Personal Bankruptcy Canada Blog » Bankruptcy

Anonymous

Questions — Wed, 22 Feb 2012 10:19:06 +0000

Hi, I’ve searched other questions but nothing has quite answered mine. I’m in credit card debt ($50K-ish…) and unemployed. I understand about being judgement proof, but can I still file for bankruptcy anyway? I’d like to get out of this now so as when I do find work I can quickly get back to building my credit.

Posted from: Ontario

My mother lives with me.

Questions — Wed, 22 Feb 2012 10:18:10 +0000

My mother lives with me. The condo is in my name and I really don’t care to keep it. She contributes to the household expenses. Would this be considered income when I declare bankruptcy?

Posted from: Ontario

Secured Credit Cards

Questions — Tue, 21 Feb 2012 19:00:57 +0000

are you aloud to have a secured credit card while you are in bankruptcy and what is the limit on them..i’m looking to get $200.00

Posted from: Ontario

My spouse refuses to submit paystubs

Questions — Tue, 21 Feb 2012 18:55:42 +0000

I am thinking of going bankrupt. I have aproximately 38000 of unsecured debt, wich includes credit cards and a student loan from 2001. It is my understanding that I have to include my spouses income in order to calculate the total household income. He doesn’t wany any part of this. And we do not own or have consigned together for anything. I have a daughter from a previous relationship and we have a son together. Can I still go bankrupt if he doesn’t comply? if so how. Please advise.

Posted from: Ontario

MISS LINDA MACUMBER

Questions — Fri, 17 Feb 2012 19:02:45 +0000

I HAVE TO SEE A LAWYER NEXT WEEK ABOUT FILING BANKRUPTCY. I AM ON 2 VERY SMALL PENSIONS, OMERS AND CPP. CAN MY CREDITORS FREEZE OR TAKE MY PENSIONS. I HAD TO QUIT WORKING AT 56 DUE TO MULTIPLE HEALTH ISSUES AND TAKE REDUCED PENSIONS. THIS IS ALL I HAVE TO LIVE ON AND HAVE NO OTHER FAMILY FOR HELPING ME,

Posted from: Ontario

Deceased Undischarged Bankrupt

Questions — Thu, 16 Feb 2012 22:10:06 +0000

My brother died recently as an undischarged bankrupt. He was in court with his ex spouse at the time and she has subsequently appealed the provincial court decision. As he has no estate, no will, and hence no legal representative I as one of the primary creditors wish to act in the court to obtain the monies ($25,000) that is held in trust pending the appeal decision. The trustee will not pursue the matter. How do I enact Section 38 of the Act and get a court order to act on my own???

Posted from: British Columbia

House and RIF

Questions — Thu, 16 Feb 2012 16:05:19 +0000

My daugthter and I own a house. We are tenants in common. If one dies, the house goes to the other owner. The equity in the house is approx. 14%.
I am retired with smaller income now and cannot pay my credit card dept.
I have locked in RIF.
What will hapen to our house and my locked in RIF if I go bancrupt.

Posted from: Ontario

Declaring Assets

Questions — Wed, 15 Feb 2012 11:54:57 +0000

My parents recently transferred 2 farming properties to myself and 3 other siblings as their health was failing and they wanted to avoid any complications that could arise from willing the properties to us upon their death. I now have joint ownership of these properties on paper. One of my siblings is managing the farm and earning income from it, but the rest of us have no involvement in the operations, nor do we receive any income from it. Ideally, the sibling that runs the operations will buy the rest of us out at some point, but this is really not feasible for him right now and still a long way off. Although technically I have joint ownership of these properties on paper, they are not worth anything to me right now. If I were to file bankruptcy, how would these assets be affected? I don’t want to negatively impact my siblings stakes in any way as they have nothing to do with my debts.

Posted from: Ontario

Taxes

Questions — Wed, 15 Feb 2012 11:53:52 +0000

I would like to know if bankruptcy payments are tax deductible.

Posted from: Ontario

Vehicle

Questions — Tue, 14 Feb 2012 20:30:50 +0000

I still owe payments on my vehicle in AB but I use my vehicle everyday for work and live in BC, will I need to give up my car if I still owe more then $5000 but less then $10,000?

