
Hi - I became a shareholder and director of a federal corporation a long while back. the books were a mess and being naive - i purchased it (8 years ago) and just continued doing business under a new properly managed corp. I've never been harassed or have had any requests to file for it. It's a bit of a sh*&T show... I'd like to bankrupt the corp. There are no monies in trust owing. All GST paid up and it never had employees. It made losses but we never filed. I'm afraid to awaken this monster.. but i'd like to close things up. Can I bankrupt the company and wash my hands of it?
credit card company got a judgement against me. can they now freeze my bank account. im not working at the moment, and was thinking of filing, as I own other cards as well, though they never took me to court. thank you. regards.
I went bankrupt when I was 19 and now due to a separation and trying to get a head on my own, I now am looking at it again. I was discharged from bankruptcy years ago but is there a difference now that I have to do this again? Thanks
I have some extra money and am wondering if I should make a large lump sum payment on a debt management plan or should I pay off a credit card that wasn't included in the DMP? I no longer have the credit card, but am still paying it off. If I make the large lump sum payment, it may not pay off the total amount owing but if I put it on my credit card, it would pay it off.
I was recently a temporary foreign worker in Alberta, Canada. My work permit had expired and I was not issued a renewal. After living in Canada for 4 years (as a student and a worker) I was forced to leave Canadaâ€¦as per Canadian Immigration â€“ immediately (March 2011). I was therefore unable to close all my outstanding debts. At the moment, I was made aware that possibly interest (maybe) still being accumulated on outstanding balances. Had I known of this earlier I would have possibly looked into a bankruptcy claim earlier. Iâ€™m therefore enquiring - what are my options to resolve my debt - as I do intend to return to Canada in the near future. Obviously, being out of Canada (currently residing Guyana) makes it extremely difficult to dissolve these debts. I appreciate your assistance on this matter. Regards, Rondell Bristol
I am acheduled for discharge at the end of july. I have excess income and my trustee says that the procedue is for the trustee to oppose the discharge. Then it goes to mediation and I will be required to pay the excess with monthly payments but I will still be discharged. My trustee says that it will be like paying off a bank loan. Can you confirm that I am receiving the right information in this situation?
My wife and I co-signed for apartment condos for our daughters (2 units) about 5-6 years ago when the market was very hot. Today the units are worth less than the mortgage amounts. Both daughters have seen moved on (married) and we are still servicing the debt as they are CMHC insured properties. I have to go bankrupt as I have judgments and also owe CRA in excess of $100K (estimated - waiting for taxes to be finalized). My question - if my wife has shown that we can service the debt, will we be able to maintain the properties in bankruptcy (mine only), to save the credit of our children???
Hi there, I have been struggling with my debt management program for about a year. I have three credit card creditors, and one of them is no longer on the program. I have a steady, full-time job in insurance, but have accumulated debt over the past 5 years or so due to poor choices and family illness and death. I haven't made a payment on my student loan in 5 months (which I was only paying interest). The creditor that backed out of the debt management program is now calling. My car, worth less than $5,000 is in dire need of repair and I rely on it to get to my job. After initially declining the option of claiming bankruptcy at the start of my debt counselling, I am now wondering if this is an option for me. The amount of credit card debt I have right now is around $25,000. I'm not really sure what my options are but I was referred by a colleague to contact you as I have been struggling with this stress for quite some time now and it's beginning to wreak havoc on my health. I'm not sure what I am asking, however I would like to discuss my options with your firm if possible. Thanks, Cory
I am a victim of a mortgage fraud. I have been trying to come to a financial resolution with CMHC, although this has not been successful, and I feel that my only recourse is to file bankruptcy. Although I have met and married my husband after the forclosure of the fraudulant property, does his income need to be included when state my household income and expenses? I owned my current home along with most of the expenses prior to husband. Thank you Concetta
I filed for bankruptcy in jan 2008. Looking at my credit report there are a bunch of new accounts from my creditors created on Nov 2008. They have new account numbers, but they have the same amounts of the other accounts included in the bankruptcy. And, they are listed as "open". Is this something that normally happens? Is it correct or is this something underhanded?
