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 resopnsible for licencing in Canada.
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I have been unemployed for almost three years. I have exhausted my RRSP,s and have a credit card debt of approximately $ 100.000 I own my house mortgage free . I will be turning 55 years old in the spring of 2017 . What assets are exempt in a bankruptcy ? is a reverse mortgage possible ? I have several old vehicles , which are only worth something to me or have more invested than what they would be able to sell for . Are only registered vehicles considered assets ?
If my budget is less than my UNION PENSION and my CPP (early retirement)will the trustee seize the difference and apply it to my debts? Is the Trustee fee paid from the cash on hand or is it applied against my monthly income as stated above? My car is 22 years old. If I replace it before filing for bankruptcy, can the Trustee seize it and sell it?
Under a Consumer Proposal of both husband and wife are both required, according to Bankruptcy law, have to reside in the matrimonial home (their principal residence) during the completion of the Proposal's term?
If parents decided assist in helping to make mortgage payments to a child in Bankruptcy would he/she have to declare that as income in their monthly reporting? Thereby increasing their surplus income? Under an approved Consumer Proposal with no monthly reporting they would not have to report this and not affect the payment schedule??? Thanks
I am getting divorced and my ex wife had a credit line in her name only which we both used. After separating we agreed that I would pay half and she obtained a consent order that I pay for half the credit line. If I were to declare bankruptcy would this be discharged as there is an order in place that I pay the debt. My understanding is that it is considered unsecured debt as I owe her the money. Would I be on the hook for the money or would this debt survive bankruptcy? Thanks in advance
Hi there I was just wondering if I were to consider persanal bankruptcy would this affect my wife's credit even tho all debts are in my name and would I be able to keep my home and one of my viechle cause we have 4 children and my wife works nights and I work days.and also would I be able to to get my good credit back after the 7 years.
I have debt that has not had a payment made on it now for at least three years. I have paid as much off as I can but it has gotten to the point now where I can no longer make payments. The outstanding debt the most recent a payment was made was 2 years ago the oldest is at least the three years. I have not had an income for just over a year. What are my options. I am thinking that declaring bankruptcy is my only option left. Thank you for your time.
Good Morning I have no choice to file bankruptcy as I am a senior owing 25000 and have a income of 1773 a month before rent and bills etc. Can you tell me about how much it costs for bankruptcy please
I am an unemployed single mother with 3 sons and a lot of debt. I have been refused a consolidation loan years ago when I became separated. As a result I have basically been avoiding collection agencies. I'm not sure which venue is the best for my situation, but I want to clear my debts. I am not even sure how much dept I have, or who I owe it to. Is there an agency or someway I can find out ?
hi to make it short. i owe money,to quebec revenu, last year i gave them 100$ a month but they dont want it anymore what they ask is way over my pensions. they say they will take money from public revenus i have. i live in alberta since april 1st.cna they take money money from my work pension, oas, federal and alberta taxes. thank you
I was wondering what my options might be. If I should do bankruptcy or a proposal. I have a lot of debt... Truck, line of credit etc and a mortgage. I want to keep my house, could I do that in bankruptcy? And if so in a few years if I wanted to sell and buy another could I do so?
Hello there, I just received a letter from CRA that CMHC has informed them that I have an outstanding debt. I had a foreclosure almost five and a half years ago, I have not herd anything since. I contacted CMHC to sent me info. regarding this matter. they are mailing document, basically I owe $24,000. Can I settle this or am I able to do bankruptcy with this government agency? Regards, Alex
My mother will be filing for bankruptcy in the next few weeks and recently came into a windfall of $7,000. What are her options for using this money prior to filing? Is she able to spend money on items in the exemption list up to the amount specified? Can she gift any money? Thanks, Chris
Hi, A previous tenant has declared bankruptcy. Is my RTDRS judgement against him still valid? It is his first Bankruptcy, so if I wait 9 months and serve his employer, will I still get my money via garnishee?
