Personal Bankruptcy Canada Blog » Alternatives to bankruptcy

Very confused

Questions — Mon, 13 Feb 2012 16:15:28 +0000

I have a chronic illness but worked two jobs prior to my last surgery. Due to complications, I have been out of work and now collect income assistance. My disability insurance on my mortgage expired, now all of the bills are behind. I found your site, called for an evaluation, then was told that I don’t have enough income for a consumer proposal. My question now is whether I am able to file bankruptcy? This was not my first option, but what does it mean not to have enough income to try to get my debts in order? I thought that was what the whole program was for.

Posted from: Ontario

FROZEN ACCOUNTS

Questions — Tue, 07 Feb 2012 22:19:18 +0000

CRA HAS FROZEN MY ACCOUNTS I OWE 40000 HAVE NO ASSETS NOR DOSE THE BUSINESS WHAT HAPPENS NEXT? I WAS TOLD MONTHS AGO NOT TO WORRY ABOUT ANYTHING TILL THEY CLAIM DIRECTIORS LIABILITY BUT IM STILL HERE IN WORRY

Posted from: British Columbia

Might not have a choice!

Questions — Wed, 18 Jan 2012 18:51:33 +0000

My credit has been perfect since a previous bankruptcy in 1995. My history of bankrupcty shows 2 previous bankrucptcies back in the 80′s which is a very long story, some not completely correct and I have documentation. So technically if I go bankrupt again the registar would believe this would be my forth time. I own a home in another province and a 2010 vehicle which I have to keep. I am about $200k in debt and been without work for a few months and starting to fall behind for the first time in 20 years. Im also the sole owner of a Canada Inc. corporation that has no value at the present but could prove to be my livelihood in the future. What are my options, what would I lose and how can I get out of this mess without suffering for the next 14 years or more? Thanks

Posted from: Ontario

information please

Questions — Sun, 15 Jan 2012 12:06:24 +0000

I own a home worth about 60 thousand dollars..I have 28 thousand in unsecured loans. I have called numerous agencies for help to solve my debt problems, I am only working part-time and am a single mom of 3 children. No one will help me, I am scared they will change the locks on my doors and my kids and I will be living in a cardboard box on the street. I had my house listed for a year and it never sold. I have tried to reason with the bank but they will not lower the interest rates. I have have tried debt councilling they won’t help me,mortgage broker no way.can’t file for bankruptcy. I don’t eat I don’t sleep and I shake all the time, without anyone to help me. One of the creditors sent me a letter from a house staging company, and this gives me the thought that they can just come change the locks on my doors and I will be homeless.please help

Posted from: Ontario

50K unsecured + 80K$ secured debt

Questions — Tue, 29 Nov 2011 18:14:54 +0000

i’ve had enough,
permanetly ill, on a reduced income 1300/mthly. credit debt 50k$. mtg 30K+ 50K secured line of credit total =80K secured.

min payments are unbarable. i DONT want to sell my home, no other assets or additional income, i don’t have much extra to live after…need help

Posted from: Quebec

Mr. Robert Michano

Questions — Sat, 12 Nov 2011 15:05:18 +0000

I owe $5000.
Income $1703. monthly

I was looking at orderly payment of debts.

Do I qualify?

Posted from: Ontario

Consumer proposal

Questions — Thu, 06 Oct 2011 11:49:36 +0000

If I defaulted on the payments on CP and went bankrupt, does the payments made already count in bankruptcy? and how?

Thank you

Posted from: Ontario

Mortgage – no house

Questions — Fri, 30 Sep 2011 17:23:46 +0000

Hello, We have approx. $98,000 in debt and are finding that even though we are making payments of over 1200 per month (including interest) we are esentially spinning our wheels and it looks like we will be 8-10 years of these payments to get ahead – and that is if we can maintain this level of income. We have already met with a financial planner and have found that since my husbands income is sporatic we can not seem to make any more advances to our goals. (our debt has two sep. creditlines – 23000 and 16600 each and a mortgage that is just debt from credit line that was rolled over into a fixed interest rate(no assests from it) of 58000.

We are totally comfortable with having any excess income garnished for the bancrupcy period as we do feel that we should be doing all we can.

Our concern is that my husband is a sole proprieter of his buisness and has one full time employee. We have been able to pay our employee and make all installment and tax payments to the cra and pay all of our suppliers. Really the debt is all personal (from education and economic downturn) not buisness related And we have no other credit card debt as all debt is on the credit line.

Our main concern is what will happen with my husbands buisness. he has a great employee and does not want to lose him. Will he be able to keep on with his buisness and keep his employee during the bankrupcy proceedings? or does he have to disolve his buisness?

thank-you for your time

Posted from: British Columbia

What to do

Questions — Fri, 02 Sep 2011 15:33:27 +0000

Hi,

My wife and I have accumulated a lot of debt. 80 K unsecured. We make our payments on time but are constantly getting deeper in debt. We have a mortgage and a car loan we also pay on time. There is not much equity in the house. We are making the minimum payments with little chance of ever getting out from under this burden. Sometimes we are using credit cards to pay off other cards. Nobody is calling looking for their money and no collection agencies are calling . I guess my question is what would be the best option? My opinion would be a consumer proposal but you’re the expert. What are your thoughts?

Posted from: New Brunswick

Drowning

Questions — Mon, 22 Aug 2011 16:54:38 +0000

My husband and I both have very good jobs. Last year he was unemployed for a period of time therfore fell behind. We have 25,000 in RSP Line of Credit Loan, We have 40,000 Line of Credit, 14,000 Credit card, 10,000 Credit card, two store cards totalling 3,000. We do not want to file bankruptcy. We take home 6500 per month and we have 4 kids. What can we do? Do we currently make too much money for anything?

