Bankruptcy Articles - Archive: September 2006

I went bankrupt 20 years ago after the stock market crash of October 19, 1987. I may have to again as a result of a business failure. Will I have to declare that fact. I thought after seven years my record was wiped clean. Thanks

I will be going on Long Term Disability soon, and in which you only get 60% of your wages, even without taxes taken off, I will be receiving less than $1600 per month. I have car loan, insurance, rent, hydro, phone, cable and mac and cheese diet….that new income will cover all that, but not [...]

We live in Ontario and after learning the CRA has filed a lien against my husband for personal property in the amount of 15K we have come to realize that we can no longer deny we are in financial staights. CRA has registered a Personal Property Lien against one name only (husband). The general collateral [...]

Does a flat fee apply to a company going bankrupt the same way as personal bankruptcy?

We are considering filing, have had an initial meeting with a trustee but are more confused now than before. We have 50,000.00 in unsecured debt (Credit Cards). We owe CRA approximately 33,000.00. A private mtge of 85,000.00. Property was purchased for 100,000.00 a year ago and tax bill assessment is 81,000.00. A company assessed it [...]

I get a CPP disability pension. Can my creditors get any of these funds if I do not seek bankruptcy protection?

I am in a unique situation. I used my student line of credit ($100,000) to make investments in stocks. I had made about $150,000 in profit in 3 months. Unfortunately, I sold (by accident) one of my stocks during a time, when no brokerage house was allowed to trade it (due to a reorganization). But [...]

Would accumulated court costs (involving custody, maintenance etc) be “wiped out” under a personal bankruptcy?

this question has two parts. recently I found myself overextended and went to see a trustee. I was put under significant duress by my creditors calling many times each day. I agreed to begin the bankruptcy process and on the weekend decided to change my intention. Can I change my mind and cancel the arrangement? [...]

Can someone going through bankruptcy procedures keep both a family van and a motorbike, if together they are not worth $5000?