Personal Bankruptcy Canada Blog » After Bankruptcy

Income tax after bankruptcy

Questions — Mon, 13 Feb 2012 20:04:59 +0000

I know I would lose the prior years of income tax and the year of my bankruptcy, but do I lose my income tax refunds for the next 7 years?

Posted from: Ontario

Di

Questions — Fri, 10 Feb 2012 12:50:15 +0000

After bankruptcy i found that i can claim a Disabliltiy Credit on my taxes for a child. In fact i am entitled to go back 10 yrs. Would the whole refund go into my bankruptcy? And if so could i delay applying until i am discharged and keep it.

Posted from: British Columbia

moneyowed to revenue canada

Questions — Fri, 10 Feb 2012 12:49:39 +0000

can you file bankruptcy if youowe money to revenue canada

Posted from: Ontario

is bankraputcy federal or provencial?

Questions — Sun, 05 Feb 2012 22:25:07 +0000

is bankraputcy federal or provencial?

Posted from: Manitoba

cra and spouse

Questions — Sat, 04 Feb 2012 13:30:26 +0000

I owe cra $40,000 we have been commonlaw for 15 months,my income is $48,000 a year my spouses is $60,000 i have to file bankruptcy, but i dont want her to have to be involved in my debt to revenue canada. Is this possible?

Posted from: Saskatchewan

question

Questions — Thu, 02 Feb 2012 16:38:05 +0000

what is the equity you are a loud for a house with a morgage? when can it be exempt?

Posted from: Quebec

putting money in bank after bankruptcy

Questions — Thu, 02 Feb 2012 12:45:29 +0000

i m discharged on 25jan, 2011, i opened a bank account in a new bank right before my bankruptcy was filed, now i m discharged, can i keep my money in the bank, will i be askd questions where did i get the money from, or shud i open another new bank account now after discharge, will they ask me where did i get the money from and why…and what shud i say….plz reply…thx…i love this site…..

Posted from: Ontario

Consumer proposal when receiving ontario works?

Questions — Wed, 25 Jan 2012 06:05:07 +0000

Presently I am on Ontario works ( welfare) with long term disability, am i eligible for consumer proposal? secondly once i applied for how long it will take to discharge me start building credit. thanks

Posted from: Ontario

Annulment of Bankruptcy

Questions — Mon, 23 Jan 2012 23:49:46 +0000

Hello, I went bankrupt in 2007 Jan. I haven’t been discharged till now 5 years later. I didnt complete the required obligations to get a discharge. My questions are can I overturn the bankruptcy to get a consumer proposal? When I applied for bankruptcy the trustee didnt give me any other sort of form of alternative means of dealing with the situation. I went bankrupt at 21 years old with 10000 in credit card debt. Is there a way to resolve this issue? What I know now, I could of got a consumer proposal.

Posted from: Ontario

Going bankupt 1st and last time

Questions — Mon, 23 Jan 2012 18:24:23 +0000

I have been paying my Ex wife child support for the last 2 years under the table so she would not have to pay tax on it and I am going bankrupt but I cannot prove that I have payed child support. Will they make me pay what looks like unpaid child support in order to complete my bankruptcy .

Posted from: Ontario

Discharged bankrupts

Questions — Mon, 23 Jan 2012 18:23:21 +0000

Is there a record or registry of discharged bankrupts in ontario?

Posted from: Ontario

I won a small amount in the lottery, but I went bankrupt 5 months ago

Questions — Thu, 19 Jan 2012 15:17:20 +0000

I won 10,000$ in a local lottery (scratch and win type deal) but I am still in the process of my bankruptcy payments being made.

Would I need to forfeit all winnings to my trustee in this case?

Posted from: Quebec

MIF Deficiency Judgements

Questions — Tue, 17 Jan 2012 20:58:12 +0000

If I go bankrupt will I still be liable for my debt after the foreclosure of my house?

Posted from: Alberta

Husband files bankruptcy

Questions — Tue, 17 Jan 2012 19:05:36 +0000

My husband is just filing for a personal bankruptcy and much as he question earlier, the matrimonial home has my name on the title but his name is also listed as a borrower on our property mortgage. Years earlier, we opened a line of credit together which he withdrew all the money from and now is accruing interest daily. Will I be held soley responsbile for this line of credit to pay back after he files for personal bankruptsy? what are my options?