Posted from: Ontario

bankruptcy vs proposal

Questions — Sat, 09 Jul 2011 11:16:09 +0000

We have no surplus income, can we still file for a proposal to avoid bankrupcy and how much we will be paying monthly? We have no assets.
Thanks

Posted from: Ontario

Mr.G

Questions — Tue, 05 Jul 2011 11:21:35 +0000

Does a debt management plan affect your credit rating?

Posted from: Ontario

Single mom starting over

Questions — Thu, 23 Jun 2011 15:54:07 +0000

I am a single mom on disability, I raise my 2 sons and myself on less then 1300 a month, I am desperately trying to get my life back in order financially. I have a few debts that ate pretty serious for someone in my situation I have 15000 credit card debt and a 1000 dollar debt owing to icbc. I am unsure of what would be the route to take as I would like to build a credit rating back to where it once was please help I have no idea??! Thanks clueless

Posted from: British Columbia

REVENUE CANADA

Questions — Sun, 29 May 2011 12:36:14 +0000

will a consumer proposal work with monies owed to our friends at Revenue Canada or CRA

Posted from: Nova Scotia

bankruptcy or Proposal

Questions — Tue, 24 May 2011 11:43:32 +0000

I have a house worth approx 470K with a mtge of 415K. unsecured debts of 50k.
Had a failed business which really put me bdhind on cc payments. but now have a full time job. my wife and I make approx $5500- $6k net per month total.
We would like to keep the house and the 2 cars (0 equity in those.)
Is a comsumer proposal a good option? or bankrupcy. Is there too much equity in the house for a bankruptcy.
thanks

Posted from: Ontario

can you switch from can i switch

Questions — Wed, 18 May 2011 11:12:38 +0000

can i switch from bankruptcy to a consumer proposal

Posted from: Ontario

consumer proposal and or bankruptcy and RESP

Questions — Sat, 23 Apr 2011 20:14:12 +0000

I am going to do a consumer proposal and my husband is filing for bankruptcy. What happens to our jointly signed RESP’s for our children? We are both named at contributors (but have not contributed in 6 months).

Posted from: Ontario

Wages being garnished

Questions — Thu, 14 Apr 2011 13:31:22 +0000

When the government of canada garnishes your wages does it affect your credit rating?

Posted from: Alberta

debt

Questions — Fri, 25 Mar 2011 15:15:16 +0000

i have debt of $ 17000.00 i have to pay $300 a month is there any way to reduce the bills thanks

Posted from: Ontario

wage garnishment

Questions — Wed, 09 Mar 2011 14:40:30 +0000

im already involved in a credit counsiling program. But cant remove or include a wage garnishment…what can i do?

Posted from: Ontario

Foreclosure

Questions — Wed, 09 Mar 2011 13:05:15 +0000

I have read some of your responses to the foreclosure questions asked by others and am still a little confused, I obviously do not know all the facts. If my property does go into foreclosure and since I did pay for CMHC, which should cover the amount owing after the auction/sale of my property. Why would I be responsible for that cost to CMHC. I paid them to cover the bank, if anything, shouldn’t I be responsible for any amount owing on the insurance?
Thanks,

Michael

Posted from: Alberta

Basket Proposal

Questions — Tue, 01 Mar 2011 12:22:31 +0000

Hello, I lost my job when i turned 65 and have no pension other than my CPP and Old Age Security. I am now going to be 71 this year and am unable to find work due to my age (no one will hire me). Two weeks before I lost my job (had no idea) I signed a bank loan for a vehicle (700/mth) they refused to take the car back, I have a mortgage (the house is for sale), and credit card debts – I was advised to do a ‘BASKET PROPOSAL” told to pay a trustee $200 (one time) and to stop making payments on my house, my car, and all credit cards – they told me once my house sold I would have to give them $15000.00 (basket proposal) and that was it – I don’t know when or if my house will sell or if there will be any profit. How can I sign a document stating I will pay this amount when I don’t have it – I currently go without food/meds just to pay credit card/loan bills, There is no equity in the house, I have no assets – I can afford my mortgage and food but that is it – what are options for me – could I be judgement proof due to my age and financial circumstances.
Thank you for your advise

Posted from: Ontario

Impact on credit rating with credit counselling

Questions — Wed, 23 Feb 2011 14:29:49 +0000

How will credit counselling affect my ability to secure a loan in the future.

Posted from: Ontario

Tom Davis

Questions — Mon, 21 Feb 2011 14:57:08 +0000

What is the difference between a bankrupty and a consumer proposal

Posted from: Ontario

Which to file for??? HELPPPPPPP

Questions — Fri, 04 Feb 2011 21:10:04 +0000

I am disabled and my mobility is very limited with absolutely NO income, my husband makes approx 53,000 annual.
We have a 4 year old daughter and have accumulated over 52000. in personal debt a credit line and 2 credit cards.
Due to my illness we are at my family\’s home but hope one day to be on our own. What would be our best alternative at this point? I am sadly confused.
Thank you in advance for your time.

Posted from: Ontario
CATID6

credit card debts

Questions — Wed, 05 Jan 2011 22:05:58 +0000

I am 40,000 in debt and pay 1000 a month on my debt. I have 200 left to live on. I am a senior and cannot live like this anymore. Can you help me. I have been to banks to consolidate but they have refused.

Posted from: Alberta

just need help!

Questions — Tue, 04 Jan 2011 14:34:48 +0000

Hi, i\’m about 25,000.00 in debt with my credit cards but I really don\’t want to go to bankrupcy. I just need some help in consolidating my credit cards amounts and have one payment per month. Bankrupcy means somebody else pays for my mistakes and I don\’t want that. What can I do and where can I go. Awaiting your opinion. Thank you.

Posted from: Ontario

I don\’t want to declare bankruptcy, but???

Questions — Mon, 03 Jan 2011 21:32:48 +0000

I can no longer afford my mortgage or maintenance on my house. I don\’t want to declare bankruptcy but I also don\’t want to keep the house; what can I do?

Posted from: Ontario

bankruptcy is a dirty word!?

