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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2015 archived questions and answers:
Hello, I have backed taxes for a couple years for both my personal and corporate ltd. Company that I used as an independent contractor. I have always filled my returns and just canâ€™t get ahead to pay this off. Would bankruptcy cover this?
I am on the board of volunteer not for profit organization that has been in existence in Calgary since 1994 but we have suffered a huge loss on our signature event in 2015 and don't believe we can pull out of this. How do you declare bankruptcy for a not for profit?
My spouse and I have got into a bind with our debt situation. As a former oil executive I had a breakdown a few years ago and decided to take some time off. We had plenty of cash on hand for me to rest and now after a few years it's nearly impossible to find employment or raise capital to start a newco. We have around $8000 / mo to cover. I generally was in the $300-500,000/year range so quite manageable. But our fixed assets are a Hotel and Restaurant ( impossible to sell in this market), waterfront Cabin ( debt free), house in Costa Rica ( debt free but not securable ) the house Heloc would drop if reassessment LTV dropped from 80% to now around 65%. No issues if I can find work but the stress has become almost unbearable again. Thoughts?
hello my business partner and I started a company in 2010 as the years went by more debt to the cra is incurred now I have stared a new company doing the same thing but the right way. as well as my partner but he put the company under his spouses name what can we do to close the existing company ? can we go bankrupt and what does bankruptcy take care of (ie creditors , CRA...
My friend is currently doing a proposal to deal with past taxes owing from being a self proprietor in construction. Can he start a ltd company (incorporate) to do his business or does he need to be in good standings with the federal government before doing so. This situation is in Alberta Canada thanks.
I am on consolidation. But prior to my consolidation I have my ongoing legal battle for my prior lawyers as they scam on me and steal my condo from me by stealing the original transfer of land for extortion of awrded cost by judicial influence, on top of their extortion of their legal fees ever since. As expected those corrupt lawyers accumulated awarde cost by judicial conspiracy as they already had in their sharp claws the 'stolen original transfer of land' as per allocation of share per. We are now almost at the end of court battle at CA.As enticipated the court of appeal will barred me for supreme court appeal as this is skillfully plotted. What will happen to the 'garnizee that they plotted against me"? What are they going to take from me by court order? They already have the OriginaL tyRANSFER OF LAND as skillfully plotted on their sharp claws as "bait and trap" for me to keep on chasing my transfer of land that accomplished their 'bait for awarded cost by conspiracy in the judicial system. What should I do? What are they going to take from me on top of the original transfer of land that was secured on their parasitic CLAWS. aRE THEY GOING TO Take all my personal belongins? I am not working since I started to be a self rep for my own case. Please advice of my right.
I am about to start a business and I need to organize my assets in advance to eliminate/minimize potential bankruptcy issues. 1) If our home is put into sole ownership of my wife would this exempt the home from my bankruptcy, even if I sign a Personal Guarantee (PG) with a lender? 2) RRSP assets. I understand these are seizable if a PG is signed, but also have heard that they can be protected in an insurance arrangement. Can you confirm and provide more information on this please. Sincere thanks Drew
We have fully financed a home in Alberta for our son using a Home Equity Credit Line. Ownership was put in our son's name & he is making monthly payments to repay the credit line. If he declares bankruptcy, will the home be seized, leaving us with nothing? Thank you for your response.
I claimed bakruptcy in 2011 and i was unable to complete my payments after losing my job. I am in unresolved bankruptcy and I want to clear it up. My trustee (Bromwich and Smith has closed my file). What is the next step that I can take to resolve it? Do I have to go back through the trustee or do I apply to the courts? Thank you.