My Parents are in a heaping mound of debt and are homeless right now because my dad lost his job. They claimed bankruptcy many years ago but not sure if it ever cleared up. My question is how much debt is too much debt to be able to claim bankruptcy and how long would it take to build their credit back up?
If I am in a mortgage will it affect us in 4 yrs when our mortgage comes up can they decline our current mortgage as well vehicle loans are not included right and for a personal loan if they put a lean on one of our vehicle can they take it
I am in bankcruptcy. I am having surgery soon and will not be able to work. I work in Fort McMurray. I have a small pension that will pay my mortgage with nothing left over. Can I refinance my mortgage to get lower payments to get through until I can work again?
I went through a bankruptcy 16 years ago and was done in 2007 I believe. I have built up my credit since and now have a good credit score. Nothing regarding my bankruptcy shows on my credit report. I am going to apply for a mortgage...do I have to disclose that I filed for bankruptcy? Thanks!
I am a sole proprietor. Fell behind on taxes and haven't filed for 10 years. I have very little in the way of paperwork. Personal bank account was seized years ago but not business bank. I get letters asking to file but that's it. No assets. Economy has shut my business. What do I do
Hi Iâ��m in a complex separation. At the moment, Iâ��m paying house and car and everything else because my husband does not want to take any responsibilities and Iâ��m trying to keep my credit perfect. I have no asset anymore. Both house and car are both names. My husband doesnâ��t want to collaborate. We canâ��t sale the house because the value is too low. With the lawyer fee and what I have to pay that is more than what I have in my pocket each month Iâ��m right now at $20 000 debts. I would like to stop. Can I do a personal bankruptcy? Is it going to affect him? Can he stop me to doing it?
I'm thinking of bankruptcy! I'm on aish and my feet are to crippled to work! my income is low and I'm paying 2 credit cards that is draining!however i did pay one off and still have 5000.00 to the good! now after paying both for the month i borrow money from the good credit card to live! can i buy groceries one last time before i surrender?
Hi there due to problems I have had with Accountants over the last few years , i have gotten into some problems with the cra. My last accountant did manage to somewhat help me . And I payed off my Tax bill, the CRA have charged me ridiculous interest and penalty charges. Now I have received a bill for $23.000 for my old incorporation. Which was a surprise to me . They have threatened me with legal action , they have asked me to revisit my Accountant which I no longer use. I have work and good income , and want to pay my debts, but with the amount of penalty charges and interest CRA have charged me, and the fact they want paying in full right now, puts me in a very difficult situation. I just need time to pay my debt off with CRA and to try and get my interest and penalty charges reduced, is this possible ? regards Richard
Hello. I am living in a common law relationship, are finances are separate , how is bankrupcy oing to affect my partner? I have a 2010 ram truck that is paid for and a small car that is not paid for , can I keep my truck ? And give the car back ? Thank you
Hello there, I currently owe CRA about $45,000 and also owe to credit companies about $15,000. I borrowed about $50,000 from friends. If I decided to claim for bankruptcy, what will happen to the debt owing to CRA, credit companies, personal loans from friends? The only thing that I own is a car that is worth less than $5,000 and I currently live with my parent.
What options are avail to me! hired a reputable company to install eavstrough- had to hire a roofing consultant -to prove the installation was done incorrectly causing problems - what can be done to get the problem solved-as the original contractor will not stand behind his job (which he even admits was done wrong)
My x husband has recently filed for bankruptcy and now maintenance enforcement is saying there is not much they can to to collect child support until he is discharged. How do I continue to collect child support? I have read online I can submit a claim as a creditor for his arrears for the last 12 months. How do I do this? Thank you
Hello, I am currently a financial advisor in the bank in Edmonton and I am looking for a job at credit counselling/bankruptcy. I was wondering where can I find information about career opportunities in your company? Yuliya M.
My Husband has lost his job and we are considering bankruptcy, my salary can barely meet living expenses-- will I lose my salary or will I be allowed to provide the basic living expenses for my children.