Posted from: Ontario

bankruptcy

Questions — Fri, 13 Jan 2012 15:08:29 +0000

if i have a mortgage for 5 years term can i declere a bankruptcy

Posted from: Alberta

Co-signor taking him to small claims court

Questions — Thu, 12 Jan 2012 13:42:52 +0000

My husband has been discharged from his bankruptcy for almost 3 years. A couple of months ago, he got served and had to go to small claims court the beginning of December. His exgirlfriends parents, co-signed on his and his exgirlfriends mortgage. They had to pay the bank 10,000 because my husband had included the mortgage in his bankruptcy and they had cosigned. They took him to small claims court and are asking for the 10,000. The judge remanded the case and said she will have her verdict on the 19th of January. Can she make him pay this? I thought that since he included it in the bankruptcy that he wouldn’t have to pay anything for it. I’m confused.

Posted from: Manitoba

cost of consumer proposal

Questions — Wed, 11 Jan 2012 15:05:22 +0000

i am going to do a consumer proposal the trustee says it costs 1,500 and then 20 percent of what I owe and this cost is compiled in the monthly payemnt…Is this the usual cost? anyone know a good trustee in Vancouver?

Posted from: British Columbia

Applying for a student loan after bankruptcy

Questions — Tue, 10 Jan 2012 12:52:53 +0000

I have been discharged from bankruptcy as of November 1, 2011, and I am looking into starting school (private college program) in spring of this year. My question is: What are my chances of receiving a student loan or line of credit so soon after bankruptcy. I’m not sure if this is relevant, but I should mention that the cause of bankruptcy was due to my ex-husbands business going under during the recession. It is noted on my file, but I’m not sure if this is taken into any consideration. Thank you, Sarah

Posted from: Ontario

Sandra Davidson

Questions — Mon, 02 Jan 2012 21:38:26 +0000

Does having and using a prepaid Credit Card, (in my case it’s a Mastercard) help rebuild your credit?

Posted from: British Columbia

Cosignor

Questions — Thu, 29 Dec 2011 06:04:29 +0000

My ex filed for bankruptcy during our divorce. I had cosigned for a loan for his truck while we were together. His bankruptcy trustee advised me that the bank had been notified and had a certain amount of time to collect the vehicle in which they did not, and the bankruptcy trustee sold the vehicle and received funds to pay off my ex’s debts. Now the bank is coming after me for the amount owing on the loan for the vehicle a year after the fact. What course of action do I have??

Thank you for your time,

Tina

Posted from: Ontario

Bankruptcy

Questions — Fri, 16 Dec 2011 14:10:05 +0000

How do I find out if my bankruptcy has been expunged/removed from my credit report and credit score?

Posted from: Manitoba

Is 2011 Tax Refund Mine?

Questions — Mon, 12 Dec 2011 18:42:02 +0000

I am declaring bankruptcy in January. I am thinking of borrowing money from my sister to pay off the bankruptcy fee and be discharged more quickly. If I am discharged before my income tax refund for 2011 comes in, does that go to the bankruptcy or is it legally mine to keep. I want to do the right thing.

Posted from: Ontario

After Bankeuptcy

Questions — Fri, 09 Dec 2011 12:41:43 +0000

My Question is..My Parents had too claim Bankeupty due too my Sister..They have finish everything up 2 yrs ago.. Now they are getting Back pay from income tax for past 8 yrs ..My other sister was saying that they will have too pay money too back because its money maked before they claimed so they now can pay all creditors back ..But once they claim Bankeupty isn;t this all done now,,they are free and clear..hope you understand what i am asking..Thanks

Posted from: British Columbia

Keep car

Questions — Tue, 06 Dec 2011 18:12:31 +0000

Do I need to give up my car when declaring bankruptcy?

Posted from: Saskatchewan

Judgement

Questions — Mon, 28 Nov 2011 15:20:49 +0000

I was recently given an Absolute Discharge from Bankruptcy from the Court of Queen’s Bench. Alberta Justice is listed as the main creditor(from an unsatisfied judgement against me from a motor vehicle accident).At no time did they object to the application for bankruptcy,the time I was in the bankruptcy or in the thirty days following my Absolute Discharge of Bankruptcy from the Court of Queen’s Bench.Alberta Justice is now demanding payment of the debt.How can they?