Hello, I have two credit cards with approximately $6000 in debt in total. I have just recently moved to Calgary, started work about a week ago. I am looking for a way to either lessen my interest or combine the debt onto one loan. Thank you, Gary Irving
Hello, I am citizen of Calgary, and now have finance problem. I stopped working due to my parkinson descease, my income is from AISH and CPP disability. I owe my credit about $50,000 and it is difficult to to pay the monthly payment and the money is only go to the interests. Is it possible to apply for bankrucy and how is it work? Would you mind to help to solve my problems? Thank you very much. Helen
If a company has a title claim on a property (life lease registered in first position), that has 100% of the equity owing to the resident and not the company. And if the comapny goes bankrupt, how is this removed from the title.
Hello... During a bankruptcy in Alberta if a home is sold with less than 40% equity after closing costs... Do the remaing funds (equity) go into the bankruptcy or do they remain exempt?? Also, if in bankruptcy... Are monies received from a lodger (adult child) in the home considered income?? Thank you...
My husband and I believe we may need to file for bankruptcy as our income has recently been lowered and we are struggling with our debt. We plan to sell our house and pay off most of our debt. Will we get in trouble for selling our house if we decide we still can't handle our debt load after the dust settles?
I have tax debt from my sole proprietorship business that exceeds $100000.00 plus $25000 gst owing. I also have close to 40000 in credit card debt and a holiday trailer andtwo vehicles. I'd like to keep paying the vehicles. I can't see a way to pay back the taxes. Is bankruptcy an option for me
Hello I filed for bancruptcy 8 years ago or maybe more. I was discharged in January 2010. I was speaking to a credit advisor at RBC today and he said that bancruptcy stays on record for 7 years in alberta, is that true? I thought it was 6 years but I could be wrong.
I have had an account in which I declared bankruptcy then received total discharge. This account will be going on 6 yrs in May 2016. My question is is that what happens after 6 yrs if account hasn't been paid even though it's in collections. This is in Alberta
I filed for bankruptcy March 15, 1999 in Edmonton. I later moved to Vancouver and did not follow through. I understand my discharge status is conditional. I'm told I need to pay a lump sum of $2500 in order to be discharged. I am in financial difficulties again and am currently in default of a car loan. I don't know how to proceed. I don't have a lump sum of $2500 and no idea how I'd get it.
my father is having quite a difficult time. he told me he was told that "nobody will touch my case while divorce proceedings are going on". That doesn't make sense or sound right and I'm wondering if it is true. I'm not certain bankruptcy is the right step for him but certainly talking to someone who know the options seems like a good start. Please let me know if scheduling a consultation would be possible/useful?
Hi i my loans are already in collection agency i have 4 credit cards and 3 in collection it is almost 11000 i have a student loan of 13000 i have payday loans of 1500 in vollection and a loan in a loan office (like a payday loan) of 1700 have a lawsuit. I dont think i can pay them what do i do?
Hello, I'm curious what happens when the person who held a file stopped contacting during a bankruptcy case and payments were no longer taken? I have check the superintendent of bankruptcy and the individual is not discharged however. Can the payments simply be restarted or does the process have to begin again?
I recently made a number of bad investments and now I have no other option but to file for bankruptcy. I have lived in Calgary Alberta for the last 4 months. Before that time I lived abroad. Do I have to live in Canada for 1 year before I can apply for bankruptcy? Kind regards,
Hi. I was granted a discharge from bankruptcy 15 years ago, however in order to terminate an insurance policy, (whole life), my insurer has requested a copy of my discharge letter. I find this strange so long after the Limitations have expired. Collins-Barrow was my trustee back then and I understand Alger had taken that area over. Am I able to obtain a copy from yourselves or do I contact the AB Queens Court? If the courts, could you advise best way to contact. Thank you. Grant.
I am totally embarrassed to say bution the past when I was younger , I declared bankruptcy twice. over the years felt I was doing better with credit as counts I now have. But I have again spiraled out of control :( Can you help? Also how would this affect my husband?? Thank you jenny
I will be going into my second bankrupcy soon ! I have a joint chewing account with my mom as i am her quardian along with my my brother and sister . When i go into bankrupcy how do i protect her moneys in the joint acccounts . My brother has also recently passed away and we are working ito get probate of his estate ! My mom is the benefactor as she is the next of kin ! Again i am guardian of my mom with my I am going to be the administrator of my brothers estate and moneys etc ! How do i protect thiese asssests from my personal bankrupcy !