Questions — Fri, 31 Dec 2010 04:26:22 +0000

We are swimming in debt. Combined debt of $60,000 +/- (inc. Credit cards, consumer loans, consolidation loan, etc…)We have fallen behind on some of our bills. It has gotten to a point where some of the utility companies are threatening disconnection. I am wondering what the best course of action would be. At this point I would like to hear any options aside from the \”B\” word!

Posted from: British Columbia

credit counselling?

Questions — Thu, 23 Dec 2010 22:09:50 +0000

My husband recenty disclosed to me he had over $80,0000 in charge cards and a
line of credit, we now have a home owners line of credit, and another 20,00.00 in credit card bills came in this week, I have excellent credit, 1 credit card
with approx $200.00 on it, would you
advise credit counselling.
Thank You
Desperate for an answer

Posted from: Ontario

Options?

Questions — Tue, 16 Nov 2010 17:15:40 +0000

We have a great credit rating, however our dedt is way out of control. We make our monthly payments but have been getting no where. Over tha last 5 years our debt has not come down at all. It just hovers in the $100,000.00 range. I do not know what to do. I always pay more than the minimum due but we are in big trouble. We cannot even secure a loan for a much needed newer vehicle.

Posted from: Alberta

Is it worth filing ?

Questions — Wed, 20 Oct 2010 17:30:43 +0000

Selling home due to breakup and not enough equity to cover all the costs. Will need to come up with $30,000 to cover the mtg penalty, real estate fees etc. That is $15,000 each. Looking at cost to file and perhaps some suprlus repayment, not to mention a bad credit rating is it worth it to file ? We do have student loans but only 5 years old so I don`t believe would qualify to add. We are both currently employed.

Posted from: Ontario

What should I do?

Questions — Thu, 07 Oct 2010 19:04:16 +0000

I have the following debt?
CIBC PLC $52,266.83
CIBC VISA $10,448.20
CIBC Overdraft $ 1200.00
Citibank MC $ 23,800.00
HBC MC $8200.00
I have a total debt of $95,915.03 I currently gross montly income $3201.60. This debt was accumulated by lending $20,000 to family members, unemployment and a move to new province.
What would you recommend I do a consumer proposal or bankurptcy. If I do a CP how much will the creditor accept for settlement?

Posted from: Saskatchewan

Seniors & bankruptcy

Questions — Thu, 23 Sep 2010 18:34:10 +0000

I Am 68 Years Old. Considering Bankruptcy. Are There Other Alternatives at My Age ?

Posted from: Ontario

overloaded…

Questions — Fri, 17 Sep 2010 15:20:17 +0000

She had a debt of over $30,000 with a $24,000 income before tax. 3 credit cards, car loan, student loan, loans for furniture and 2 other loans totaling $30,000. I suggested for her to come look at your website but she ignored it… since then she`s got 1 HUGE loan from the bank, aka debt consolodation loan. the bank asked her to sign a 10 year loan!! at about 13.5%. Is it too late to use the other alternatives on your website or even go bankrupt to escape this ridiculous debt??

Posted from: Quebec

Credit Card

Questions — Thu, 09 Sep 2010 22:57:38 +0000

If the collection agency has accepted for us to make payments, and have accepted the first payment, and now it`s not enough can they take us to court?

Posted from: Ontario

Foreclosure & shortfall

Questions — Sat, 21 Aug 2010 00:42:44 +0000

My home is about to be foreclosed on as I have been unable to sell it and can no longer pay the mortgage. Once it is foreclosed on and CMHC comes after me for the shortfall would the debt then be considered an unsecured debt and give me the option for partial bancruptcy through a credit proposal? I have no other assets other than my car and about 15,000 in credit card debt so don`t want to claim full bancruptcy over what will like end up being approximately 50,000.

Also can they force me to sell my car if I commute about an hour to work with 2 kids? The car is only worth maybe 9,000.

Posted from: British Columbia

Trevor

Questions — Sun, 01 Aug 2010 15:32:53 +0000

Can a husband and wife do a joint Division I proposal with their limited company? Is this permitted by the BIA?

Posted from: British Columbia

foreclosing on house – what can the bank do?

Questions — Fri, 23 Jul 2010 04:19:17 +0000

I have a house that I have been unable to live in since April, 2010 due to a leaking roof making the house inhabitable. My insurance has refused to help. I am still making mortgage payments but the value is about $200,000. The problem would cost at least $50,000 to fix. After repairs the house is still only worth $200000. My debt would be 50000 more than it would be worth. I am thinking of walking away from the house. I believe that in Alberta Banks have Non recourse.What are your suggestions and what can I do.

Posted from: Alberta

Banker has owings with his own bank

Questions — Sat, 12 Jun 2010 02:37:13 +0000

Hi, I am a banker and the majority of my debt comes from the bank that I worked for,
I wonder if i could be dismissed by my company withe the debt settlement, or consumer proposal plan.

thanks.

Posted from: British Columbia

statute of limitations

Questions — Fri, 11 Jun 2010 16:37:06 +0000

I just received a treat for legal action against a credit card debt more than 9 years old with out any payments for aprox. 7 years. With the statute of 2 years on credit card debt, can they take legal acton against me? I am unaware of any judgement agaist me to extend it to 10 years. If there is a judgement against me how do I find out? And, if they have no legal right to take me to court, how do I tell them without renewing the statute?

Posted from: Alberta

doris

Questions — Tue, 01 Jun 2010 11:42:02 +0000

please explain what `judgement` means and how it works

Posted from: Ontario

how to pay it off for good

Questions — Fri, 21 May 2010 11:48:25 +0000

i am 5000 dollars in debt for the past 2 years i have payed it down to 2000 then i get back up again to 5000 im 28 female and i should not have a credit card what can i do

Posted from: Ontario

separation and debt repayment

Questions — Thu, 13 May 2010 13:41:05 +0000

My spouse and I are separating. We have approx. 65,000.00 in joint debt and a house with a mortgage of 180,000.00. It is our only asset. He would like for me to keep the house and the kids. His take home pay is $3600 a month and mine is $2600 a month. What is the best solution for us so that he will be able to buy and maintain a home.

