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 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?
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