Hi, I am wondering what happened if you file for bankruptcy when I'm left owing on my house, vehicles and Holliday trailer. I have been making it fine until we have lost about $1000 a month income. So my question is would I loose the trailer , truck and my house if I file for bankruptcy?
I have never declared bankruptcy before, but I have fallen way behind in credit card payments, and get very close to having my utilities cut off. I own my home, but my mortgage is due for renewal in February 2016. If I declare bankruptcy now, can my mortgage company refuse to renew my mortgage? I owe about $16,000 in credit card debt, I have 2 car payments, I'm a single mom with 3 kids and I have lien on my mortgage from a financial lender of $18,000. I need help please.
I am currently in a Debt Management program and finding it really tough. I was told that if you go into bankruptcy that they take your car. Mine is only a year and a half old. That is why I chose the DMP instead. I couldn't be without a vehicle for work. Can you please advise. Thank you Karen
I am wondering why I have two different case numbers for the same bankruptcy. This shows up on my credit report as two bankruptcies. It is impossible to get any credit because of this. How do I prove a single bankruptcy with two different case numbers. Thanks for your time.
Hi, I have worked all my life & have had good credit for years! In Aug-2014 I was forced to take a medical leave from work due to developing a blood clot. While in hospital I was diagnosed with a degenerative spine condition that I am currently in physio for... I was let go from my job on June-1-2015 while still on med leave! I have been augmenting my lowered income for the past 10 months by living off my savings & credit, while continuing to pay my credit card minimums always on time. However, all is maxed out now, savings is gone (current debt is approx 32000$, all of which is credit cards) & I'm still not cleared to return to work. Actually, I may never again be able to hold a full-time job based on the deterioration of my spine. I now receive just over $600/mnth from Alberta Works. Yes, that's all! Would greatly appreciate if you could advise as to what my options are...? Or is my only option bankruptcy? Thank you, Joanne
I had bankruptcy before and got discharged in 2012. I got my credit report recently and it says I have some balance on some open accounts that were included in the bankruptcy. On those accounts, condition is "derogatory". Is it affecting my credit score? Is there any way to get rid of them? Thanks,
I am leagally separated from my spouse. He is now considering filing for bankruptcy, i currently have my name on two credit cards and a line of credit that he has. What are my options for avoiding bankruptcy?
I was in a car accident a few years ago where I was at fault. The car was not mine, and I did not have a drivers license. The car was insured, but only plpd over 50 (which I am not). I ignored the court date and now my bank account, and the owner of the car's bank account have been frozen by the Saskatchewan sheriff's department. Would bankruptcy help me? I do not see a point in my future where I would be able to repay this debt, and the owner of the car is a sickly old man.
what happen if a creditor was missed not listed on proposal? What happened if the proposal agreement cannot be reached? Do I need to file for bankruptcy right away or will I have time trying for other options?
I live with my son and currently pay him 500 a month, they will be moving out into a new home in October of this year. I was wondering, when I move out into my own place in October 2015, my living expenses will increase as rent will be 1200 + Grocery + Utilities + Cable. If I apply in June for a consumer proposal and my current status living is lower now then in October, how will that work?
If I go for a consumer proposal, I would like to continue paying off my car loan which is finished in September 2015 is that exempt and the other part is I am living with my son, but will be moving out into my own place in October 2015, how can the living cost be determined or do they only base this on now
Hello I am in a lot of financial trouble the main reason is from being hooked on playing the vlt's .Has this been a cause for other people as well? I am ashamed to even make the fist phone call to your office.
A friend of mine was advised by a bankruptcy consultant to just stop making payments on his bank credit line ($30,000 owing)rather than pay the cost (about $1600) of filing for bankruptcy. He is 62, isn't working, and has no assets other than an older vehicle. Was this good advice? Thanks.