I have a friend who is currently working out of the country and needs to file for bankruptcy in Alberta. Will he be able to file from where he is working (Cayman Islands)? What will happen to the money that he is earning now? He is still a Canadian Citizen and planning to return to Canada but maybe not for a year or so. Can anyone touch his money in the Cayman Islands? Will he have to return to Alberta to file bankruptcy?
Ok to start I filed my last taxes June 27 2014 came back that I owe 14000 income tax and 3500 for gst since then I have not filed and have not paid towards the owing amount so now I'm looking back and feels like I'm fucked I owe so much already I'm afraid to make contact with cra I'm not sure what I can do to make this better and come back from what is now almost guaranteed to be triple that amount ....any advice ? Also I need to buy a vehicle which I'm trying to obtain before I confront cra and would need to keep but can't seem to get because of the 14000 owing
Hi I've been in bankruptcy for over 5 years now it was my first time and due to a divorce. I still owe over 10000 in excess income received in the 2 year bankruptcy term. The trustee now wishes to close the file as I am having trouble paying this off. Note I also pay child support for 2 kids. I'm wondering what to do as I have nothing left from my paycheques after paying all this. Please help. Thanks
Hi, I have substantial credit debt. Unfortunately some of what is in my name is joint with my parents, like the house and a bank account. If I decide to declare bankruptcy, how will that affect those items or their credit? Thank you
I filed for a financial proposal a number of years ago. I believed I payed about $2000 towards it. Then I defaulted my payments. I purchased my credit score online and seen that it was on there. How does this get taken off and how bad does it hurt my credit?
I owned a business and the accountant I had took off with my books and I don't know where he is.In the meantime I had a Sudden Cardiac arrest,have heart disease and type 2 diabetes. I am on AISH and CPD plus work only parttime CRA are trying to say I owe them $156000.00. There is no way in hell I owe them that amount and no way of proving otherwise
I declared bankruptcy in Ontario in 1991. If I file for bankruptcy in Alberta, will the one in Ontario be considered as my second one under Alberta law or will it be considered my first time in Alberta if I file.
Hi, My mom has a mortgage with a friend and now her friend says she's in too much debt to pay her share of the mortgage. Her friend is planning on claiming bankruptcy and my mom is considering the possibility now as well. The townhouse they own together has approximately $40000 in negative equity. My mom has no assets except for $5000 worth in GIC's. Her husband does own a car with both of their names on it but no other assets. My makes very little income, ~1500 a month. What happens if she claims bankruptcy? Are her wages garnished? Does she loose her $5000 GIC? And what happens to the mortgage?
Hello. I am considering personal bankruptcy in Alberta. I am an Alberta resident. I own a house in Arizona that generates no income and is not tied in any way to any Canadian loans or assets. I want to protect it. Do I have to include this property? Is it exempt?
Hello, My friend is very scared with her debts and doesn't want to go bankrupt but fears they might have to. She doesn't want to contact bankruptcy lawyers as the thought already leaves her with a heavy weight on her shoulders. She's a full time student and has a civil lawsuit against her, plus her own personal debts because of school, and an overdraft that can't get paid back. She asked me if opening another bank account would help her since her account had been garnishee and I told her "as long as they don't find out, I guess?" but if she were to go bankrupt and doesn't notify the lawyer of this second account will she get in trouble? She doesn't want all her money held by the lawyer because she's a full time student and has to pay rent, food, and bills, and she fears that if they hold it she won't be able to pay them as she needs? Please help, thank you.
my husband have bought a house three years ago, my husband's name is on the deed of the house. we also put our daughter's name on the deed at the same time( just in case anything happens to him, our daughter will take care of the payment to the house). my daughters live there only paying the gas and power while we provide the rest of the payment, my son stays there for free when he has work in Grande Prairie. We have made roughly 100k contribution to the house during last three years with 40k to the equity. What will happen to our house if our daughter happens to file for bankruptcy, even though we are the ones who were making all the mortgage payments?
