Questions for Personal Bankruptcy in Alberta (Canada) only.
This service is not intended for individuals 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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2014 archived questions and answers:
I have a judgement against me for about $11,000. They have filed an "Intent to Sell Land" via a title on my home. (The title is joint with my wife). My question is does Bankruptcy stop this action? I have 3 children aged 9 and cannot have my house sold from under me. (Even if just 50% is sold). Please advise.
I do not necessarily want to claim bankruptcy, as I am a full time university student. My issue is that I own a property in another city that has been listed for 9 months and is not selling. I cannot afford to go to school full time in one city while paying a mortgage and utilities in another. it is a mobile home in a park and the park rules state that rentals are not allowed, even under duress. I am looking into a quit claim deed, but was wondering if there were any other options that may be available to me. I need to still be able to qualify for student loans to complete my education. I appreciate any help you can give me.
Hello, I would like to declare bankruptcy do to the fact of not keeping up with my credit card bills, already have collectors after me. And was wondering the steps needed to take to go threw with this and the costs of filing bankruptcy
I have recently financed a new vehicle however I have found myself in an overwhelming state of debt. I require my vehicle for work and I am wanting to be able to keep it and keep up the payments. Is this an option if I claim bankruptcy?
My step dad is 59 and is 100k in debt do to his business debt that he put on his personal line of credit and his personal visa. He does own his home and got it valued at 185k last week. He has NO saving or rsp/rrsp/tsfa for retirement and his home is falling apart. Do you think bankruptcy or consumer proposal sounds like a smart option for him? Concerned son.
HI there, I have a lot of debt with my truck payment I ending getting a loan that is double the value of my suv. I have student loans since 2008-2010 that are now taken back by CRA... plus a few standing bills that are in collections.... I have been trying to over come and pay everything off but not able to do so! Made some bad choice credit wise in the last years. IF I go bankrupt will I lose my vehicle and student loans?
Moved to Ab one year ago for work . Have changed over all my ID , etc to Ab .( previously MB ) . Currently have a RRIF type investment , left from previous pension. Was locked in + protected in Mb ...but it appears as though it is not protected under AB . law ?? Can that be used to pay down debts? Or signed over to a TRUSTEE should I decide on the bankruptcy option ? would prefer to avoid bankruptcy , if at all possible . Investment value is about $40000 , while debt is around $60000 total . Working full time, but have health problems ...ongoing .
When someone files a consumer proposal with you do you also file the tax returns during the period of the proposal? I am wondering as I have a client that says that "GT did their taxes up to the date of the proposal so he only has to file about 6 weeks worth" of income through us. From what I can read it would appear that we would need to report his full 2013 income on his 2013 return... does this seem appropriate? or is there something that I am missing? Thanks
My ex common law partner and I filed for joint bankruptcy in 2005. We then split up in 2006. Without my consent or knowledge, he asked our trustee, the Alger office in Red Deer, to split our joint file into two separate files. He has since moved to BC and I only recently found out about this a couple of years ago. I have contacted your company a few times about this matter, as I would like to get this matter resolved in some way. Can I please have some sort of information as to what the status of my bankruptcy is, and if I can possibly get my file closed and sent to me so I can find another trustee locally? Thank you.
This is lenghty as it is I am sure an unusual situation. I am being sued civilly as an outfall from one of the now defunct ivestment company failures from back in mid-2000's. I stood as employee and feel theoutcome would be decided in my favour if it went to trial since I was not a directing mind, director, or have access to accounts or funds. The people responsible have been criminally charged and still I am the target of a civil action. The issue is that I have spent well over $25,000 to date by de-registering RRSP's, run credit cards and the like to fight this suit. I then work like crazy to reduce the debt load and then the plaintiff appears again after almost 2 years to continue the process. If I continue to fight I will ultimately be reduced to bankruptcy by the legal fees alone. I estimate an additional $40-50,000 coming which I simply do not have do not have. My question, how does bankruptcy or consumer proposal affect the suit process? Is it simply a stay of proceedings until released or is it a permanent outcome. Any thoughts you may have as to how best to proceed are appreciated.