I have about $100,000.00 of unsecured debt and my employer has confirmed it will be paying out the annual bonuses. In my case it amounts to $8000.00 and will be deposited into the company RRSP plan at the end of the week. Will I be able to keep the bonus if I declare bankruptcy immediately after receiving it? If not, how long should I wait to declare in order to keep it? Will this bonus drive up the cost of a consumer proposal?
Hello, My home was foreclosed late in 2012 as a result of a marital separation and the mortgage insurance company is now taking steps to collect the deficiency. I also have additional unsecured debt totaling $40K. Throughout the separation and prior to the foreclosure (4yrs) I have continued to make the minimum payments on these unsecured debts and they are current to this day. I also haven't added more debt by making purchases on my credit cards during this time. I knew that once the foreclosure went through, the mortgage insurance company would come calling and now that they are, I will have to seek some debt protection. My question is: Knowing that the mortgage insurance company would come calling once the foreclosure was complete, how will taking 3 vacations totaling $4500.00 since then effect a consumer proposal should I file one in May of this year? One of these trips is a destination wedding which was planned at least a year ago and will most likely be filing a proposal shortly after I return. Please note that these vacations were paid for using my savings and were not debt financed. Thank you for answering my question.
My boyfriend had declared bankruptcy about 4 years ago now, and is now looking to purchase a vehicle. Because of his credit history this has made it almost impossible. I was wondering if there are any companies out there that help people that have declared bankruptcy purchase a new or used vehicle? Any help on this matter would be greatly appreciated. Thank You Danielle
Can your name go on a cavet on a house if you have already claimed bankruptcy without the property being affected. My name is not title but cavet maybe if i can. can you do your will while on bankruptcy and still not being discharged till sept?
I just got discharge and things didn't went well with my trustee. They add derogatory comments on my public credit report. They treated me like a criminal for two years.They hide things for me as an example: i never knew i could have filed a proposal after i filled for bankruptcy . Even tho i got discharge i still want to sue of make a complaints.
most of my debts,credit cards are not being paid at this time but there is one big loan that Ive been mostly paid on time. Does that mean that I wouldnt be able to apply for bankruptcy and have that loan included..its quite substantial and is making it impossible for me not only to pay for my basic living costs as well as not making my minimum payments on my high interest credit card debts.
A house is owned by a married couple (now separated). The assessed value is $430,000 and the mortgage is $360,000. The husband is living in the house with his 4 yr old son. What happens to the house when he declares bankruptcy?
My mother is filing for bankruptcy in Alberta. She's is a senior who is unable to pay off a substantial credit card debt. I'm concerned because I have a credit card that was issued to us/me approx. 25 years ago when the bank offered for a family member to have a card "attached" to my Moms card. She is the primary card holder and the invoices have always gone to her, in her name. We bank at the same place and have the same last name. Can the bank go after me for the money once they get the notice from the trustee that she is filing? Should I change to a different bank before this happens? Any advise would be greatly appreciated.
Its my first time considering bankruptcy,i lost my job 5 months ago & i am on E.I.i been behind on my loans & they are building up fast. my question is can i still file for bankruptcy even though im on E.I?
I am upside down on my car, by about $10,000, the car also needs work so i havent even been driving it, my credit card is maxed out, and i just found out im gonna be a daddy. I really cant find any solution to get rid of my car and debt completely, other than bankruptcy. Should i file? Will bankruptcy clear me of my finances? I will not be able to provide for my family if i cannot get rid of this car
I own a house in The Netherlands. For a number of years it has been impossible to maintain and with the drop in the housing market, it will be sold by the bank and will most likely realise a net loss of approximately $500,000. I've used all my available capital and have nothing more to give to this. Can the Dutch bank pursue me in Canada for this debt? Can I declare bankruptcy to avoid this? I have debts here in Alberta but at current repayments I will be clear of these in 2 years. Thanks for your help.
