Bankruptcy Articles - Archive: September 2007

I Haven`t payed a credit card in 18 months thats well over 25000 Revenue canada said thet came first and i have been paying them. Is going bankrupt too late for me? I am now seperated and paying support. Will they hold my term longer then 9 months? Live in N.B. Thanks

I own a healthy business (incorporated) with good cash flow and increasing profits. Due to reckless speculation I have lost significant amount of money. I owe about 625,000 dollars to various creditors , my business owes about 475,000 dollars to suppliers and employees. I have about 125,000 dollars worth of assets and my business has [...]

I am 7 months into my bankruptcy. For the first time this month, my new wife`s income will need to be included in my report. However, I`m not sure how much income she should report. She is paid by a research fellowship (an award a bit like a scholarship). No income tax is deducted at [...]

I have purchased my home 7 months ago and am current with my mortgage payments my mother owns 50 % of the house, there is very little equity in the home as well, if I claimed bankruptcy will I be forced to sell??

It has been 10 years since I received my last student loans; I attempted to make some payments but the bank returned them stating it was not the right amount – it was what I could afford at the time; now they have placed a judgment on my credit in Canada – I live and [...]

I have been self-employed (incorpartation)last two years and i lost business this year and I am having troble paying my personal debts All GST-PST paid and business account has been closed All GST-PST paid and business account has been closed If I file bankruptcy will effect my partner?

Hello, I declared bankruptcy a few months ago. Only one bank account had to be closed due to an outstanding overdraft. All of my other accounts were still in good standing so my trustee said it would be alright to keep them open (none of these accounts were from banks that I had credit cards [...]

I understand that there are two tax returns to be filed in the year of bankruptcy. My questions regard the first one that my trustee files. 1. Since I do not have the information slips (T4 , T5 etc.) for that part of the tax year I could make a mistake in computing income. Can [...]

I am a 100% owner of a corporation, which is in dept of a couple thousand dollar, at the same time, I am thinking of declaring a personal bankrupcy. I know somebody, who would buy this corporation of mine. He would not give me money for the company, but cover the owings of the company, [...]

I got into serious financial trouble late last year after an accident left me badly injured. I have stopped paying creditors starting February 2007. I had a discussion with a trustee in April 2007 regarding a Division I proposal , I put off taking any action on it till today. Today I was served a [...]