Hi.... A couple is married and the husband passes away. the husband had $50,000 in credit card debt. The card was in his name. They have about $500,000 in equity in the house. Is the wife responsible to pay off the debt? thanks
I need to declare bankruptcy, mostly credit card debt, but I also have a vehicle loan, that I believe some of my creditors may have a lien against. I would like to sell it in order to obtain a cheap vehicle to drive. Is there a way to have lien's lifted then able to sell? I borrowed 18339.96 and still owe 14497.88...the book value is at approx. 19000.00 I think?..Am I given any time to sell the vehicle if I declare bankruptcy?
I was in a Division 1 Consumer Proposal. My trustee missed cashing a cheque for one month and doubled it up the next month. Consequently, this was one of the factors resulting in an annulment of my consumer proposal. He had post-dated cheques but were not deposited on time. Why am I at fault?
If I hire my old trustee to reopen my file. Will it cost me additional money to file the affidavit? I understand I will have to pay more still so will they give me a time frame for that. I struggle trying to get the money just to reopen my file after all these years but really want to complete this for my growing family. As for assist. I have a old car. It's not worth much. We rent we don't own. I'm scared but I know I have to so this. Would I be better off asking for more information on the pro bono lawyers in Calgary? I just wanna rebuild my life so bad. I am sure you get asked this stuff all the time and I really do appreciate the answers. As the only person who can fix this is me as I am the one who never finished in the first place.
I have a few questions I am hoping you can help me with. I filed for bankruptcy a few years ago and due to a tragic incident in my life I never finished. I am finally getting life on track and want to go in and complete it as I have had kids and want a better life for me and them. I called my trustee. They told me to save up money and come in. I am trying really hard to do so but it's taking me way longer than what I wanted. Other than that can you please tell me what happens after that? They are not giving me any information until they have the down payment. I know I will have to go to court but that's all I know. I am hoping to have the down payment within the next few months but any information I appreciate as I would like to be prepared best as possible. The bankruptcy is from 10 years ago. If they ask me to pay more will I have a time frame to do so or will I start having to do budget sheets again? If I recall I missed 2 budget sheets and was dismissed due to lack of payment. I really appreciate any answers you can give me!
My husband and I have not filed our taxes for four years. We are both self-employed (independent of each other) and are considering bankruptcy to deal with tax debt it it is too large of a sum to manage. I started my business 3 years ago, so really have no idea how it's going to look tax-wise. We also have children, so once our taxes are done (recently submitted to our accountant) I expect to receive a lump sum from Child Tax Credit for back payments. I have read that monthly CTC payments are not affected by bankruptcy as they are not considered income. However, what about the lump sum? Will I be expected to pay back taxes with that money? What will happen if I receive that money and then decide to declare bankruptcy?
If I declare bankruptcy and my vehical is worth 3000 blue book value(it's actually worth less due to mechanical issues) can they also go after my girlfriends car even tho my bankruptcy is not any of her debts?
The CRA represents about the biggest portion of my debts. As it stands, my estimated CRA tax debt is $150,000 and is listed on my credit file from Equifax. I tried almost every way to negotiate with their terms are unreasonable. the tax debt grows like a bamboo chute. The more I pay, the bigger it gets. Would a consumer proposal be the next best thing? Please advise by email.
Hello. I was wondering. The cra has put a garnishee on my wages. I owe them aprox. $5000 from 2010. although my tax refund was about $2000 to much the rest is penalties. I was wondering if a consumer proposal could lower my payments thank you
I have a judgement against me from an out standing Credit card debt, I was not present during the hearing it was filed in my absence, i recently had my bank account frozen and the money in my account taken (there was only $20) the only source of income I have currently is govet issued Checks for my child tax benefits. and now that my account is frozen and i cannot cancel it or withdraw my child benefits from it, i have canceled my automatic deposit starting next month i will be getting my child care benefits by mail but this month was to late and now the money had been deposited in my account and is ]waiting to be taken? i can see the money but i cant withdraw it, is there anything i can do to get my child benefits out of my account? furthermore can they actually take my child care benefits? is that not exempt? Thank you for your help time and consideration in this matter any help would be appreciated
If I file bankruptcy, can I still contribute to my toddlers resp? What happens to employer matched contributions? Current employer matchs rrsp & resp contributions up to 25k per year. If I file a proposal, what are the advantages? Income from salary 120k plus self employed income about 50k Current tax debt and separation expenses, legal fees etc. about 250k. Cra has a lien on the family home, soon to be listed and sold based on ex wife s court order, in a proposal would I get the same exemptions?