So sorry for this stream of writing, but to clarify, the question about selling the house - I meant sell to my sibling. Is there some document my sibling can file (were're in Alberta) that under my bankruptcy, the courts would allow my sibling to perhaps distance themself from my bankruptcy and have them still keep the portion of the house and their equity in it, while they just go after mine? I suspect that my debt is around 80,000, and my portion of the equity is around 60,000, but would they still go after my sibling for the rest? Is there any legal thing my sibling can file to protect them from my bankruptcy? Since we aren't common law but siblings, before I arrange an appointment with you, I'm hoping you can tell me that there are options for protecting my sibling from loosing what they put into the house.
About the sibling question, I forgot to mention we both are on the land title. Some of the items in the house are owned by my sibling, some are mine, and some are jointly owned or were joint gifts. Because of the complexity of the ownership of the assets in the home, if I declare bankruptcy myself, would my sibling have to produce receipts and prove ownership for all the assets they own? If they could not produce the receipts, even though I don't have any documentation to say they are mine, would those assets be considered mine and be included in the asset seizure?
In 2003 I bought a house with my sibling (we both entered into the mortgage in our 20s). We both signed the mortgage, and every 5 years we re-negotiate. My sibling might be able to afford the mortgage on their own, but I heard that if you try to sell the house within 5 years prior to filing for bankruptcy, the creditors could overturn the sale. Is there any way to insulate my sibling from this? We donâ€™t have mortgage insurance, and I doubt I would be able to get the insurance given the large amount I owe in income tax. Is there another way? Some of the items in the house are owned by my sibling, some are mine, and some are jointly owned or were joint gifts. Because of the complexity of the ownership of the assets in the home, if I declare bankruptcy myself, would my sibling have to produce receipts and prove ownership for all the assets they own? If they could not produce the receipts, even though I don't have any documentation to say they are mine, would those assets be considered mine and be included in the asset seizure?
We lived in the Province of Saskatchewan for 7 years we moved to Alberta 6 years ago. Filed for Bankruptcy in 2002 in the Province of Saskatchewan. Trustee went for Discharge in 2005. But because we didn't fulfill all of our obligations it was "Sine Die". Due to the amount of time that has passed it there a solution to this problem?
just curious how i get out of bankruptcy its been years since i filled but didnt finish paying the fees then when i looked into it they said i had to pay 1900 just to look at my fileand at least 5000 for out standing is there any way i can get discharged
I would like to declare bankruptcy on a few of my debts. I have one loan that is cosigned by my father that I don't want to include though i can pay that one its just all the credit card that I got left with through my divorce. Please advise if I can just do the credit cards and not he loan with my father i don't want to wreck his credit. thank you.
My husband and I are about $30,000. in debt. Mostly credit card and one car payment. Recently he is too ill to continue to work and bankruptcy seems our only route otherwise we will not have any money to feed our kids.Will we lose the vehicle,he is disabled and going to and from apts & hospitals will be tough. We are struggling and my husband believes paying for himself yet most of our bills are 10 years old.
I just caught up with my mortgage, it was in foreclosure mode. we were behind due to domestic issues. i had to pay the lawyer and couldn't afford the mortgage. the equity is next to nothing and the ex said she would sign off - but??! if i sell for less than we owe what kind of issues should i expect? i fully expect to file bankruptcy early in the new year due to huge tax debt and business failure about 350k i have had offers of about 250k for the house, the assessed value is 350k but the market value is 300k mortgage payout is 330k Will the deficiency be covered?
I received a Civil Claim saying that a judgement has been filed against me and I Hhave 20 days to disput the claim. For the last few years I have been treying to avoi filing for Bankruptcy. Is it too late to file for Bankruptcy on this claim.
I am wondering what my options are as I am not currently working and want to move back home to be with my family. I owe approx. $220 000 on my mortgage and would be lucky if I could sell my house for $170 000. Obviously this is not an option. I am wondering what happens if I have to walk away from my house, in order to move back home, as I will not be able to sell the house for anywhere near the amount I owe. I look forward to your reply. Thank you, Teri
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