Posted from: Alberta

Ms

Questions — Sat, 26 Nov 2011 13:04:42 +0000

I was discharged from bankruptcy in Ontario Canada about 9years ago. I lost my discharge order when i moved. Where can I get a copy of the discharge? Thanks

Posted from: Ontario

discharged

Questions — Fri, 25 Nov 2011 22:39:18 +0000

I filed for bankruptcy in 2006 and made payments for 9 months then they extended it two more months so after 11 months i was discharged with no trouble. I received an inheritance a few months after my discharge. Im told that im ok as it has to be within 180 days of my filing to be included in my bankruptcy. Can you shed some light on this please.
thank you

Posted from: British Columbia

Creditors

Questions — Wed, 23 Nov 2011 00:24:06 +0000

would stop the creditors from chasing me away if I claim buncraptcy?

Posted from: Manitoba

Brian

Questions — Fri, 18 Nov 2011 11:48:31 +0000

I bought a business that turned out to be a losing proposition and I had to close. As I still owe the seller for some of the purchase price and I lost money while in business, I will have to declare bankruptcy. I have spoken with 2 trustees and when they found out the name of the seller (my biggest creditor), they declined to take me as a client as he is well known as an `extremely aggressive creditor`. Are trustees allowed to pick and choose their clients?

Posted from: British Columbia

Entrepreneur

Questions — Fri, 18 Nov 2011 11:47:46 +0000

If I owe money to the CRA and I default on my mortgage who receives the proceeds of the sale the CRA or the Bank that issued the mortgage or the CRA.

Posted from: Ontario

Surplus Income

Questions — Thu, 17 Nov 2011 17:12:29 +0000

What are the consequences of refusal to pay surplus income?

Posted from: Ontario

After bankruptcy

Questions — Mon, 14 Nov 2011 00:36:47 +0000

I was asked if I went bankruptcy I said No thinking they had no right to ask this question (15 years ago). Still paying the bill but running into trouble. Did I commit not knowingly?

Posted from: Nova Scotia

Bankrupt and receive cash settlement from court

Questions — Thu, 10 Nov 2011 02:59:30 +0000

I am currently bankrupt and have received a cash settlement for $20,000. How much of this am I required to pay back to my trustee?

Posted from: Ontario

First time , after nine months

Questions — Fri, 04 Nov 2011 01:57:03 +0000

Hi, after complete discharge (9months)
will GST/HST or income tax be taken from me. I’ve heard for seven years?
Also can GST/HST be used to pay a trustee
for personal bankruptcy. Thanks

Posted from: Ontario

Mortgage property and bankruptcy

Questions — Thu, 03 Nov 2011 19:58:22 +0000

My partner and I purchased a house in joint ownership a number of years ago. We subsequently contracted a joint second mortgage. When we ended our relationship he kept the house and made mortgage payments. I moved and paid rent ever since – approximately 7 years now. I signed bank papers for a waiver of my part of the ownership and mortgage(s) and he was to file them with the bank. That never happened. Now we have each been served with court documents demanding settlement of the outstanding balance. Am I still responsible and will filing for bankruptcy remove me from any responsibility and have the mortage revert solely to him, or am I still wholly or partially responsible until the claim has been settled?

Posted from: Ontario

Confused

Questions — Mon, 31 Oct 2011 22:35:04 +0000

My wife and myself have claimed bankruptcy in May of this year 2011 …I am the only employed spouse….We pay a trustee $400 a month as part of bankruptcy agreement……I now have been diagnosed with terminal illness and my wife is in hospital for over a month now with a blood infection. Is there any thing in the bankruptcy act stating we can get a break from paying the trustee on compassionate grounds……Its been tough financially ……

Posted from: Ontario

morgage during bankruptcy

Questions — Thu, 27 Oct 2011 11:51:15 +0000

my morgage is up for renual in 2013 will going bankrupt affect that?

Posted from: Ontario

discharge

Questions — Tue, 18 Oct 2011 18:16:07 +0000

After discharge do I have to send the credit bureau a copy of my discharge?