Current situation is $72000 in unsecured credit card and line of credit debt. Own outright recreation land which the bank won't give a mortgage valued about $130000. Live in rustic/basic cabin on property so there is a utility trailer, wood splitter, wood chipper, riding lawn mower, two old vehicles, old style trailer, some fishing gear and wood working tools as a cabinet maker. Currently unemployed due to stress caused by debt and alcoholism. The debt requires $1950/m to service and so using remaining available credit to pay each. Returning to work is best but can not live and pay this debt at the current rates. A mortgage for $75K for 10 years would only be $749/m. That could be managed but not continue the current payments. At wits end, frustrated, would rather pay off debt than declare bankruptcy but seems no way out. thank you
Hi, I am newly self employed and am a lease operator truck driver. I have had nothing but problems with my truck and am going broke because my truck has so many engine issues. If I were to claim business bankruptcy how would that affect my personal credit? The equipment loans have my buisness name, my name and my wife's name on all the documents. We own our home but want to buy a different home so I'm just wondering if I were to surrender my truck if this would affect me qualifying for personal mortgages and loans? Thanks
Hi, I have been in bankruptcy since Nov 2012 i am due to have a discharge hearing in August '14. I wanted to ask about the sense of hiring my own lawyer to help me with the discharge process... the trustee (bdo) has mentioned that it is possible that the CCRA (sole debt)will appose the discharge. I want to know what my options are? I think I need to talk with a lawyer about it...agreed?
I am a senior on low income/ the lowest income so I get some help from Alberta Supports; not much but it is some. Other than that, I get CPP and some OAS. I get phone calls from creditors that I owed money to within the last 2 years; but could not pay them at that time either. I went to a trustee, who said I have too little income to declare bankruptcy. How do I get these creditors to stop calling me; I have changed my phone number 3 times and made the number silent, but they still seem to get it and then phone me again. Is there anything I can say when they call me? How do I stop them? Any suggestions; a proposal - I am in poor health so can't work; and waiting to have surgery in May. Any other suggestions.
I have a consolidation loan of about $32,000 from credit card and LOC debt. I am currently paying almost $700 a month for this. I would like to go to school to get a Bachelors Degree in Computer Science but I cannot afford to go back full time with these loan payments, and I am having trouble finding anyone who will give me a student loan or LOC because of it. How can I do this? I just want a better life but I am seriously paying for the poor choices I made in my younger years. Please help me!
My bankruptcy began in August 2013 and will continue to April 2015. My Trustee prepared my income tax return for 2013 (2 tax returns were done - 1 pre (Jan-July) and 1 post (Aug-Dec) bankruptcy) and the refund(s) were immediately applied to my debt. As my discharge won't take place until April 2015, will my Trustee also be responsible to prepare my 2014 Income Tax Return and apply the refund to debts or do are they only required to complete the first income tax return on my behalf?
I filed for bankruptcy in 2002 and discharged in 2003 and have since rebuilt my credit score to 736. However, today we went to apply for a mortgage and the bank asked if either of us have ever declared bankruptcy. Is this still on my credit report and do I have to disclose it after this long? I am worried this will cost us the mortgage.
If you owe a court ordered spousal support monthly payment, does that payment come off your income before you calculate your surplus income? Gross or net income? If you filed bankruptcy on march 31, 2014, how long till you would be on file at the OSB.
I live with my boyfriend and all my debts were are mine except we have a joint visa will his income have to become a part of this and with that joint visa I don't want him to suffer because of me . I have a townhouse in bc that I bought and 6 months after I found out it was leaky and have had to take on a 130000 interest free loan from the govt I thought I could keep it and break even after time but it is just pulling me into debt with repairs and taxes and codo fees not to mention it making me pay income tax just want to start fresh what can I do
My spouse may have to go bankrupt. I read on sites that I will not be affected but he says that they could Look at my taxes for next three years and count my income or something. What does this mean? I never signed any of the debts. They are all his. I don't get it. Help
A bankrupt is protected from their creditors garnishing their wages while they are in bankruptcy. If the trustee closes the file and the bankrupt remains an "undischarged" bankrupt is there any other way that they can be protected from their creditors?