Posted from: Nova Scotia

Garnishing Social Assistance Income

Questions — Mon, 26 Apr 2010 19:55:57 +0000

I lost my job in March 2008 (auto industry lay off). I did not find another job yet, my EI was finish and had to apply for Social Assistance ( my only income presently). I haven`t been able to pay my creditors (3). One of the collection agency (DRM) called me and stated if I did not pay a settlement amount of $1500 by April 30/10, they will take me to court to garnish my wages.
Can they garnish my Social Assistance payments?

Posted from: Ontario

what are my options

Questions — Mon, 19 Apr 2010 21:44:07 +0000

Currently going through an DMP @ 1100 a month. Was ok but am splitting with my significant other and can`t see myself continuing with this payment. Have been in it for 1.5 yrs. What are my options for decreasing the debt load and what are the impacts

Posted from: Alberta

bankrupt or consolidate?

Questions — Thu, 01 Apr 2010 18:00:41 +0000

I am currently making about 60k annual salary (before taxes)
I owe about 48,000$ in debts, is my only option to declare personal bankruptcy?

Posted from: Quebec

seperation

Questions — Thu, 25 Mar 2010 20:32:02 +0000

my wife and I are seperating , we have an accumulated debt of $75,000 we have a home with a $256,000 mortgage at 90% of value and also 2 vehicles we owe 18,000 which are probably worth approximately 12,000 is it possible to do a consumer proposal as we have been bankrupt before 15 years ago

Posted from: Ontario

Surlus payment too high

Questions — Wed, 24 Mar 2010 16:49:28 +0000

I`m considering doing a CP, I make approx $72 500 per year, no kids, separated, which resulted in the foreclosure of our home at a net loss of $47 000 (I believe the ex was claiming bankruptcy), plus I have other bills for a grand total of approx $95 000 of debt. If I do a CP what if I don`t like how much and how long my creditors want me to pay? Second, do I keep my credit cards for emergencies (if they are with a bank that wasn`t effected by the CP)? Thank you

Posted from: Ontario

jointly owned property and potential proposal

Questions — Thu, 11 Feb 2010 17:10:42 +0000

My ex and I are going through a divorce. Both our names are on the title of the house and on the car. I no longer make the mortgage payments but he continues to do so. He does not pay my car payments but I do. Given the amount this divorce has cost me, I now have two options, try a proposal to my creditors or declare bankruptcy. What happens to those assets. Note that both the house and the car have more debt tied to them then either one of us could sell them for.

Posted from: Alberta

I don’t want to claim bankruptcy, what other options do I have?

Questions — Wed, 03 Feb 2010 14:07:11 +0000

I have an unsecured loan with high interest that I am haveing trouble paying,they won`t work with me, and just keep saying they are going to sue me,what is my alternative. I don`t want to claim bankrupt.

Posted from: Ontario

Surplus Income vs Proposal

Questions — Thu, 14 Jan 2010 15:23:57 +0000

My income is derived from commissions: How are the #`s calculated in terms of surplus income or consumer proposal amounts when my income can fluctuate from $0 to $20k in a month?

Posted from: Ontario

CMHC

Questions — Wed, 13 Jan 2010 14:07:09 +0000

What if you can not afford the amount that still may be owed after the bank has sold the property and the bank has filed with CMHC for an insurance payout? Does CMHC base the money owed according to your income, assets, etc instead of having to pay the whole amount?

Posted from: British Columbia

Using my RRSP to pay off debt?

Questions — Sat, 02 Jan 2010 01:57:44 +0000

I`m trying to get my debt down and heard something about if you use your RRSP`s to pay off your debt, you can`t go bankrupt too. Is this true? I really don`t want to go bankrupt and am trying to do everything I can to avoid it. Suggestions??

Posted from: Ontario

lein on property

Questions — Thu, 31 Dec 2009 01:48:03 +0000

i am a single parent with 19 month old son and have a paid off house. owe $40000 in debt and they are now trying to get lein on my house. how long can the lein last

Posted from: Ontario

Which way to go?

Questions — Sat, 19 Dec 2009 12:01:19 +0000

We currently owe approximately $37,000.00 to unsecured debt (credit card/line of credit consolidation), I was wondering if debt settlement would be the right route for us to take? We are currently having difficulties making monthly payments (when all bills paid no money for food). I left my job because I wasn`t being paid and have been struggling to get back of my feet since. My husband cannot make all the payments on his income alone. As well we are getting a divorce. We would really rather not claim bankruptcy as both the car loan and consolidation loan are in both names, and we don`t want to lose my vehicle or anything else. We never missed a loan payment, only once have ever defer 1 car payment, nor have I missed paying a month of rent. Please let me know if this is an option for me or what else could be suggested.

Posted from: British Columbia

purchase of a vec bc

Questions — Fri, 18 Dec 2009 02:46:08 +0000

purchased a truck/explained to company that we could not longer pay amount,arranged payment through post dated cheq/he accepted cheques,payment was 852.00 monthly/changed to 500.00 month/put che through early/nsf/baniff took vec that night,explained that the che was dated dec 9/ not dec 1, when che went through,took vec,what am I responible for ? thnak you

Posted from: British Columbia

Bankruptcy or give up?

Questions — Sat, 12 Dec 2009 20:08:04 +0000

My husband is 70 and retired. He just got let go from his part time job. He is 40,000.00 in debt by 2 credit card co.`s. (20,000.00 each). He cannot pay off his debts. He has no assets. He will never work again because of his age and health. He has arthritis and bad hips. I, his wife am not working either. I am 61 so am not entitled to pension yet. We are renting and just own old furniture. My question is. Would it be better for him to just inform the credit card co`s he cannot pay and let it go to collections and deal with the phone calls but eventually hoping the credit card co`s will write off the debt? Otherwise we don`t even have enough money to claim bankruptcy. I own an old car and van but that`s it.
Thank you

Posted from: Ontario

Pending Sale

Questions — Tue, 01 Dec 2009 22:46:42 +0000

My house is for sale but I`m not sure I can wait for a buyer. I have other debt besides my mortgage. Can I just give back the house to the bank without impacting my other debts as they are with the same lender (visa/line of credit).