Posted from: Alberta

What happens if I dont declare bankruptcy?

Questions — Tue, 14 Feb 2012 15:34:11 +0000

I just wondering if I dont declare bankruptcy, my credit would be clear after 7 years or I have to declare bankruptcy in order my credit goes back to normal after 7 years.

Posted from: Ontario

Finding the debt.

Questions — Tue, 14 Feb 2012 15:33:39 +0000

I’ve been so good at running away from my debts that I don’t know where to begin to hunt them down. Apart from my debts from TD (Visa and Line of Credit) all my other debts have went into 3rd party collections. All debts are from 2007 or before.

I simply don’t know where to start looking. Contacting each company just results in being told that my account was sent to collections.

Would submitting my credit chart from Equifax be enough for my Trustee or do I need to figure out a way to hunt all of these down.

Thanks so much. Your site is incredibly helpful!

Posted from: New Brunswick

Timing of OAS & CPP Benefits

Questions — Mon, 13 Feb 2012 16:20:14 +0000

I will be going bankrupt soon and all I have for income is OAS and CPP of approximately $1,395 per month so I am hoping to qualify for a nine month bankruptcy. My spouse is unemployed but will qualify for OAS and CPP of $1,125 in about one year from now. Nine months of my bankruptcy would be completed before my spouse qualifies for OAS and CPP. The total of our pensions would put us over the allowable net income for a two person household before

Knowing that my wife will receive OAS and CPP a year from now, would my trustee impute my spouse’s income and make me be a 21 month bankrupt?

Posted from: Ontario

What’s included?

Questions — Mon, 13 Feb 2012 16:12:42 +0000

Are personal private debts included in bankrupcy?

Posted from: Ontario

Voluntary Reposession

Questions — Fri, 10 Feb 2012 15:20:40 +0000

Due to a very negative circumstance, we are considering allowing our lender to repossess our vehicle. Once they take the vehicle, are they able to sue for any deficiency between what is owing on the loan and what they receive for the vehicle at auction?

Posted from: Alberta

Can I be protected from legal action?

Questions — Mon, 06 Feb 2012 17:18:25 +0000

Hello, I have a few questions would like to ask…
1. what will happen to the annual tax return of mine? Say, I file the 2011 tax return before filing my personal bankruptcy or after filing my bankruptcy?? Also I read that there could be 2 times of filing my tax return during the same year that I file my personal bankruptcy??

2. I would likely be having a civil law suit against me involing a car accident, and I am assuming will be a huge sum of money that I will be sued at. However, I really dont have anymore extra money, I need to maintain my own least living expenses and I am getting financial support from Government EI now (jobless now), what I would like to ask is that would filing the bankruptcy protect me from the legal action if I dont win in the court??

Thank you very much, very much appreciated

Posted from: Ontario

Bonuses/RRSP

Questions — Mon, 06 Feb 2012 15:01:48 +0000

I have just found out that I will be receiving a bonus from my work. Will this amount have to be included in my surplus? Also are my RRSP contributions included in my surplus income?

Posted from: British Columbia

Senior with Dementia

Questions — Sat, 04 Feb 2012 13:30:00 +0000

My Dad is 86 years old and is in a long term care residence. I am the only child and have power of attorney, he has about $5000 in a bank account, and $15,000 in credit card debt. I have been making the min. Payments every month. I thought Of calling credit card companies to reduce his interest rate, someone mentioned filing bankruptcy for him, does this make sense?

Posted from: Quebec

bank account

Questions — Fri, 03 Feb 2012 16:02:10 +0000

once a file what happens to my money in my bank account? does the trustee take some of it? say like i have $ 4000.00 in there….really stress out

Posted from: Ontario

rent to own

Questions — Fri, 03 Feb 2012 12:30:59 +0000

Is it possible to rent to own while making payments to the backruptcy program?

Posted from: Ontario

Just checking

Questions — Wed, 01 Feb 2012 01:25:21 +0000

Is (Deloitte) a good office to file bankruptcy with?