Posted from: Ontario

settlement after bankruptcy

Questions — Sun, 16 Oct 2011 12:17:16 +0000

I am in the middle of a court case where I may get a monetary settlement. Do I have to give it to the creditors if I have declared bankruptcy.

Posted from: Ontario

Second bankruptcy

Questions — Tue, 11 Oct 2011 22:00:29 +0000

Have the laws changed regarding a second bankruptcy. What should I expect? I did not think I would be here again. Thanks

Posted from: Alberta

Copy of Bankruptcy papers and included creditors

Questions — Thu, 06 Oct 2011 19:15:13 +0000

How can I get a copy of my bankruptcy papers? Mine originals were damaged.

Posted from: Alberta

RRSP after discharge

Questions — Thu, 06 Oct 2011 19:13:50 +0000

How soon after you are discharged from bankruptcy can you take money out of your RRSP?

Posted from: Ontario

Unsure

Questions — Fri, 30 Sep 2011 16:44:58 +0000

How long after declaring bancrupcy do you have to wait before you could open a limited company? And can you have employees in your company while in your bancrupcy term (9-21 months). Thank-you

Posted from: British Columbia

Who can find out that I went bankrupt?

Questions — Fri, 30 Sep 2011 09:58:46 +0000

I would like to know if bankruptcy files are public information. I understand that it will show up on a credit report. However, can anyone, potential employers for instance, access this information or is it protect by privacy laws? Thanks!

Posted from: Ontario

renouncing inheritance

Questions — Wed, 28 Sep 2011 09:51:47 +0000

can an individual renounce his or her inheritance during and or after they declare bankruptcy

Posted from: Quebec

Forgot to include a debt in my bankruptcy

Questions — Tue, 27 Sep 2011 14:13:54 +0000

Hi there – when I filed bankruptcy, I forgot to include a debt that I owed. I now have a judgement against me on the debt and my wages are beinbg garnished. IS there anyway I can re-open the bankruptcy and have this debt included that I neglected to include?

Posted from: Nova Scotia

Bankruptcy repayment

Questions — Fri, 23 Sep 2011 08:47:24 +0000

I don’t understand if a person is filing bankruptcy and you are only allowed to earn so much before repayments have to be made to creditors- I thought the debt gets wiped out? ultimately one way or another the debt is somehow being repaid by the consumer right? a person files bankruptcy as a last resort because they can not repay the debt why do you add to stress by only allowing a person to earn so much per month? It seems to cost more to file for bankruptcy than it is to repay your own debts.

Posted from: British Columbia

Income made when Bankruptcy

Questions — Thu, 22 Sep 2011 14:38:19 +0000

What is the amount I can make when I declare personial bankruptycy in Canada per year, also is this amount gross or net???
If I make more then the amount what persentage go back to the creditors???
ths

Posted from: New Brunswick

seeker

Questions — Thu, 22 Sep 2011 10:15:10 +0000

i am on pension, my commomlaw lady is also on pension,does one still have to pay alimony and do they als calculate surplus money if bankrupt and separated

Posted from: Ontario

2nd time to file

Questions — Wed, 07 Sep 2011 22:03:08 +0000

can u file bankrupcy again if its been 6 years since your last file, can i sell a car before filling if its only worth 3000.00

Posted from: Saskatchewan

spousal seperation

Questions — Sun, 04 Sep 2011 08:45:23 +0000

can you claim bankruptcy on court orders like spousal support and personal debts owed to a spouse?

Posted from: British Columbia

cancelling a bankruptcy

Questions — Tue, 30 Aug 2011 22:34:34 +0000

how i can cancel a bankrupty

Posted from: Alberta

Bankruptcy

Questions — Tue, 30 Aug 2011 13:23:27 +0000

If you file for personal bankruptcy and own a corporation – does the corporation have to go bankrupt too?

Posted from: Alberta

help

Questions — Wed, 24 Aug 2011 04:54:57 +0000

if i file bankruptcy can i keep my newq mortage?

Posted from: Newfoundland and Labrador

Ex wife Bankruptcy

Questions — Tue, 23 Aug 2011 22:33:26 +0000

My ex-wife claimed bankruptcy and stuck me with a 20,000 dollar maxed out credit card becuase I co signed. Our seperation agreement clearly stated that she was to get my name of that credit card as it was at 0 when we seperated. The seperation agreement also states that if you are not to make the other person liable for your debt by claiming bankruptcy otherwise you are responsible for paying them back with interest. She seems to think she doesnt have to pay me back since he claimed bankruptcy is this true?