Posted from: New Brunswick

Power of Collections?

Questions — Mon, 30 Nov 2009 19:32:28 +0000

If an individual does not go bankrupt but does owe money to unsecured creditors (i.e. credit cards now in collections) can that individual purchase a used car that is less than $5650 without the fear that those unsecured creditors will win a judgement to take possession of the car to pay off the bad debt?

Posted from: Ontario

foreign property

Questions — Thu, 26 Nov 2009 18:52:37 +0000

A year ago I was working in Panama. Me and my girlfriend had a child and bought a small place to live in for $28,000. Not much later I lost my job and had to return to Canada for work.
I became disabled and now are unable to work full time. I receive $800 a month government support. This money helps me get by each month. Because of personal reasons my girlfriend cannot come here to Canada and I send money to help out my girlfriend and child.. I`ve cut down to the minimum standard of living but I go a further $1500 into credit card debt each month with all the obligations.
I don`t think I can change this financial situation around. I am now close to $38,000 in credit card debt.
I don`t want to declare bankruptcy. What would be my options. Are there any options where the dwelling in Panama could be left alone.

Thank You.

Posted from: Ontario

Debt Consolidation Loan

Questions — Wed, 11 Nov 2009 18:52:29 +0000

I currently owe about 55k in unsecured credit. I`m not behind on payments, but am not making an progress in paying this down due to high interest rates.

I would likely not qualify for a Debt Consolidation Loan on my own, but my question is it possible to get a co-signer with good credit history to help?

For a loan of that size how likely would some form of collateral be?

Posted from: Ontario

just want them to be fair

Questions — Mon, 09 Nov 2009 18:56:26 +0000

I acumulated alot of debt as the economy tanked so did my business. I have since moved to a new job. 1 of my credit cards went to collections and the rest of the credit cards are closed but still with the credit card companies and up to date on minimum payments and they are coming down in debt owed as well. The One credir card with the collections agency was $10,000+ I made a lump sum payment of $2000 and started to make monthly payments of $300. But these guys are relentless calling me non stop at work etc. I thought we were ok but then they gave my file to another lady and she tore so many strips off me it was rediculous. I even said to her in the conversation `you are making my heart hurt` Her reply was `good` So they are getting 26%+ interest and the debt is coming down. What do I do to get them off my back. I managed to stay out of bankruptcy. But I am now thinking I should have just to get these guys off my back. What should I do? cosolidation loan out of the question as my credit rating has dropped to 441 but climbing. Just need a little time. My net worth is climbing by $2000 per month but still in the negative. I own my home but no equity that can be tapped into.

Posted from: Alberta

Revenue Canada while I`m a student

Questions — Sun, 01 Nov 2009 22:42:25 +0000

Hi!

I`m a 30 y/o student. Some years ago, I was a self-employed drywaller and decided to go back to school to further my education. Because I was self-employed, I didn`t pay taxes off my payroll and they had to be paid at the end of the year.

The first year I went back to school, I got refused for student loans for having made too much money and I had to use the money I had put aside for my taxes to finance myself. It wasn`t much; only $3000.

The problem is that I never was able to pay it off. Every following year, I would drywall to supplement student loans and I never was able to pay back my taxes; each time a couple thousands per year.

I asked the tax people many times for help; could they just stop the penalties and interest so that the small payments I was making (100-250 month depending) would actually reduce the capital and they refused each and every time.

I`m now finishing school this december with a bachelors. I owe 8 000 in credit cards, 24 000 in a line of credit and taxes are now up to 24 000 as well with interest amounting to 250 a month.

I`m going to see a trustee this friday…any suggestions on what I should do and questions I should ask? With student loans repayments coming up in 6 months from now…I feel I will never catch up with my taxes but I really don`t want to declare bankruptcy.

Thanks and sorry for being so lenghty

Posted from: British Columbia

Bankruptcy

Questions — Mon, 26 Oct 2009 18:34:56 +0000

My husband owns a business with partners and they are going to go bankrupt. How does this affect my life at home? Will the government look at the debt as a 1/3 for us or are they going to try to get us for the entire amount owed? Will this affect our home? How will the government go about getting the money? Can we carry on as usual and pay them off monthly? Or will they take any equity from our home? I`m scared we will have to pay it all when we should only be paying 1/3.

Posted from: Ontario

i owe close to 85,000 in total

Questions — Sat, 24 Oct 2009 02:23:16 +0000

I owe 6,000 to credit cards 2500 to a line of credit 7,000 to GST and close to 30,000 with my personal income tax and im stuck in a 3 year lease with a truck that i need for work which is 30,000. im still working full time with a major wage cut but still making 5000 a month before tax`s is there any alternatives i can consider before thinking about bankruptcy?

Posted from: British Columbia

what is the solution for this specific debt problem?

Questions — Sat, 24 Oct 2009 02:16:47 +0000

I am checking all the alternatives to bankruptcy, but I don`t see one that fits me. My big debt is about 8,500.00 on credit cards.
I just file for EI for I suddenly lost my job, so I don`t have any money, any saving, no assets, no house, no car, not any income but the one I am waiting I am going to have from EI if my request is accepted. Since I don`t know how long it is going to take me to find another job I am considering bankruptcy but after getting the info from all the differents alternatives to bankruptcy I notice that I have to have some money in order to pay for fees or montly payments during the whole process of whatever is my best option. But I don`t have any money(litterally), no money at all, not even for food.
What can I do in this situation?
Help please.

