Archive for November 2005

Hi. I have been researching consumer proposals as an alternative to bankruptcy, my question is, you are allowed up to $75,000.00 in debt to apply. I currently owe $74,000.00 in unsecured debt. I owe $30,000.00 on my mortgage, and $9000.00 for a secured debt (car loan). Does the unsecured debt count only, […]

My spouse declared bankruptcy in the initial stages of our separtation. As a result, a loan I had co-signed now became my sole responsibility.
I am currently unemployed and have not made any payments on this loan for 2 years. I do not qualify for EI.
To further complicate the situation I have an outstanding car […]

After posting a few questions on this blog and evaluating my options, I opted to file a proposal which has recently been accepted. It is personally better than bankruptcy and while I will be paying back more than if I had filed for bankruptcy, I feel that I am taking responsibility for some bad financial […]

I have over $50K in debt, consisting of $42K in personal loans and $12K in student loans. I am currently making $1400 monthly payments and have been doing so for 2 years.
I have no personal assets, with the exception of a car which has $13K owing on it and is worth $12K. My plan is […]

I filed for bankruptcy on Nov. 25th, 2005 based on recommendations from a number of sources and as a result of new laws that were being debated in Parliment. As it happens, the new bankruptcy law (Bill C-55) received Royal Assent at 4:57PM on Nov. 25th.
I was told that the new laws won’t go […]

During a bankruptcy does the trustee take all monies monthly after the alloted limit? For example our monthly household income (net) for the 2 of us is $3200.00, now we are allowed roughly $2100.00 under the bankruptcy to live, does that mean roughly $1100.00 goes into trust.
I guess what I am trying to say […]

is there a limit on income earned after court if nine months are up..and trustee is opposing our discharge, and we go to court..what should we expect from our trustee? one spouse is now on sick benefits.we have paid 30,000 back to trustee in 9 mths.. and feel we’ve paid enough..our total debt was only […]

Revenue Canada has automatically diverted taxes due to me, to my trustee. Yet, when I look at legal text, it says that either I have to consent, or there needs to be a court order directing Revenue Canada to pay the trustee. Neither happened - what are my options?

QUESTION
If I have done every think right and I have and , I am deemed to still owe my trustee money in the form of surplus income to the tone of $4000.00 what happens .
at present I am paying 360.00 a month to the trustee , I […]

If a small percentage of debt is from a past gambling problem, how does that complicate a bankruptcy situation?