Posted from: British Columbia

leanne

Questions — Wed, 01 Feb 2012 01:23:29 +0000

if im a senior citizen and cant work anymore because of illness and cant afford to pay off credit cards and small debt can i claim bankrupsy i also dont own a house just rent

Posted from: Alberta

Length of Undischarged Bankruptcy

Questions — Tue, 31 Jan 2012 06:55:34 +0000

My pension income is approximately $600 per month over the allowable bankruptcy limit for my size household so that I will have to pay the trustee $300 per month and my bankruptcy will have to be 21 months long instead of nine months. I heard somewhere that if someone like a relative or friend “prepaid” the $300 per month for me, for every $300 that is paid the actual time I am an undischarged bankrupt can be reduced by a month. Is this true?

Posted from: Ontario

pursuing personal bankruptcy

Questions — Mon, 30 Jan 2012 20:55:13 +0000

My wife are are currently unemployed in Alberta have lost our Alberta jobs, lost our home in alberta as security to a loan.We have other possible creditors who might pursue us.
We have a 48′ sail boat in Vancouver we will be making our primary residence worth $150,000
Question, can we move onto the boat and will it be deemed a primary residence having moved from Alberta?
Should we file in Alberta or BC?

Posted from: Alberta

Sell asset before I file

Questions — Fri, 27 Jan 2012 15:58:08 +0000

Can I sell my second car before I file for bankruptcy. Would this look suspicious even if the profit went to overdue utility bills. Car is only worth 1000.

Posted from: Alberta

CPP & OAS

Questions — Fri, 27 Jan 2012 02:49:32 +0000

I will have to go bankrupt soon and will also turn 65 around the same time. I would like to delay taking my CPP so I will get a higher monthly benefit when I am older. Can my trustee force me to apply for CPP?

Can the trustee force me to apply for Old Age Security?

Posted from: Ontario

surplus income

Questions — Thu, 26 Jan 2012 16:41:13 +0000

I am a bit confused as to which figure is used to determine surplus income. Is it your income before or after taxes?

Posted from: Ontario

Bankrupt and child tax

Questions — Tue, 24 Jan 2012 16:31:12 +0000

Monthly I receive $200 dollars for the child tax credit from the government I put this money towards RESP for my kids will I loose this benifit or their RESP s ????

Posted from: British Columbia

Separation Question

Questions — Mon, 23 Jan 2012 19:11:13 +0000

My husband and I are separating and we will both need to claim bankruptcy. Should we make an appointment to see a trustee together, or do we need to make separate appointments? (All of our outstanding debts are in both of our names).

Posted from: British Columbia

Left Credit In Limbo, What are my options

Questions — Thu, 19 Jan 2012 19:33:51 +0000

I initiated my bankruptcy in 2005-04, However I failed to make financial reports and pay the surplus. After failing to do so my trustee closed my file and sent me a letter saying it would cost me an extra $1000 to get discharged… This was a long time ago and I was young and stupid and could barely make ends meet.

What are my options now to get my credit fixed? I make good money now and the surplus payment would be considerable. Can I change my mind and do a consumer proposal after this long? Do I have to see the same trustee or can someone take over my case? If I proceed with the bankruptcy would the surplus payments be based on what I made the first year of my bankruptcy or what I make now?

Thanks,
K

Posted from: Ontario

Surplus income shortfall

Questions — Thu, 19 Jan 2012 19:30:25 +0000

I have been paying my trustee $482/mo for my bankruptcy proposal. This includes payment for surplus income. I worked overtime, but have not paid the surplus income on the overtime. What will happen with my bankruptcy if I cannot afford to pay the surplus income payment on the overtime on my last scheduled payment to my trustee?

Posted from: Ontario

Anonomys

Questions — Thu, 19 Jan 2012 19:28:30 +0000

i am a single father of 1. Can i claim my 9 year old child as a 2 peson house and claim my childcare expenses at the same time?

Posted from: Alberta

Bankruptcy and Financial Assistance

Questions — Thu, 19 Jan 2012 15:19:43 +0000

Is their a more economical way to claim for bankruptcy if you are having trouble getting off of welfare. I would like to start improving my credit direction and I am not able to find permanent employment. The bankruptcy fees are not affordable when living with financial assistance.