Posted from: British Columbia

do nothing

Questions — Fri, 23 Oct 2009 00:49:40 +0000

what happens if I just ignore my creditors and leave the country to start over somewhere else. Will it automatically put me into bankruptcy?

Posted from: Ontario

what do I do??

Questions — Thu, 22 Oct 2009 23:54:28 +0000

Ok I know this sounds bad, but I`ve been in `hiding` for almost 10 years regarding a student loan. The only reason I didn`t pay it, was because at the time of the loan, I was a single mother on welfare; I wanted to be able to provide for my family, so I decided to further my education. The school was a private school, and they lied to me regarding this situation; I tried to take them to court over it, but it was pointless. I was stuck in a loophole just shy of 3 months of being able to `qualify` for exemption from my living portion of the loan. The story is complicated, so I won`t elaborate. Point is, if I had enrolled just 3 months later, I would not have had to pay the `living` portion of my loan. My question is…how long till they stop looking for me? I did declare bankruptcy because I became very ill during my second pregnancy, and lost my job. The student loan was obviously not exempt from this. I am rebuilding my credit, but I know one false move and they may find me. I am not a dishonest person…I justify this by thinking that had I stayed on Welfare a couple more years, it would have cost the taxpayer money. I didn`t want to do that…so I went to school thinking I was bettering my life for me and my children. Now I have this debt hanging over my head….how long till they stop looking for me? And if they find me, do I have a leg to stand on??

Posted from: Ontario

how long before my debt is erased?

Questions — Wed, 21 Oct 2009 21:13:43 +0000

i have been living on disability pension now for 9 years.my debt when i became disabled was approx 60k . with interest and penalties it is now over 75k.i have4 no way of making payments on this debt. how long before it is erased?

Posted from: Ontario

Personal Proposal

Questions — Wed, 21 Oct 2009 00:54:50 +0000

My business is not incorporated and therefore I am looking at all my business debt as personal.
I want to continue to operate my business, so would entertain the idea of a Proposal. My debt is close to $200,000.

#l Some creditors, I would like to leave off the list, as I am close to paying them off.
Am I allowed to do that?
Am I allowed to carry on business `as usual` with several of my credit cards, but not all of them?
I have a secured creditor in the form of the bank…would they become part of the proposal? or do they overide the whole works and make the Proposal a mute point?

In otherwords..does all of the debt become part of the Proposal?

#2 Is it possible for me to `negotiate` with some of my creditors and credit card companies, with your help, without going into a proposal or bankruptcy?

Posted from: Ontario

I owe, I owe

Questions — Tue, 20 Oct 2009 15:57:39 +0000

I currently am in about $70,000 debt. All as a result of a separation. My husband and I have reconcilled but the debt is still there. I was considering bankruptcy as I am self-employed but working very little. My issue is that my husbands income is fairly high and I am concerned that this will effect what I have to pay in bankruptcy. Would it be better for me to file a consumer proposal?

Posted from: Alberta

statute of limitations

Questions — Tue, 13 Oct 2009 19:53:53 +0000

I am very confused. What is the statute of limitations on debt in alberta? I have copied and pasted a section from this site:
Alberta – The Alberta Limitations Act sets 2 years as the term which is extended to 10 years if there is a judgement.
What does this mean? I have a 2000.00 credit card debt that 10 years old. Does it fall within that category?

Posted from: Alberta

Debt plan rejected

Questions — Mon, 12 Oct 2009 01:36:14 +0000

I recently had a debit on my account that I could not explain. When I investigated, I found that the debit (which amounted to roughly 20% of my monthly earnings) was the result of a garnishment order in effect to repay a $23,000 debt to CIBC Visa.

I contacted mydebtsolution to help resolve this. Mydebtsolution contacted CIBC to propose a debt plan to pay not only the $23,000 debt to VISA but also the $12,000 Personal Line of Credit owing to CIBC (which was up to date). In response, CIBC said it had `no incentive` to agree to such a plan, especially considering that the garnishment order was in effect.

In this case, are there alternatives to declaring bankruptcy? If I close my personal bank account with CIBC, will the garnishment order follow with my new personal bank account?

Thank you for your time.

Posted from: Alberta

Thinking of separating

Questions — Sun, 11 Oct 2009 13:47:13 +0000

I would like to leave my marriage, but I know financially, I can`t make it on my own, with the huge debt load we have. We owe $35000 in a line of credit, i have an $8000 MBNA MC, an $8000 CIBC Visa, a $6000 TD Visa, and $7000 SEars. Would you recommend bankruptcy?

Posted from: Ontario

Bankruptsy or not

Questions — Tue, 06 Oct 2009 05:26:52 +0000

First off let me say THANKS… in advance for any advise offered here. I am forced retired, and living on a meager disability pension.
I have just recently been gutted by a $10,000 Lawyer fee for a long and rough divorce after 31 years of marrage, What I got away with left me just enough to move away, and try to start a new life, but then I got a back tax bill for $10,000 and have been taxed for the past year at 40% or $550 a month paid in full now, out of a $1800 pension after tax, which left me behind and in arrears with all my other bills and medical expenses, I ended up stealing from Paul to pay Peter which left me currently with about another $40,000 in debt, from credit cards that I used to live on over the past year.
Question is should I try to get a proposal from creditors or go bankrupt, sorry for the long windedness, but I felt a little history might show that I have at least tried to stay responsible and afloat.

Posted from: Nova Scotia

What option to consider

Questions — Sun, 04 Oct 2009 21:15:13 +0000

I owe $25k in unsecured credit card debt and I`m not sure what option to consider in debt relief. I have a really good job, I make about 50k a year, but can only seem to make minimum payments every month. Should i consider a consumer proposal or?????. All my debts are R1, my credit is good just at its maximum.

Posted from: Ontario

Credit Counselling vs. Consumer Proposal

Questions — Sun, 27 Sep 2009 13:31:40 +0000

We are looking at the option of credit counselling for our debt problems. With our unsecured debt of approximately $40,000 we feel that is the repayment amount we can afford, about $660 per month. If we went the consumer proposal route our payment would be alot less and much more comfortable, about $200 per month. My question is, why would we choose the credit counselling route if your credit seems to be affected the same way with all the options other than bankruptcy?

