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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Recently posted 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?
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