i am currently in my 2nd bankruptcy, and am self employed and have not been discharged, and have a substantial cra debt for taxes, can i file again? its a long story , my current trustee i am taking to court, its very ugly and dont know what to do. plz advise
We have about 40,000 in debt. Currently waiting to see if the bank can offer a consolidation loan over the 7/8 years to make payment less than $600 a month. If we went the bankruptcy route, does the bank take your car and house? How does it work? I have 2 months left on EI, husband has had 2 pay cuts, I am looking for jobs but no reply yet.... If we get the loan we can do it... To the penny...and only if I find work after April bringing in minimal 1400 a month. The worry is that I won't be able to find a "good paying job" with the markets so flooded. Thanks
I have a tax debt of $32,000 and i have a common-law with 2 kids and we file taxes together. If i claim bankruptcy... Will it affect her tax return, child tax benefit, credit, etc? If so, for how long will my common-law be affected?
Hi I currently have approximately $35,000 in credit card and line of credit debt. I'm having great difficulty making my payments and am seeking options including credit counselling or bankruptcy. The biggest worry I have is that I co-own and have mortgages 2 properties with my father, we have the mortgages together. If I filed for bankruptcy for my personal debt, would it affect the mortgages & properties I co-own with him?
I am a director in 2 private companies. In one I am a majority shareholder in the other a 10% shareholder. I have been offered a large amount of shares in another private company for my efforts there, but I will not be a director. I invested in the past in a limited partnership in a private company and essentially there is no market for these shares as well. None of the companies shares have ever yielded profit nor income. What happens to these shares if I make a consumer proposal to avoid bankruptcy ? What happens to these shares if I go bankrupt personally. There is essentially no market for the shares. Thanks very much for your help !
I owe $25,000.00 in Credit Card debit and a line of Credit for $53,000.00. I own a 2006 Honda Accord I make approx. $35,000.00 a year. I'm in my 60's.Still working. I have RRSP's for about $35,000.00. I have no pension except government, these RRSP's are all I have. If I claimed bankruptcy would I loose my RRSP's. I have no home, I rent. Thank you
Thank you for answering. :O) If personal income tax debt is under $200,000 but there has been a director liabilty imposed for another $400,000 or so, how is that handled... is the director liability amount treated as a separate unsecured amount? as per: "Your Bankruptcy Trustee must legally oppose your discharge from bankruptcy if you have $200,000 or more of personal income tax debt and your personal income tax debt comprises 75% or more of your total unsecured debts. You will be required to appear in bankruptcy court to determine the outcome of your bankruptcy discharge." .... Also not sure of the trustee being forced to oppose.. why is that? Thank you so much for taking the time to answer these questions... stressful times.
Hi! I am a local Alberta contractor, I was stiffed out of almost $350,000 on a large job a few years ago. Since then I have had a hard time staying viable, and CRA debt has racked up significantly. DIrector liability and taxes will no doubt exceed $500,000 by summer. I was bankrupt once in 2009 under similar circumstances... I am aware a 2nd bankruptcy sticks around for a long time, but as much as I wish I could do a payment plan for CRA...that will be killed by interest and non acceptable by them. My question is that my wife has saved some money to put as a down payment on a house for us. Can she still buy a house in her name while I am in bankruptcy?
Hi, I just had a few questions about the process as I do not know anything about it. I currently own a vehicle which I owe about 30000 on, plus I have a 5000 credit card from a furniture store, I also have a 2000 personal credit card, a student loan for almost 5000 and am 1000 in overdraft. I do have a job but the bills I acquired over the past few years seem impossible to catch up on and pay off. This is causing me much stress and bankruptcy had become an idea of possibility for me. I would just like to know in general how it works and do I have to pay you guys and how long would the bankruptcy last? Also if I am not working after I declare how does that work? Can you just give me some information generally how it works and what I would have to do. Thanks for your time!
