Alternatives to Bankruptcy Articles - Archive: 2007 Page 2

I have an income which will allow me to repay a back tax debt at a rate of approximately 1000.00 however they did not agree and have now garnished all my retirement income which means I have no choice but consider bankruptcy. What are my options here? I do not wish to lose my house? [...]

I filed a consumer proposal to a Bankruptcy Trustee on June 29, 2007. On August 14, 2007 the Bankruptcy Trustee informed me that the proposal was deemed accepted by my unsecured creditors since the 45 day period had expired. This consumer proposal is for a period of five years. On August 16, 2007 I received [...]

Is it possible to negotiate with the canada tax dept. ? Taxes owing over $43,000. Ican only afford payments of $1,ooo/mth. The interest charges take up most of that. Dont own a home or car, am a senior citizen and work parttime. Any suggestions?

I arrived in Ontario in 2001 , after staying here for four years left Canada in May 2005 due to a family emergency. In that period I had accumulated about 30,000 dollars of consumer debt with a lion\’s share of the debt occuring in January 2005. I returned to Toronto a week ago. My first [...]

hi, About four years ago i lost my job in the high tech industry and was not able to get a new job for some time, i had about 25000$ in creit card debt that went into colection at the time and was harrased by the collection agencies, eventually i left canada for some time. [...]

I have almost $110 k debt altogether in my credit card and line of credit excluding mortgage. my mortgage is around 93000 dollar, and my income $3400 after tax permonth.Market value of my condo is approximately $130k . We are a 3 member family with an 8 year old child. my spouse is not working. [...]

Hi, I\’m currently in a consumer proposal that will probably last another 2-3 years. The CCRA is one of the creditors in the proposal, I owed a substantial amount of back-taxes. If I start contributing to an RRSP right now, will this be perceived negatively by the goverment since they could think I have this [...]

My situation being that I owe CRA $100,000. I am in the process of selling my half of my house which has $56,000 tied up in a mortgage leaving $100,000 equity. I am in a quandry as to what I can do about this as I have had my head in the sand for a [...]

I have old student loans from 1996. I did take some courses part-time a few years ago, which I also owe money for. Is it true that I can’t discharge student loan debts now because of this? In general I have a high amount of credit card debt, although I have made all my payments [...]

A consumer proposal stays on one\’s credit report for ~3 years after completion of the payments. Bankruptcy appears on one\’s credit report for ~6 years after discharge. If a consumer proposal outcome results in making monthly payments for 5 or more years – the credit report would show the proposal for 8 or more years. [...]