If a trustee has closed a bankruptcy file because his client hasn't met his obligations how much does it cost the undischarged bankrupt to reopen his file? Does this have to be done through the court?
Do you have any experience with Section 160 of the Income Tax Act. Is it something you can request from the government to pay outstanding taxes that are owed? What are the exceptions to it, do you have to prove that the property was transferred ie have all the documentation
I have a vehicle thats worth $5000, and I rent my home, I have a holiday trailer thats worth $5000, and a boat thats worth $8000, Well I be required to sell the trailer and boat? Can I sell them to a friend for nothing?
hi I filed in 08 and my life situation had me kinda forget about everything and have moved way and never finished my program I am now dealing with it but have a question im not sure how to bring this up or deal with, with my trustee on tis I was in a accident a yr ago and was awarded money for my pain and suffering with that and borrowed money from family that I pay back to them, an cause I was never discharged and couldn't financed the rest of the cost I purchased a newer truck as I need one for my employment what im asking is will I lose my truck cause im not discharged yet? any thoughts would be great
Hi I filed for bankruptcy in spring 2013 for the first time. My term is done but I'm am still paying off surplus income. 600 per month. I'm am finding it hard to make ends meet as I also pay child support for 2 boys. I'm supposed to pay off around 15000 in surplus income. I do think all my creditors r paid off. Where does this money go. Also what happens if I stop paying. I feel like this is never going to end and I'm wondering if there is any other way out. I'd rather pay a lawyer to fight paying this. Let me know if u can help. My current payments are going to Myers Norris penny in Edmonton.
My girl friend son has gotten into such bad debt with payday loan places. It seem to have started when he bought a used car at go auto. If he needs to declair bankrupcy I read that car loans can not be included. So my question is what possibly can be done with the car loan problem that start the whole thing rolling. Her son has Asperger's and acts implusively. Sincerely, Earl
My Son who he graduated in Automobile design in Germany has almost $100,000 from Cnadian banks and Goverment student loan, but since he couldn't find any job either in Canada nor Germany, he can't pay even the intrest, and I have to pay. what can he does ? Is any 1-800 number that he can call from Germany, or can I call on behalf ?
Good Evening My question is I am separated from my husband and half way through divorce precedings and he has informed me that he is now filing for bankruptcy, we had two vehicles and I kept one and he kept one but the loan is in his name and I am a cosigner on both vehicles. So having said all that if he declares bankruptcy will I be left on the hook for both vehicles or will they be covered by his bankruptcy. Thank You Crystal
I have a car load and changed positions at my job which pay less and I can no longer afford my car loan. I was told by my dealer that the only way to get rid of my car is to claim bankruptcy. what are my options??
Hello, My husband has moved to Newfoundland from our home in Alberta. I am winding up our business and finishing my job in Alberta before I move to join him. Is he able to declare bankruptcy in Newfoundland? Or does he have to return to Alberta to file?
HI, I have been discharged from bankruptcy, With the help of your firm, this past Dec 31. I am considering starting a consulting business. Am I able to start a business after going through this process. ( Ltd or Inc.) Thanks.
My wife and I are going to have to declare bankruptcy. However, we have a 2005 travel trailer we purchased new on a 15 year loan with a bank at 5%. There is still $13,900 left on it and it is secured. What happens to that? We have no other assets at all.