Is their no way to start a bankruptcy claim with less fees for financial assistant individuals?

Posted from: Quebec

Previous Tax years

Questions — Wed, 18 Jan 2012 18:49:29 +0000

I lent money to my business and it went bankrupt. The loans give me a tax loss that I understand I can apply against income for the past three years and get a refund or apply against future income in the next 10 years. I am going bankrupt. Will the trustee make me use the losses against previous years income so there would be a refund he could apply against my debts?

Posted from: Ontario

Credit Proof

Questions — Wed, 18 Jan 2012 01:22:19 +0000

My question is if I should claim bankrupt if I am credit proof. I am self employed and last years income was $7000. I expect to earn less this year. I have no assets and really no employment prospects. I can no longer pay my credit card bills, line of credit, mortgage or camper trailer loan. I’ve been trying to sell my house for almost a year for 124000 which I owe $98000 on. I can’t find a buyer willing to pay that amount. I’ve been trying to sell my trailer for what is owed, 33000 and can’t find a buyer. It”s blue book value is around 15000. Should I be telling my credit cards I have no income and no assets, telling my trailer loan the same and just give my house and trailer back to the mortgage/loan holders. I don’t want to keep the house ….. it’s only worth what one is willing to pay and that seems to be what is owing. I don’t want the trailer when what is owing on it is twice what it is worth. Should I just explain my situation to the creditors that I have no real income and no assets to come after and leave it at that and not claim bankrupt? Will the credit cards, line of credit eventually right off the loss as a cost of doing business? I understand the banks will take back the house and trailer and that is fine by me.

Posted from: Ontario

Sean Mitchell

Questions — Wed, 18 Jan 2012 01:16:01 +0000

What is the dollar amount to declare bankruptcy in Canada?

Posted from: Ontario

CA

Questions — Sat, 14 Jan 2012 02:23:03 +0000

We declared bankruptcy 2 months ago.We have both received letters to see the official receiver at the end of this month.I read that this is rare in first bankruptcies.Everything has been done properly the way it’s supposed to be.Why would they want to see us and what questions do they ask?

Posted from: Ontario

Ms. A

Questions — Fri, 13 Jan 2012 00:20:48 +0000

I still have a legal bill to pay in regards to child custody, does this get included in filing bankruptcy or do I still pay this?

Posted from: British Columbia

Joint property for non-filing spouse

Questions — Tue, 10 Jan 2012 23:44:01 +0000

I have a complicated question and I would really appreciate if you would answer this for me. I would help me alot!

My husband and I have a house.

We have separated in the past year, although neither one of us has filed legally for separation. After he left, he stopped paying his share of the mortgage on the house. My adult son has been helping me pay for the full mortgage every month since then.

My question is – if my husband files for bankruptcy, would I be able to pay his half of the equity to keep the home under my name? Or would my husband be able to sell his share of the home to my son, who has been helping pay his share of the mortgage anyway, to pay his creditors prior to filing for bankruptcy.

If he files for bankruptcy, and we are separated, would the trustee offer me to buy out his share of equity? and would buying out his share of equity mean that I can be the sole owner of the house.

Please advise! I am in desperate need of advise in order to try and secure my future.

Looking foward to your response.

Posted from: Ontario

INCOME TAX

Questions — Mon, 09 Jan 2012 21:20:27 +0000

DOES PERSOANL INCOME TAX QUALIFY FOR BANKRUPTCY

Posted from: Saskatchewan

family allowance

Questions — Mon, 09 Jan 2012 14:04:35 +0000

If I file for bankruptcy can they take my childs family allowance?

Posted from: Nova Scotia

RESP

Questions — Mon, 02 Jan 2012 21:37:52 +0000

Are RESP exempt from bankruptcy.

Posted from: Ontario

never finished paying

Questions — Thu, 29 Dec 2011 16:46:10 +0000

I never finished paying our trustee. our 21 months was up in sept but no one has contacted me.. what happens now?

Posted from: Alberta

Milage counted as income?