Posted from: Alberta

Susan

Questions — Tue, 23 Aug 2011 11:26:05 +0000

I appreciate this!! I did a consumers proposal around 2002..one of my largest debts was Revenue Canada. They accepeted my proposal. I was starting to get back on my feet until now.Just got a letter at my office that R.C are going to garnish my wages to a debt of around $72.000!!!!!Taking 40%. They claim that I should have filed while under proposal to them.This was not explained to me by my trustee at that time.So they have taken the 3 years income and want it. I have a good accountant who has wrote them asking for proof of this etc..but in the mean time I am a 46 year old lady with no assets at all and already give my Boss 30% of my commisions..this will ruin me!! I cant survive on 30% total income. I need advice fast. I dont mind going bankrupt as I have nothing to lose now..if it will get the garnish lifted..any advice is wonderful!! I am terrified about this..I feel like all is over!

Posted from: Ontario

bankruptcy and child and spousal support

Questions — Tue, 23 Aug 2011 11:24:29 +0000

I want to know if my ex-husband is actually committing fraud. He filed for bankruptcy in June. Paid me 1900$ in support this amount is not settled in court yet. He did not pay me in July and we have agreed on a temporary basis on $720. I reported to his trustee that he’s not paying me $1900 on going like he claimed but now $720. They disregarded me and said he submitted an offer to settle (not signed yet) back in June so they accepted the $1900. So that means that he’s now making money as he’s claiming that amount but only paying $720. Now to make more money he said his partner doesn’t have a job anymore.

Please what can i do? what is fraud?

Posted from: Ontario

Lien after Bankruptcy

Questions — Sat, 13 Aug 2011 11:41:34 +0000

I have a lien put on my equipment in my restaurant. If I file for bankruptcy and I lose the restaurant and all the equipment, does the lien then go away?

Posted from: Ontario

Income Tax

Questions — Thu, 11 Aug 2011 02:15:31 +0000

I know that there is a pre-bankruptcy income tax filed and after bankruptcy a post bankruptcy.
My question is if one goes bankrupt in July 2010 and it is for 9 months and ends March 2011. What does the trustee file for for income tax. Do they only file for the months of July to Dec 2010 and January 2011 to Mar 2011? I find this very confusing, is it the responsibility of the bankrupt to look after the time frames out of bankruptcy such as Jan – Jun 2010 and Apr – Dec 2011?

Posted from: British Columbia

release

Questions — Tue, 09 Aug 2011 13:48:36 +0000

my husband and I went bankrupt in 2001 and we never paid it all how can I be released from it now

Posted from: Ontario

small business taxes

Questions — Mon, 08 Aug 2011 11:19:50 +0000

Our corporation, which both my husband and I were officers of has folded and we owe a substantial amount to source deductions, can this be included in personal bankruptcy??

Posted from: Ontario

Threatening garnishment

Questions — Mon, 01 Aug 2011 12:34:53 +0000

I was behind two months in loan payments to citifinancial someone from their head office called my employer HR dept and was transferred to my supervisor asking personal info and wanted to fax a garnishment of wages form directly to my supervisor is this legal? Is there a process that citifinancial needs to notify me in writing before such aggressive behaviuor

Posted from: Ontario

Undischarge Bankruptcy

Questions — Wed, 27 Jul 2011 14:29:26 +0000

I have file for bankruptcy for several years now but still remain undischarged. I had no income at the time of filing but had significantly higher income several years into the bankruptcy. I also accumulated a fair amount of savings. Would I be required to pay back the surplus income from the assets I’ve accumulated?

Many thanks!

Posted from: Alberta

GST

Questions — Sat, 16 Jul 2011 12:51:39 +0000

I live in Ontario where when we file our income tax we get a GST refund every year, if we are eligble, relative to our income. I will be declaring bankruptcy. I am told my refunds do not come to me. Will I get the GST from the unfiled returns of the past 5 years, or do they too, go into the bankruptcy?