Hello, I have approximately $10000.00 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.I now have a corporation with my business. I have filed for bankruptcy once before, when I was a sole propriator. I prefer not to file, although do not know what to do? Are there options besides filing for Bankruptcy that I could look at? I am not sure what else to do at this point. I have previously looked into credit counselling and debt consolidation, althought I have the collection agencies calling me now. Thank you. JM
hi there. I am seriously considering bankruptcy as I have an insurmountable debt and a business that has failed. The business is not incorporated so I believe it would fall under personal bankruptcy. I owe on two credit cards as well as an overwhelming amount in income tax and gst. can you pls advise any options I may have thank you. Jaimie Rosteski
Okay...my husband and I went bankrupt approximately 15 years ago and we had a sole proprieter business that went under at that time. Now we have an incoproated business with about 50,000 in CRA tax debt owing and after I file this years taxes there will probably be an additional 15-18000 owing (between taxes, alberta tax and gst and about 1000 more to our accountant) We have approx. 7250 in credit card debt and owe 2300 in cra income tax personally and 300 to our accountant. We also owe 2250 (was due june 2013)in property taxes. Our utilities, mortgage etc. are up to date as of last month. but we are also personally liable for about 40,000 of the original corporate tax debt as our business was set up to give us dividends instead of regular paychecks/income and because of this CRA came after us personally and now has a lien against our home for that amount. We also are now getting regular income from our business as they were no longer allowed to do the dividends due to our tax debt. (since putting the lien on our home they haven't called nearly as much or asked my husband to keep up on payments that had originally been arranged) |I also believe that we owe our business money as some of the money we used our accountant listed as 'shareholder draws?' which we are eventually liable to pay back to our business. We do have all the books for each year we have been running. I could find out the amount we owe. So...any help, advice would be appreciated. I told my husband it would be better to know our options or lack there of. personal bankruptcy and corporate, only personal, only corporate...consumer proposal...jail? Just want to know the options!!!! On top of that my husband forgot to file his business at the registry for the past two years and we just received a 'certificate' that our business was dissolved. What do we do? Should we declare bankruptcy again, our mortgage will be up for renewal in 4 years and we have most likely next to nothing in equity in it (we have owned for 6 years now--we owe 240,000 approx. and the property tax assessment listed it at 265,000 (and it is in mid renovation stage which may lower that assessment if we had to sell now) We do not know what to do, my husband desperately does not want to go bankrupt. We are not good at running our own business even though this time we at least hired an accountant to do our year ends etc. we didnt' pay taxes so his hard work helping us get tax breaks etc ended up being not beneficial really. he tried to help us! but my husband is amazing at the work he does (he builds grain bins in summer and does finishing work etc. in winter months--the bin building is the majority of his income even though it is seasonal) Should he try to get his business 'undissolved' he doesn't even know how to do that... :( We have no savings, no investments, we own 3 older vehicles, one for work, one mini van and a car his mom gave us when she moved into a seniors home. Can't believe we are here again, obviously we are not yet aware how to live fully within our means :( Oh...we have 5 kids, no real assets (an older fifth wheel in state of renovation) 2 dogs, some bunnies, not many assets (just regular clothing, furnishings--oh my husband has 2 older motorbikes, one working one not), we homeschool and just had our 'surprise' fifth child 6 weeks ago. But my husband just had a vasectomy yesterday so we won't be adding to our team any longer! :) sorry for the rambling disorganized note. or rather essay...maybe I should call it a novella? Hope you can help. You did last time, yet here we are again...sorry :(
Hi, I am planing to start the process of bankruptcy in few months and sometimes my employer provide the bonus to the employees,but it is inconsistent bonus as we do not when and how much it can be.If I start the process and that bonus comes;how is going to affect my monthly revenue.It is going to be considered like excess income? Is it going to affect the bankrupty period of 9 months? as it will be my first time to fill bankrupty? Thank you Seth
Currently CRA is garnisheed my personal accounts and registers against my home, also contacted several principle clients advising of a pending garnishee. This has crippled my business and jeopardized any future dealing with these people. I am willing to make payment arrangements, met all past arrangements, but they refuse. I have no means of cashing cheques or paying bills, isn't the garnisheed limited to a % of income? Currently we've managed to put third party cheques through the ex's account to cover the mortgage but she's very stressed.
I am separated but living in the same house due to both our cash issues, the house has about 40k equity and cra has registered a lien against my half. If I walk away in a bankruptcy, how long before the house is sold or seized ? Obviously not what I want to happen, but if we can't sort ourselves out, I cannot pay for two homes and support my child, she refuses to leave or buy me out, cra obviously will not let me give her my share, that would be best in the long term family interest but???? She will not qualify for any mortgage due to very poor credit and no real income.
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