Questions — Tue, 27 Dec 2011 12:39:54 +0000

I get paid per kilometer for use of my car, I pay fuel and other associated costs. Since I go out of pocket for this and get reimbursed through the milage , is considered income?

Posted from: Alberta

Filing taxes during bankruptcy

Questions — Tue, 27 Dec 2011 12:39:21 +0000

I had surplus income; therefore, my bankruptcy period was extended to 21 months. I am wondering how many tax returns my trustee would file during this period?

Please let me know.

Thanks.

Posted from: Ontario

bankruptcy start date

Questions — Fri, 23 Dec 2011 12:24:47 +0000

When does a bankruptcy start? The day you sign papers with a trustee or the day its registered with the superintendent of bankruptcy?

Posted from: Ontario

miss

Questions — Fri, 23 Dec 2011 12:24:38 +0000

I just received a letter from my trustee that says notice of taxation of administrars account and discharge of administrator ( rule 100) what does this mean

Posted from: British Columbia

Surplus Income

Questions — Thu, 22 Dec 2011 17:28:37 +0000

I was paying $225 a month to my trustee since last October and had to lower my payments to $100 in July because I could barely pay my bills. I just looked online to see if the surplus income amount has changed for 2011 and I see that if I’m making less than $200 surplus income…I may not have to pay and can be discharged? Am I totally confused or is it to the discretion of the Trustee? Your reply is much appreciated as I’m still having trouble at $100 a month.

Posted from: Alberta

When CRA freezes your bank accounts

Questions — Wed, 21 Dec 2011 14:48:18 +0000

What`s the next step if CRA froze your bank account and you don`t own any assets and no money three days before christmas? Help!

Posted from: Alberta

Monthly Surplus Income calculation

Questions — Mon, 19 Dec 2011 21:05:51 +0000

Hi,I would like to know how monthly income surplus is calculated if the bankruptcy last for 21 months?
1. add 21 months of income divide by 21 to give average monthly income and then subtrat OSB standard or
2. Within the 21 months, just pick those months that income are over the OSB standard allowed and subtract to give the surplus income?

Thank You

Posted from: Ontario

Creditors meeting

Questions — Wed, 14 Dec 2011 19:25:32 +0000

I heard that upon filing bankruptcy, there is a creditors meeting. My question is do I have to be present at the creditors meeting?

Posted from: Ontario

John

Questions — Mon, 12 Dec 2011 18:43:36 +0000

Can a bankruptcy be challenged in any way by an individual that is not in bankruptcy but still directly affected?

Posted from: Ontario

Landlord declaring bankruptcy

Questions — Mon, 12 Dec 2011 12:16:22 +0000

I just moved into a property and now my landlord tells me he might be declaring bankruptcy? What do i do? Do I now have to pay my rent to a trustee or continue to pay the landlord until told otherwise. Can the trustee kick me out, or the bank if a foreclosure is involved?

Posted from: Ontario

procedures of bankruptcy

Questions — Fri, 09 Dec 2011 12:42:15 +0000

i filed bankruptcy , should i get info from the debtors that i filed and that its accepted and who do i know its accepted

Posted from: Ontario

morgage?

Questions — Tue, 06 Dec 2011 18:16:06 +0000

what happens to my morgage if i claim bankruptcy, its with my common law?

Posted from: Alberta

wage garnishment

Questions — Mon, 05 Dec 2011 22:50:44 +0000

If i have a wage garnishment against me due to provinical fines owed, would this stop from a bankruptcy or consumer proposal?

Posted from: Ontario

gifted money or gift cards from family

Questions — Mon, 05 Dec 2011 12:38:01 +0000

I am just under the income surplus so that I can be in bankruptcy for 9 months. Unfortunutly, my expenses are really tight. If my sister sends me a $100 or a gift card to I have to put it under income for that month. This would put me over the amount alotted, so would i have to be in bankruptcy for 21 months instead of 9 months?

Posted from: British Columbia

Saving….during bankruptcy

Questions — Fri, 02 Dec 2011 15:31:11 +0000

We are officially filing bankruptcy on December 21st. In preparation for this process our trustee has told us to stop making minium payments for the month of December on our debts. We are doing some of the essential things we were unable to do like put new tires on our car ect. We were hoping to take a portion of the funds that we would normally have used to make our minumum payments this month to begin an emergency fund/savings account. However, I am wondering if any money we accumulate in a savings account, both in these three weeks leading to signing and during our 21 month bankruptcy will be seized as well.