My employer when on bankruptcy, I was not notified until this week after been waiting over 3 month for my check of $16,000 What can I do to get the money they owe me. I need help Don't know where to go. Thanks!
Hi I am in a great debt at the moment I am trying my best to pay as to whatever I can but still cant pay up to the minimum. I am planning to file a bankruptcy, but doesn't know how and who to go to until I found this site. Please response. Thank you
I have a appartement in fort saskatchewan. I have being living here for 2 months. I own a house in new brunswick which i have a morgage on. My question is if i file for bankruptcy in alberta do i lose my house down east. Second question is i am financing 2 vehicules which i owe at least 20,000 more than there value. Can i keep one vehicule thanks gilles.
Hi there, I was wondering. If I file for bankruptcy again and I'm able to find a secured job with high income. Is it possible to pay the bankruptcy off early? Currently I'm unemployed due to the oil crisis in Alberta. My hopes are high that I'll be able to find a high income job in the next few months. Current debt amount is $17,000. And I'm aiming high for a $100,000 dollar job.
Hello, I have been out of work for over a year now with a medical condition that has me at home due to extenuating complications with my heart. I am currently in arrears for personal tax returns and GST returns from 2011 forward. I also have credit card debt of upwards of $30000.00 I have made some efforts to try and keep up minimum requirements but am running out of financial options to carry out the minimum payments. I may be able to go back to work in June if my condition continues to improve but what I am afraid of is that I will be faced with bankruptcy in order to conclude the collection onslought. I was bankrupt once before about 20 years ago. Is there help available to me to protect my home and automobiles while trying to correct the matter, or is bankruptcy the only choice. Best Regards, John
Hi, myself and my ex might have a problem to do with my unpaid personal taxes from some time ago (2003 to 2007) and what the cra is calling a section 160 to do with a transfer of a house in Calgary. My question is, would my declaring personal backruptcy eliminate this issue?
If I have a civil suit pending for a canadian who owes $7k and has signed a promissory note, if she files for bankruptcy, do I have any chance of getting the money she owes? Would she have to repay the debt after the bankruptcy lifts? Can I still garnish her wages if she files bankruptcy? What precautions are put in place so she can't claim bankruptcy just to avoid this debt?
Hi, I have a debt of 22 000$ with a lawyer, he is making payments of 3000$ a month I I don't he will send me to collection, plus a 1000 of child support I don't know if it will be a good idea to do bankruptcy, my credit will be ruin anyways,thank you.
I filed a proposal in 2007. Got laid off in 2009 and went into bankruptcy. My credit report shows 2 different bankruptcies for the same case. Even though i was discharged in december of 2009. How do i prove i have been bankrupt only once and when will this dissappear from my credit history. Thanks for your time.
Hi there, I filed over 14yrs ago and never completed to get a discharge. I was young and had no clue and the trustee was not helpful or very nice to deal with. I want to complete this so I can be discharged what do I need to do? I don't remember the trustee etc
I have a common law partner that has previously claimed bankruptcy before we met. can his situation affect my income and what I am allowed to bring into the house hold? Also can someone who has claimed this status work as a subcontractor or contractor? one more if he has gotten off track with paying the bankruptcy what is the consequence of this and how do we get him back on track without it affecting my personal finances.
Common-law relationship of 5 years and the relationship has ended. There is a mortgage in both names with no equity and there is a truck loan of 13,000.00 in only one of the names (spouse-1). One of the common-law spouses (spouse-2) refuses to get a lawyer, sign any kind of agreement or sell the property. Can spouse-1 claim bankruptcy?
If you have had a judgement against you for retro active spousal support in an amount that I cannot pay, without selling my house my vehicle and cashing in all my RRSP's. Is declaring bankruptcy something that I could consider?