Posted from: Ontario

Consumer Proposal vs Bankruptcy

Questions — Thu, 03 Sep 2009 20:25:28 +0000

I have $80k in credit card debt and would like to know if it is better to offer a proposal than declare bankruptcy, now that new limits will be taking effect? My annual income $72k and I would pay a penalty for declaring bankruptcy. I could manage a repayment in a consumer proposal. Could my bankruptcy extend beyond 9 months under new laws?

Posted from: Ontario

Statute of Limitations in Alberta

Questions — Wed, 02 Sep 2009 16:35:35 +0000

I heard that CMHC is usually sleeping at the wheel when it comes to collection after a bank makes a claim on a default mortgage and foreclosed home. If CMHC does not take action within the 2 years (in Alberta) to collect, is it correct that there cannot be and further proceedings? Where does day 1 of the 2 years period start? Does `action` include all types of contact (phone calls, letters) or only in case of being sued? I read people using the statute of limitations as a defense by just dodging and hiding from any contact from collectors and hoping to get away free.

Posted from: Alberta

To let it go, is this an option?

Questions — Mon, 31 Aug 2009 21:00:35 +0000

I have over 50k$ in debts, all on my credit cards, and have no more job. Since 4months I ignore the phone calls for my late payments on them. What if I just continue to ignore it? Will there be a time where everything will start back to 0, or if I have to declare bankruptcy?

Posted from: Quebec

bankrupsy and car

Questions — Sun, 30 Aug 2009 04:30:36 +0000

I pay my car payments on time will I lose it if i go to credit debt or file bankrupsty on all my debts.

Posted from: Ontario

Ex filing bankruptcy, leaving me with the bill

Questions — Thu, 27 Aug 2009 10:43:52 +0000

I have been separated for 8 months, no signed agreementt but we are almost there. We divided the debt and I could not pay all of mine so I borrowed $29,000 from my parents to pay my part. Now I, owe them, a $5000 credit line, $1300 mastercard and my car. I found out now that he is filing for bankrupcy and I will be on the hook for an additional $45,000 in joint debt that he will be leaving me to clean up. I do not want to file bankruptcy. If I do a consumer proposal what about my parents? I have a mastercard with a $500 limit that has a $0 balance. Will I lose this card? Also, I have a small business (sole) I have 2 cards in my name that are for the business totalling $5000. would this have to be included in a consumer proposal or keep it separate because its a business?
thanks!!

Posted from: Ontario

legal fees

Questions — Mon, 24 Aug 2009 21:12:20 +0000

My bank has now sent out a demand letter for the back payments with the mortgage. They also indicated there would be legal fees involved. I am willing to let them foreclose yet don`t want to file bankruptcy as I would pay too much in surplus income. Am I able to include these legal fees and CHMC shortfall, if any, (as I have approx 30,000 equity) in a proposal with my other unsecured debts.
Thank-you

Posted from: British Columbia

Debt Settlement almost paid off

Questions — Sat, 22 Aug 2009 19:33:04 +0000

In 2004 I signed papers with NCCC on a debt management plan for a few months over 5 years and I have only 3 payments left and am so `happy.` My case worker negotiated with my creditor Scotiabank and we all agreed in order to pay full amount of ove $18,71.39 I needed extened time to do so without accumulating interest and 0 % was proposal and now they might go back on their word I hear and charge me interest after I have only 3 months left. I cannot pay anymore as with the recession I am now having trouble to finally get these 3 payments paid. Can the Scotiabank do this go back on their word but zero interest with me all the time knowing I was finally coming to an end with this debt. It is five yrs and 3 months….

Posted from: Nova Scotia

Options to Bankruptcy

Questions — Wed, 19 Aug 2009 20:24:06 +0000

My parents currently have quite a bit of unsecured debt between the two of them. They recently sold their home to try and use some of the equity to clear up some debt. However, even after doing this, they will still owe approximately 80K in debt. Also, my mum`s income has been reduced due to disability, so they will still have trouble keeping up with payments. They are in their late 50s. Would a consumer proposal work best in this situation?

Posted from: Ontario

Truck Lease

Questions — Fri, 14 Aug 2009 22:25:45 +0000

My husband has a semi truck lease, due to failing health he is no longer able to drive long haul. It is impossible to make enough income driving locally to pay the lease never mind have any income to take home. What are my options.

Posted from: Manitoba

Responsible, but still penalized?

Questions — Mon, 03 Aug 2009 06:15:57 +0000

I noticed a post that mentioned asset sales and wondered this…

If one is attempting to avoid bankruptcy and can sell an item at the cost of what is left owing to pay off the debt of that item and it is a family member, work associate or friend that is interested and can afford to purchase this item, would they still be in danger of losing the item IF bankruptcy is unavoidable, regardless of our efforts? (I do not wish to add the loss of a relationship to the list of losses we are already considering.)

Obviously, the debt connected to the item sold would no longer exist, but would the sale of the asset be considered inappropriate still?

We have suffered a failed business and loss of wages due to an injury (5 months of reduced wages) and are trying to avoid bankruptcy or other options that may harm our long standing good credit rating.

By effectively selling off whatever we can to recover financially, could an action such as this affect us negatively if we fail to recoup enough to make our total debt managable again?

Thank you for your time, it is greatly appreciated,
Looking for a Ray of Light in Ontario

Posted from: Ontario

In to Deep

Questions — Mon, 27 Jul 2009 19:35:16 +0000

I owe Canada and Quebec aprx. $70,000 in back taxes. Is there anyway I can pay them payments for a few years and stop intrest? I am 57 and do not work just widows pension amt $671.00. I am married but these are have nothing to do with my husband We have only been maaried 5 yrs. I want to pay and not go Bankrupt. Is the anything I can do. As of now I can`t even open a bank account for fear they will seize it.