Posted from: New Brunswick

Retention of Cash When Filing For Bankruptcy

Questions — Thu, 01 Dec 2011 21:25:30 +0000

I lost a well-paying job several months ago and have little prospect of gaining meaningful employment anytime soon. I have been maintaining monthly interest payments on approximately $150K in credit card debt from my savings but realize that I have no hope of ever paying this off so I am contemplating bankruptcy. My only income is Employment Insurance and I have never been bankrupt before, so I would probably be a nine bankrupt. My monthly expenses are approximately $1K more than my Employment Insurance income and I have been making up the difference from my savings. Assuming my monthly expenses are reasonable, would the trustee let me keep $9K from my savings to make up the deficiency I will experience during the nine months before using the balance to pay creditors?

Posted from: Ontario

done4

Questions — Mon, 28 Nov 2011 15:24:32 +0000

Family company, I’m diagnosis as a pathological gambler by medical specialist, I was removed from company as President, all shares given to wife. Do I still have to claim any assets from when I was with the company. I had not choice in leaving the company. I want to get out of debt, I’ve been told the Trustees do not accept gambling debts

Posted from: Alberta

assets that need to be declared

Questions — Mon, 28 Nov 2011 15:09:03 +0000

I am considering to file personal bankruptcy and did not find the answer in FAQ :
I & my father qualified for a mortgage for a house 5 yrs ago, therefore jointly hold the house title & mortgage, my father contributed 100% for the down payment, since he could not qualify for the mtg. I put my name on it just to qulaify for the mtg. Do I need to declare this house being my assets whether I live in it or not?. Will it effect in any way to his credit, can debtors can come after the house ?.

Posted from: Alberta

Appeal term of Bankruptcy

Questions — Thu, 24 Nov 2011 03:14:13 +0000

Can I appeal to the court to have bankruptcy term reduced from 3 years to 2 years due to financial hardship? This is my second bankrupcty due to a failed business and I also have surplus income from current job.

Posted from: Ontario

income

Questions — Wed, 23 Nov 2011 21:30:38 +0000

How much income can we keep for 2 adults

This would be our second time for going bankrupt

Posted from: Alberta

Incorporated companies

Questions — Wed, 23 Nov 2011 14:56:25 +0000

My wife and I both own small incorporations. We are not on payroll but simply cut ourselves checks each month. At the end of the year our accountant calculates CPP, etc. and we square up with CRA. Our income varies widely from month to month and year to year. How do we prove income when we don’t have a regular income or a standard payroll check? Does the trustee use printouts from our personal bank accounts, incorporation accounts, or go off the NOA from Revenue Canada?

Posted from: British Columbia

Defaulting on bankruptcy

Questions — Tue, 22 Nov 2011 20:36:18 +0000

What happens if someone defaults on their bankruptcy? Do they get fined or sued? Could they wind up facing jail time?

I mean this person has already filed for bankruptcy. What happens if it fails?

Posted from: Alberta

CMHC and Bankruptcy

Questions — Fri, 18 Nov 2011 11:48:44 +0000

Can CMHC come after you for the shortfall if you’ve claimed bankruptcy?

Assuming foreclosure came first, then CMHC comes to us for shortfall and we then file bankruptcy….what happens to the shortfall then?

Posted from: British Columbia

Ammendments

Questions — Thu, 17 Nov 2011 18:25:36 +0000

Can office expenses ie. percentage of mortgage, heat, hydro, etc. be deducted from my surplus income as a necessity of conducting business and earning a living

Posted from: Ontario

Gail

Questions — Mon, 14 Nov 2011 14:54:03 +0000

Since my unsecured debt is solely in my name, but the house is jointly owned between my husband and myself, can they try to take our house anyway?

