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Bankruptcy Articles - Archive: 2006

The latest bankruptcy questions, with our experts' responses:

Is it possible to get 100% mortgage financing 18 mos after discharge, with closing costs added into the mortgage? Any specific lenders who would accept in the GTA Ontario area? Steady income of $30 000 for years, and plans to rent the basement apartment out.

Filed under: Bankruptcy
Posted on Sunday, December 31, 2006
box listanswered by Questions @ 1:22 am No Comments

We are extensively in debt following the closing of a failing retail business. Our farm revenues are what is sustaining us through this difficult time – can we lose the assets of the farm if they are used to generate income – if we file bankruptcy?? Also – our farm truck – do we have […]

Filed under: Bankruptcy
Posted on Friday, December 29, 2006
box listanswered by Questions @ 5:50 pm 1 Comment

I understand when you go bankruptcy you must answers questions regarding disposal of assets within the last 5 years? What happens in regards to refiancing a home if it is over 1 year from the time 1 goes bankrupt? My concern is that selling a home is taking equity but so is refiancing?

Filed under: Bankruptcy
Posted on Friday, December 29, 2006
box listanswered by Questions @ 4:19 pm 1 Comment

can you explain how bankruptcy protection works?? I have no cash to pay off debt – but lots of equity – once assets are liquidated – debts will be taken care of – will bankruptcy protection buy us time in this case?? thanks

Filed under: Bankruptcy
Posted on Friday, December 29, 2006
box listanswered by Questions @ 3:48 pm 1 Comment

I am considering either a consumer proposal or a bankruptcy. I was bankrupt 10 years ago but now debt overload has affected our family once. again. The question I am asking if we do go bankrupt or prepare a consumer proposal what happens to the home renovations that I had done through a company in […]

Filed under: Bankruptcy
Posted on Friday, December 29, 2006
box listanswered by Questions @ 2:28 pm 1 Comment

I filed for bankruptcy in June 2006, and my income amount has not changed. In the beginning of December I received an application to apply for 2006 Ontario supplement for working families. I sent it into the minister of finance and a couple weeks later I rec’d a reply stating that they owed me Retroactive […]

Filed under: Bankruptcy
Posted on Friday, December 29, 2006
box listanswered by Questions @ 8:00 am 1 Comment

What is summary administration as mentioned in one of the blogs – I couldn’t find it when I did a search.

Filed under: Bankruptcy
Posted on Thursday, December 28, 2006
box listanswered by Questions @ 6:05 pm 1 Comment

Our bank account is frozen by a credit card company with the same bank. Are they allowed to freeze the account completely – as our pay is direct deposited and we use this account solely for mortgage, groceries, gas, insurance and taxes. We have no other source of income – and credit cards were torn […]

Filed under: Bankruptcy
Posted on Thursday, December 28, 2006
box listanswered by Questions @ 4:55 pm 1 Comment

We are closing a business due to financial losses – we are frequently obtaining advice from a trustee to be sure that we are following proper proceedure. Our cash flow is extreemely tight – but the liquidation of our assets will provide enough funds to pay our creditors. However – we are paying secured creditors […]

Filed under: Bankruptcy
Posted on Wednesday, December 27, 2006
box listanswered by Questions @ 5:37 pm 1 Comment

I am recently seperated from a Common Law relationship and have agreed to pay the sum $1500 per month for 5 years to my common law partner of 13 years. I am finding it tough to pay all my bills and alimony. I live in Winnipeg and my take home pay after tax is $5800 […]

Filed under: Bankruptcy
Posted on Wednesday, December 27, 2006
box listanswered by Questions @ 1:03 am 1 Comment