Posted from: Quebec

Trying to get above my bills

Questions — Mon, 27 Jul 2009 19:07:40 +0000

I am paying my credit card bills, but just the minimuns… i am not working and i am going to school right now.. i am being paid a basic living expense from the Gov`t for going to school. My question is what can i do that will help me to get ahead… i have gone to the bank before i was laid off to ask them to consolidate and they turned me down.. i am divorced and i am the one paying child support also.. i dont want to do the bankruptcy thing but what other alternative is there out there for someone that is paying the bills but not getting ahead… i cant keep using one credit card to pay the other one, etc etc… please help

Posted from: Ontario

Can the mortgage company garnish my wages

Questions — Mon, 27 Jul 2009 12:52:13 +0000

My home is going in to foreclosure. It is in both mine and my ex`s name. Can the mortgage company garnish my wages?

Posted from: Alberta

Other options?

Questions — Thu, 25 Jun 2009 01:28:41 +0000

I have about $15,000 in credit card debt and nothing to show for it. I stopped making payments as it was futile. It has been five years since I have been in contact with the debt holders. Is there an amount of time that passes that my debt becomes written off. Like if I wait seven years it is considered a loss or should I declare bankruptcy?

Posted from: British Columbia

Joint debt

Questions — Mon, 22 Jun 2009 06:26:11 +0000

Hello My husband and I are now separated. We owe approx $50000 in debt on visa and line of credit joint. His father is a millionaire and has provided me and my husband with support for 2 years with wages from his businesses since my husband has cancer and I was a nurse that took care of him for the past two years. My husband kicked me out. If I declare bankruptsy does he have to too? Also, we have a house with his father joined 3 ways. How do I deal with this? Thanx

Posted from: British Columbia
Columbia

suing primary borrower to avoid bankruptcy

Questions — Fri, 12 Jun 2009 13:51:35 +0000

I cosigned a loan which for which the primary is now in default. I have been demanded to pay the debt. With other debts, this would put me into bankruptcy or at least a consumer proposal. Can I sue the primary borrower for the outstanding, and give it to the lender? or do I have to make payments on the debt before I can recover anything from the delinquent person?

Posted from: Alberta

Consumer Proposal when on Strike

Questions — Fri, 05 Jun 2009 20:41:16 +0000

I have roughly $35,000 in unsecured debt ( Credit card, Line of credit, Credit loan) and A $140,000 mortgage and a Car Loan (car loan is almost paid off, $1800 remaining).I have not worked in 9 weeks and counting due to a labour dispute with my employer. So basically I have no income other than strike pay which is meager at best. ($170/week). Making payments on anything has been impossible during the labour dispute and I am already in arrears on my credit payments but i am up to date with mortgage although i have asked for deferment on the mortgage and got approved for 12 weeks.A friend of mine is suggesting that i file for bankruptcy and of course I do not want to do this as the last 5 years of my life will be for nothing.
i have asked for deferment on the mortgage and got approved for 12 weeks.A friend of mine is suggesting that i file for bankruptcy and of course I do not want to do this as the last 5 years of my life will be for nothing.

What are my options?

Posted from: Ontario

Stop a bankruptcy from proceeding

Questions — Wed, 03 Jun 2009 20:02:05 +0000

I signed an application to personal bankruptcy on May 6, 2009 while under duress and not thinking clearly

Can I stop the process by paying the Trustee`s fees and disbursements before it proceeds any further. The first meeting of the creditors has not yet happened.

Posted from: Manitoba

Consumer proposal

Questions — Wed, 03 Jun 2009 00:36:25 +0000

Can I get a consumer proposal after realising I made a mistake by signing up with a credit consolidation company?

Posted from: British Columbia

Separate before or after going bankrupt

Questions — Mon, 01 Jun 2009 17:37:50 +0000

I`m common-law with 2 dependents. My partner and I are planning on separating, we have joint debts- 2 bank loans, holiday trailer payment and a mortgage, there are is no equity in the house or trailer. I have $25000 in credit card debt and I want to file for bankruptcy. My partner does not want to file for bankruptcy. Is it better to file before or after we separate? My concern is my responsibility towards the joint debts, if I file for bankruptcy, we separate and I am left with my portion of the joint debt, and I cannot afford to pay it, I will be stuck. What are my options? Thanks.

Posted from: Alberta

which to do

Questions — Wed, 20 May 2009 15:16:54 +0000

my wife has large credit card debts. total card debt is $30000. she has a unsecured line of credit at the max at the bank $18000. The house we live in is in my name only, no morgage. She has tried to get a debt consolidation loan at her bank but so far it has been turned down (the would like to morgage our house and 160 ac of land). I farm and show very little income on my own tax form. The farm is in a limited company and i am the major share holder. It pays all the utillites and ins and land taxes. She has a loan that i am co signer on also about $7000 I make the payment. Between child care for 2 and her payments she is getting behind more every month. she make about 3200/month. She has some rrsp investments about $16000 not locked in. would a consumer proposal be a option. or personal bankruptcy or try a diff lender for a debt load.
has a loan that i am co signer on also about $7000 I make the payment. Between child care for 2 and her payments she is getting behind more every month. she make about 3200/month. She has some rrsp investments about $16000 not locked in. would a consumer proposal be a option. or personal bankruptcy or try a diff lender for a debt load.
BJ

Posted from: Alberta

proposal

Questions — Tue, 19 May 2009 03:53:36 +0000

Is it possible to do a consumer proposal after having filed for bankruptcy. I just got a new job working for commission. It may be possible for me to make some really good money with this job. I am worried that my bankruptcy will be extended (I have 5 months left) due to surplus income if I do make some big commissions. If this happens, would it be possible to do a proposal and pay off the debt as quickly as possible and avoid a possible bankruptcy extension?
Thank you for this service you provide

Posted from: British Columbia