Thank You

Posted from: Nova Scotia

made a mistake

Questions — Fri, 11 Nov 2011 07:56:48 +0000

I filed for personal bankruptcy 5 years ago. I failed to fulfill my duties by not submitting the required monthly payments so I could be discharged. This was poor judgement on my part. What are the consequences of this as I’m now back on my feet with good income? Can creditors still come after me, would my debts be cleared after six years?

Posted from: British Columbia

Claiming bankruptcy – how does that affect family loans

Questions — Fri, 11 Nov 2011 07:56:11 +0000

I owe my brother $5000 and am paying him back $200 per month. I borrowed it a few months ago to pay off a loan that had a payment per month of $340 – thereby lowering that repayments by $140. However I am still fighting with additional $650 of debt repayments per month.
If I file for bankruptcy, how does that affect the money I owe my brother? I want to make sure I pay him back in full as he was generous to help me out in the first place.

Thank you.

Posted from: British Columbia

Bankruptcy was not necessary

Questions — Wed, 09 Nov 2011 03:29:51 +0000

I went bankrupt on the advise of my trustee as I was assessed by CRA to owe $80K in taxes (amounts were set by CRA as I hadn’t filed my taxes in years). My trustee was supposed to file my back taxes but it wasn’t done and he lost my paperwork for 1.5 years during my bankruptcy. When I finally found out, had someone else do my taxes and now instead of owing $80k to CRA, THEY are the one that should have paid me back around $10K as a result of the reassessment. My bankruptcy had told me not to pay my mortgage as CRA had a lien on my house, and as a result I was foreclose on my house as well. Are there any recourses in this type of situation from Trustee mismanagement?

Posted from: Alberta

ex-wife bankruptcy

Questions — Tue, 08 Nov 2011 12:16:23 +0000

If my ex-wife files for bankruptcy and we have a line credit with both our names on it what happens to it? Do I have to pay all of it or is it reduced in half since she is going bankrupt?

Posted from: British Columbia

Worried

Questions — Fri, 04 Nov 2011 16:39:40 +0000

I’m seriously worried I was just told a a landlord has got a judgement against me… Can they attack my bank account

Posted from: British Columbia

Sine die bankruptcy: how long does it remain on file?

Questions — Fri, 04 Nov 2011 14:32:00 +0000

I was in Alberta and had to declare bankruptcy, about 8 years ago. Due to unforeseen circumstances, I was forced to leave the province and was unable to fulfill the duties of my bankruptcy. My bankruptcy was adjourned “sine die”, and my tax refuns for the last 7 years (total in excess of the bankruptcy fees agreed to) have been held. How long can I expect this to go on for, and when, if ever, would the courts discharge the bankruptcy?

Posted from: Alberta

mutual funds

Questions — Fri, 04 Nov 2011 14:23:00 +0000

I am considering bankruptcy. I cashed in my (self-directed) mutual funds about two months ago to repay my friends and family who I owe money to, but there is no way I can meet my cost of living and payments to creditors at this time. But a friend in finance tells me that my cashing in mutual funds may be suspicious. Will I be expected to come up with all that money if I file for bankruptcy? Or to ask my family for it back? help?!

Posted from: Ontario

exemptions

Questions — Thu, 03 Nov 2011 20:02:55 +0000

Do trustees visit house to check for example furniture value? or they trust us if we say if we give them an estimate let say $1000 max?

Thank you

Posted from: Ontario

equity

Questions — Thu, 03 Nov 2011 20:01:14 +0000

I have an asset and want to keep- Can I include it in monthly bankrupcy payment as I have no money to buy it out?

Posted from: Ontario

Surplus income and additional payments

Questions — Wed, 02 Nov 2011 14:27:39 +0000

All the examples on this website talk about “surplus income” and explain how to calculate this surplus…and then explains what “additional” payment would be required. However…I don’t see anywhere…what the payment is “additional to”….what is the basic amount before the “additional” (based on the surplus)

Posted from: Alberta

Wages Garnished?

Questions — Tue, 01 Nov 2011 14:11:20 +0000

Hello,

My boyfriend and I are common law, and he is considering bankruptcy. All the debts are in his name, but since he has been laid off and is currently collecting EI, is my income in jeopardy of being garnished?

Thank you.

