Bankruptcy Articles - Archive: September 2005

Suppose I enter into a long-term consumer proposal and offer my unsecured creditors X amount of dollars per month, and they agree to it. What happens if during my proposal my income substantially increases, or the value of some investments I had prior to the proposal (and these investments were disclosed in the proposal) suddenly [...]

I\’ve attempted a proposal that failed in 2003. Things haven\’t gotten better unfortuantely and I\’ve been avoiding creditors since. I owe Revenue Canada over 10 large and have a few other unresolved accounts before student loans. Am I still a candidate for bankruptcy? Or have I played myself with the failed proposal?

An individual files for bankruptcy, includes all his debts, and never provides all the pertinent info to his trustee. After almost 3 years the trustee discharges themselves and the individual goes on their merry way, with most of the debts gone because the debts were written off and the businesses don\’t care anymore. The only [...]

I could afford a proposal of $20,000 for unsecured debts totaling $53,000. Do you believe that the repayment percentage is high enough that the creditors would accept. If I filed for bankruptcy, my creditors would share approximately $10,000 in after tax RRSP\’s.

I am seperated from my spouse and receive some support from him…if he files for bankruptcy what happens with me

I am having a bad time with credit and may consider bankruptcy. A few of my creditors have said that even when I do get more jobs to apply for, they wont hire me because of my bad credit/bankruptcy. How much does it really affect my hireability and how do I handle it. I want [...]

This is a great website for bankruptcy. If I file for bankruptcy, will they take away my aeroplan miles and airmiles? If so, can I redeem these miles for products before I go bankrupt? Thanks.

I understand from reading this blog that in most provinces you are allowed to hold onto ONE car ( as long as its value is below the exempt level – or that you are willing to pay the appraised difference between the market value and the exemption level ). But what happens when a person [...]

Please enlighten me about the power of the CRA with regards to any garnishments or seizures that make take place immediately prior to the Trustee filing the bankrupcy papers for a client. It would almost appear that the CRA does not have to relinquish to the Trustee any goods, property, vehicles, bank funds that they [...]

The common thread that I have seen in this blog and through Googling is that there seems to be an extraordinarily high number of people who have been forced into bankruptcy because Revenue Canada has performed \’retro-audits\’ and given \’arbitrary assessments\’ ( CRA\’s terminology – not mine ) Are there any statistics published over the [...]