Posted from: Ontario

unable to meet condition of discharge, and frequent misinformation

Questions — Wed, 13 Jul 2011 10:52:45 +0000

I am already in bankruptcy, and have already been told my condition of discharge. My question is : What happens at the end of three years, i have been unable to fill my condition of discharge completely, but am making an effort. I am also wondering what recourse does someone have, when you feel the trustee is giving misinformation all the time. every time i have a question i get so many different answers, then they get upset with me when i question the answer.

Posted from: Manitoba

cra after bankruptcy

Questions — Tue, 12 Jul 2011 11:36:13 +0000

when does cra recognize a person’s discharge from bankruptcy and begin to send any applicable refunds/information directly to the individual and no longer to the trustee?

Posted from: Manitoba

Trustee has not closed my file

Questions — Sun, 10 Jul 2011 12:31:27 +0000

I was discharged in March 2010, however, the trustee has not closed my file/advised cra. How long does it normally take for the trustee to complete post-bankruptcy paperwork and close the file?

Posted from: Manitoba

Obligation of Trustee

Questions — Wed, 06 Jul 2011 11:18:35 +0000

At what point can a trustee request to be released from handling the affairs of the Bankrupt? What is the Bankrupt’s recourse if the Trustee does not look after the interests of Bankrupt as well as they do of the creditor?

Posted from: Manitoba

Court date

Questions — Tue, 28 Jun 2011 10:38:57 +0000

I got oppose letter from one of my creditors before 9 month over. It’s been 10 months that I have not heard about the court date!
How long should I wait to hear the court date?
My life is on hold! Is there anything someone can do for me? What is the role of my trustee here?
Thanks
Kush

Posted from: Ontario

Child tax credit and bankruptcy

Questions — Sat, 25 Jun 2011 11:17:25 +0000

How come when my husband filed personal bankruptcy we no longer receive the child tax credit in canada

Posted from: Alberta

New bank

Questions — Fri, 17 Jun 2011 02:07:42 +0000

we are thinking about filing for CP- we are planning of changing the banck that have more than 50% or our unsecured debt. Can we also transfer our RESP the new bank?

We just don’t want our current bank to cash our resp and pay off debt we owe them.

What do you think?

Thanks

Posted from: Ontario

how long after filed can credit be applied for

Questions — Tue, 14 Jun 2011 11:54:53 +0000

Once you have been released from filing for bankruptcy, how long do you have to wait before you can apply for any credit again?

Posted from: Ontario

Visa debt

Questions — Thu, 09 Jun 2011 23:42:38 +0000

I have an outstanding visa debt that I cannot pay, I own a truck on payments, can a collection agency seize this truck and should I declare bankrupcty

Posted from: British Columbia

personal bankruptcy

Questions — Tue, 07 Jun 2011 11:40:28 +0000

How many years after i file for personal bankruptcy will I get my credit back?

Posted from: Quebec

Is Osap Still Possible?

Questions — Mon, 06 Jun 2011 13:34:49 +0000

I have recently declared bankruptcy. I am wondering if during the next 7 years if I wanted to go back to school and pursue post-secondary education would I be able to get OSAP or any government assistance for the schooling?

Posted from: Ontario

Family Income

Questions — Wed, 01 Jun 2011 19:17:56 +0000

After filing for bankruptcy, do I show only my pay stubs, or do I have to show the entire family’s pay stubs(spouse, children).
Because it is my own debt, I should be paying the trustee based on my income. Does my family’s income increase the amount that I owe to the trustee?

Posted from: British Columbia

Selling after bankruptcy

Questions — Mon, 30 May 2011 11:27:14 +0000

I co-own a house with my mom and she recently filed for bankruptcy and was discharged from it in August but has not received her actual court papers saying that it was done. We are looking to sell our home and move into another in the area, but have been told that we need those papers before she can sell. Is this true? We co-own the house, do we still need her papers?

Posted from: Ontario

loans

Questions — Mon, 30 May 2011 11:26:42 +0000

hi there my question is i have went bankrupt 2 years again at that time i owed a relative money and said should i tell the bankrupt person and they said to forget about what i owe them but now they are trying to get money from me from then. what can i do? thanks

Posted from: Ontario

Timing of Cashing of RRSPs

Questions — Fri, 27 May 2011 10:43:56 +0000

I am declaring bankruptcy. I am currently on welfare and soon to go on disability. I am told I am allowed to keep for myself up to $500 of a RRSP I have by the welfare people. The rest they would want. I have been told by financial folk if I cash the RRSP before declaring bankruptcy I would likely lose the money invested. Why? I know I will have to pay a withdrawal tax or such to the government but is there some way I would lose that money to the bankruptcy?