I don't know a lot about bankruptcy but I would like to know if it is the right route for me. I have a few debts that I can't seem to get under control and it is causing me a lot of stress lately. I have bad credit as I have had some tough times in recent years and have tried to get consolidation. The collection agencies are after me, and I don't have any real equity. The debts I owe are probably in the neighbourhood of $20-25k. I would just like to have these things sorted so I can start over and work towards a mortgage again. Please let me know what you can do for me. Earnestly, Paul Regan
Hey there, hope all is well with you. I have a few concerns I am wondering about and hope you will be able to give a little information regarding the situation. I am currently being sued personally by someone who I was involved in a collision with back in 2013. I was driving with expired insurance. I was served, filed a statement of defence then was notified that the plaintiff filed an affidavit of records, but I haven't filed one and don't plan on doing so because I am thinking I can declare bankruptcy after the judgement. The thing is though, I'm not sure if declaring bankruptcy after the judgment will help me to not have to pay. My credit rating is already down the drain, my car just got seized not too long ago and I've got to pay a $2875 ticket so I really feel like I have nothing to lose if I declare bankruptcy. Anyway, any help/information regarding this matter will be greatly appreciated! Thank you for your time, Sarah
I was recently released from jail and I'm trying to get my drivers licence back. I've been told that there is a judgement against me with an insurance company for 5000$ For an accident I was not involved in but was not informed of court dates or that my vechile was even reported I have been told unless I can prove it wasn't me then I am forced to pay the money before I can drive and I need to get my licence back for employment. I also have a number or unpaid creditors that I owe money aproxamitly another 4000$ I would like to know how I can go about filling for bankruptcy or if I would be considered because I'm unable to receive a bank loan and I can't handle this debit on my own Thank you Chris Kellogg
I have a incorporated business that has failed. I have about 3 years of back GST, payroll tax, etc. If i close the business, does that debt turn into a personal debt? Also, i filed personal bankruptcy about 10 years ago and was fully discharged. What happens if i have to file again?
I went bankrupt in BC 4 1/2 years ago. I have been told by my trustee that I did not file income expense reports a week later I get back we did find them now they say I never sent in receipts to back up my expenses this paperwork was sent there are a lot of other issues with trustee. I am not sure if I can get case moved to Alberta court or what I should do. The trustee says I owe around 12k which is not true its hard to get back to Vancouver to discuss anything. Do you have any suggestions or advice for me? Thanks for your help Mike Henderson
Hi, I had an incorporated company, which I kept afloat with the line of credit that was on my house. I have a business consolidation loan and company visa line of credit. The company has failed and I can no longer make the payments. My estranged husband has paid me all my equity from the house. Can I claim business bankruptcy? What are my options? Thank you
our son who is 32 years old declared bankruptcy and was all competed 6 months ago now he got credit cards again and using them like crazy he has no income he is going to end up same like before you can not talk with him about anything as he has mental problems also what will happens to him this time for doing the same things again ? and how it will effect him ? why credit card companies are giving a bankrupt person with no job no income cards ? please help as I am worried
My fiancÃ© was married before and incurred debt with his wife (house burned down without insurance, etc) and hasn't filed taxes in about 3 years. They divorced and wife claimed bankruptcy. He was going to but put it off and now he has terminal cancer and has less than 6 months. (1) should he start the process and claim bankruptcy or just let it be (he has no assets); (2) we want to get married before he dies - will any of this affect me and my credit (we hold nothing jointly and my name isn't associated with his, although we have a baby together and I own a house)?; (3) is there anything I should get him to take care of before he dies?
Hi so i have a few questions in regards to bankruptcy. 1. if we own a home for only 2 months and then claim bankruptcy what happens to our house? 2. we just got married and bought furniture. its all still on loans.. what happens to all our stuff? 3. we are making all our payments right now but we are now expecting a child i dont think we can make the payments anymore. will we get in trouble? 4. we have gst debt from a failed business if we claim bankruptcy does that debt get dissolved as well? 5. i got a joint loan with my sister for $10000 if i claim bankruptcy does she get affected?
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