what can be done when you have a family member who suffers with depression and bipolar and have credit cards and now unable to paid $22000.00 BACK AND HOW CAN WE STOP THEM FROM GETTING A CREDIT CARD THAT PERSON IS IN AND OUT OF HOSPITAL AND RECIVING TREATMENT ALL THE TIME
Hello I recently suffered a job loss and do not feel I will have the necessary income to cover all my debts. I would like to know if I did go the bankruptcy route would I be able to keep one of my Newer vehicles that has a balance owing of $30000 through a bank loans if I felt I could still make those payments. Also I have a newer truck that I have that has roughly $35000 owing with Ford credit, I do not wish to be without a vehicle if I do.
I filed for bankruptcy 8 years ago. I have met all my obligations and have recently been discharged. I received a bill from a credit card company that was in my bankruptcy yesterday. This statement shows the payment they received, am I required to pay the balance owing?
I was a student about 7-8 years ago. I was paying my loan for the first few years, then, of course, ran into problems. I filed for the repayment help, didn't pay for a few years. I never have been able to get back on my feet. Now I have a letter saying I have to pay or they will take legal action. I have nothing. No car, never had any credit cards. I don't own anything substantial. I rent a room in a house. I cannot pay them the $15,000 + they are asking. I am working but cannot get much more than part-time. And at the moment my work has been cut drastically as they go through renovations. I am in an area of the city that it's problematic to travel. I would like to declare bankruptcy. Is that possible? Is it right? I am at loss as to what I can do.
Hi there, I currently owe approximately 8000 on a cancelled credit card. I. Do not own a car or a house, and I'm a stay-at-home mom. If the bank sends my debt to a collection agency, what can the agency do? Like can they come into my house and take my things as compensation? I don't want to claim bankruptcy.
I am a creditor in a bankruptcy which has taken 1.5 years here in Alberta. I am owed nearly $40,000 and rely on the inspectors to pursue the case. What am I able to do at this point to move this along to resolution? Thank you.
We live in Alberta and have accumulated $140K in debt. My husband owns a small business that is struggling, and has been for the past year. It is a sole proprietorship. We "own" a home in which the value is $440K, but the outstanding mortgage and secure line of credit is $310K. We spoke with a debt consolidation person about our circumstances and were told bankruptcy is our only option, but that we would keep our house. The debt is all in my husband's name due to the business, and only he would be filing bankruptcy. The non-exempt home equity was calculated at just under $15K by the consolidation person but I don't see how this is possible. I don't understand how this is calculated. It gives us hope for keeping our home, but I am worried the figure is wrong, how can I determine this? It is my understanding that the exempt allowance for my husband's portion of the equity is $20K based on the $40K home exemption allowance in Alberta so this doesn't seem to add up. Do I have rights for keeping our home because I am not filing bankruptcy? Also, much of his debt is owed to CRA, $110K, we were told we couldn't do a consumer proposal if CRA debt is over 50K, is this true? Thank you, Angie
Divorce or bankruptcy? Which comes first? I am so far in debt that I cannot leave and survive, however I can't remain in this abusive relationship. I don't know how to move forward. I'm sure leaving will ruin me financially but staying is not an option. How do I proceed? Any advice would be greatly appreciated.
Good morning, I am Prabhu Gopal in October 2015 I bought a new car by financing, unfortunately I don't have job from nov 15 2015, still i am searching for job, until now I am paying my car on time,but I am not sure that how long that I pay my loan so I need your help I voluntarily surrender my car or I file for a bankruptcy?
I am currently on AISH and have been for about 7 years. On December 23, I had a collection agency take money out of my bank account. I checked and the debt i apparantly owe is from 9 years ago. Is this legal? What do I do next? Thanks
Good Afternoon, I was divorced in 2010, however a property settlement has not been done yet. I have exclusive possession of the Matrimonial home and have made all payments to credit line and mortgage since 2008. What happens if I declare bankruptcy? Can my ex take my home? Thank you
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