Posted from: Prince Edward Island

Tax benefits will put me over surplus income

Questions — Fri, 20 May 2011 13:07:45 +0000

Hi,
I recently had a baby and have not applied for the Canada Child Tax Benefit because my income would be over the threshold if I receive it. Am I obligated to collect this money? It would mean that I would be in bankruptcy for the extended period. Can I just apply after my bankruptcy period ends and not try to retroactively collect the benefits from the time I was in bankruptcy?
Thanks!

Posted from: New Brunswick

susie

Questions — Wed, 18 May 2011 11:13:14 +0000

I declared bankrupty in june 2009 and was discharged in aug 2010, my taxes we done by my trustee for the period stated for my bankruptcy.
I went to do my taxes for this year and they wouldnt allow me to. they said that my trustee had to file it. Does this mean that if I receive any monies back for this tax year my trustee will get it or do I get it?

Posted from: Ontario

bankruptcy and surplus income

Questions — Mon, 09 May 2011 22:21:02 +0000

I will have to pay surplus income payments based on my net monthly salary. Is is possible to have more income tax taken off my paycheck each month to reduce my surplus income?

What happens to the income tax I would recieve back next year if I am discharged before I recieve back that tax return?

Posted from: Ontario

Severance Pay After Filing for Bankruptcy

Questions — Thu, 05 May 2011 12:13:38 +0000

Suppose I file for bankruptcy and have to wait 21 months for discharge due to surplus income, and one year after filing, receive a substantial severance from an employer. How will that money be treated in a bankruptcy?

Posted from: Ontario

Rasp withdrawals

Questions — Wed, 04 May 2011 11:19:08 +0000

If you withdraw money from an rrsp during bankruptcy is it considered income and do you have to pay half of it to the trustee?

Posted from: Nova Scotia

7 years

Questions — Thu, 28 Apr 2011 11:24:23 +0000

here is a question i can’t even get accountants to answer…why is a bankruptcy on your records for 7 years after the bankruptcy is stayed? .. i am guessing this is the time at which the rate of second bankruptcies falls to almost zero..am i right or is this some unfair arbitrary number?

Posted from: Ontario

“all the right things” after bankruptcy

Questions — Tue, 26 Apr 2011 11:32:41 +0000

We were discharged in ’07 and immediately started working on repairing our credit. We each got secured credit cards. My husband got a car loan (by necessity – another baby on the way meant we had no choice but to get a new-to-us vehicle) which we have been paying on for the last 30 months and are about to pay off completely (18 months early). We are both hesitant to apply for new credit with the bankruptcy on our record still, but we were wondering if we are likely to get approved for an unsecured credit card? My husband originally put $300 down for a $300 limit and now has a $3300 limit. They continue to up the limit but won’t change the card to an unsecured card. We would ideally like a card where we don’t pay an annual fee, or if we do, we can use the card to our advantage by collecting points.
How long after discharge does it usually take before a regular bank will even consider offering unsecured credit?

Posted from: Ontario

What Can I expect??

Questions — Mon, 25 Apr 2011 13:15:06 +0000

Hi there I did not get discharged from bankrupcy two and a half years ago. I had some money still owing to the trustee before I could be discharged. Since then I have become common law and had two children. I was too embarassed to tell him and now I am so embarrassed I have let it go so long. I have called to seek an appointment with my trustee. What should I expect in this appointment. Will I be charged??

Posted from: Ontario

Light at the end of the tunnel

Questions — Mon, 25 Apr 2011 11:28:42 +0000

I would like to thank you guys for this amazing site that shares so much information. My husband and I filed for bankruptcy in April 2009 and were discharged Jan 2011. It was a long road but now I can see the light at the end of the tunnel. I just wanted to let everyone going through this process to know that it gets easier.

Posted from: Alberta

Change of Mind

Questions — Sat, 23 Apr 2011 20:19:36 +0000

After filing for bankruptcy, can we change our mind to a consumer proposal?

Posted from: Ontario

Un- registered support payment

Questions — Tue, 19 Apr 2011 13:24:04 +0000

My daughter’s dad pays her for child support and it varies month to month. There is no legal support agreement.

Does she have to claim this as Income?

Posted from: Alberta

MONIES RETURNED?

Questions — Sat, 16 Apr 2011 09:28:12 +0000

I was informed that AFTER THE DISCHARGE DATE that certains monies -HST CHEQUES excetera, might be returned to me. perhaps from an overpayment on fees?
What sources would these monies come from and what am I entitled to.

Posted from: Ontario

seasonal income

Questions — Sat, 16 Apr 2011 09:27:30 +0000

What happens if you are a seasonal worker with a high monthly income for several months and then on ei for 8 months?
How is the surplus income calculated?

Posted from: Ontario

Lien

Questions — Fri, 15 Apr 2011 14:01:36 +0000

What can a person do when a lien has been placed against your principal residence for items which were part of the bankruptcy? Land titles will not remove the lien without an order from a judge or permission from the creditors – I am sure the creditors would not be willing to release their interest, although I don’t think they technically have a claim.

Posted from: Alberta

land claim settlement

Questions — Tue, 12 Apr 2011 13:07:29 +0000

if i have money coming from my band after i claimed bankruptcy,is it or is it not exempt?

Posted from: Manitoba

2 years + still no gst

Questions — Fri, 08 Apr 2011 11:37:38 +0000

It seems to me that my trustee is taking her sweet ole time getting herself discharged. Its been well over 2 years since I was discharged, yet my trustee is still collecting my gst cheques. Is this typical, how long do I have to wait and what can I do, if anything, in having them sent back to me again.

Posted from: Ontario

AFTER filing for bandruptcy

Questions — Mon, 04 Apr 2011 18:34:36 +0000

After everthing is done and i am bankrup how long would it take me to reopen a new bank account and get back to my normail life, like have a something on my name such as a phone.

Posted from: Ontario

Joint Account Closed?

Questions — Mon, 04 Apr 2011 18:34:04 +0000

I have a joint account in TD Canada Trust with my mother. She has loans with the bank (debt consolidation of her td credit card – which is no longer active) and she is thinking of filing for bankruptcy.
The debts are all hers but and i was wondering if i could still keep the account.
Of course we would switch the money to another bank that we have no debt on and such.
But would the account itself be closed completely or would i be able to take over it and start at zero with them

Posted from: Quebec

student loans drop off after 7yrs?

Questions — Wed, 30 Mar 2011 22:20:00 +0000

Discharged in 2005. have never paid a penny towards my 12,000 gov student loans.

last year, RCA placed hold on gst cheques and income tax return. (so i did not file, as this would simply give my 800.00 return towards my student loans)

i have been told that if no payment has been placed on a student loan, then after 7 years, the govt student loan is written off.

i’m wondering if i simply do not file my taxes again this year (assuming it is okay where technically i am up for a return again), WILL MY 12,000 STUDENT LOAN DROP OFF?

IS THERE ANY TRUTH TO THIS? and are there other issues involved?

(have a friend that did not file for few years, mostly europe traveling, then filed all three in one lump, without issues, where he was up for returns all years)

* i’m wondering if loans ‘expire’ after so long, if i could simply hold off filing another year.

Posted from: New Brunswick

U.S. Student loan from 1990

Questions — Wed, 30 Mar 2011 11:17:21 +0000

I assigned into bankruptcy in 1997, at a time when I had been stretching to repay my US student debt for 5 years. (The Canadian rules were then that you had to be repaying for two years; the US bankruptcy laws discharged student loans at the time. I was recently contacted a collections agency from the U.S. which insists that I am still responsible for repayment since the discharge order is Canadian not U.S. I had understood from my trustee that since the U.S. institutions were notified of the assignment, and did not object, the debt was discharged here and in the U.S. Am I still responsible for this loan 14 years after discharge and 21 years after the loan became due??!?

Posted from: Ontario

car

Questions — Wed, 30 Mar 2011 11:11:03 +0000

After declairing bankruptcy can the gov. cease my car? It has no loans on it and it is a 14 year old car, barely any value to it

Posted from: Ontario