Posted from: Ontario

Conditional Order

Questions — Fri, 28 Oct 2011 15:48:45 +0000

We have received a Conditional Order until we pay back $55,000. Which was purchasing back equity in our house, RESPs and excess income. We can’t be absolute discharged without paying this all back. If we sell our house and have equity of $200,000 does only $55, 000 go to Trustee or all of the $200,000 to pay our creditors since we are still in bankruptcy?

Posted from: Alberta

garnishing

Questions — Thu, 27 Oct 2011 20:16:59 +0000

When can creditor garnish wages? do they inform us first or the employer or bank will? Thinking about filing and receiving daily calls from credit cards companies( not collection agency yet) just want to know if we will be notified.

Thank you

Posted from: Ontario

Sole prioprietorship and disclosure

Questions — Wed, 26 Oct 2011 20:58:48 +0000

Due to being over my head with unfiled taxes, student loans, and credit card debts, I’ve talked to a bankruptcy trustee who has reviewed my options and suggested that personal bankruptcy could be my best option.

The problem is that I’m self-employed. The trustee pointed out that if I operate as a sole proprietorship I am obligated to disclose to clients/customers that I am an undischarged bankrupt. I have no doubt that that will have a negative effect on my ability to make a living. The trustee suggested incorporating a business with someone else as the director (since I can’t while in bankruptcy), but I’m very hesitant to involve someone else in my mess.

Is there any clever, legal way to operate as a sole proprietor and not tell my clients?

Posted from: Alberta

housewife in ontario

Questions — Wed, 26 Oct 2011 17:29:05 +0000

How long are we able to stay in our home after bankruptcy has been claimed, or do we need to vacate prior to claiming?

Posted from: Ontario

proposal – bankruptcy

Questions — Wed, 26 Oct 2011 17:28:56 +0000

can i go bankrupt after i realized a proposal is still hard for me to live?

Posted from: Ontario

joint ownership in home

Questions — Mon, 24 Oct 2011 22:20:42 +0000

My father in law owns half of my home. My husband and I own the other half. My husband and I would like to declare bankruptcy. My husband and I have a secured loan on the home that has nothing to do with my father in law. He is not listed on the loan or responsible for it. Would my father in laws equity in the home be included in our equity calculations? We are trying to keep our house.

Posted from: Ontario

Benefit to filing?

Questions — Mon, 24 Oct 2011 16:14:58 +0000

I am recently separated and my ex-spouse has left me in a shockingly disastrous financial situation. We currently both own the family home, which is valued at $250,000, and we have about $160,000 equity in it. Through the separation agreement, I ‘inherited’ a $50,000 line of credit.
My ex-spouse has 2 lines of credit in addition to mine, one for $52,000 which is an equity line against the house, and one for $50,000 which is a personal line of credit. Although he is supposed to be responsible for both of those lines of credit, he has defaulted on both and the bank is now threatening legal action. Unfortunately, I am the co-signer on both, although I have an amendment to the separation agreement that indemnifies me from the second one – not sure if this is binding in a bankruptcy situation?
I know nothing about personal bankruptcy, but if I file, does the bank come in and take all the equity out of the home, to pay off not only ‘my’ $50,000 LOC but both of his (ours) as well? Do they take the home? I have a vehicle which I own outright, valued at $10,000 – do they take that?

And so then am I left with a $250,000 house that I have no equity in and am forced to sell, leaving me with no collateral whatsoever for a new home and a broken credit rating?

What would the benefit to declaring personal bankruptcy be to me?

Thank you so much.

Posted from: New Brunswick

Commissioned Spouse of Bankruptcee

Questions — Sat, 22 Oct 2011 16:35:29 +0000

I declared bankruptcy last year, and my wife is disclosing her income. My wife is a 100% commissioned sales person, making around $50K before expenses. She has been submitting her business expenses, and net income on the monthly schedule, however our trustee is discounting many expenses – ones that our accountant submits to Revenue Canada (successfully). The trustee also discounted medical expenses that were accepted by Revenue Canada. We are starting to lack confidence in the trustee’s abilities. What can we do? Can we ask for a different trustee? The discharge should happen mid-December, and we don’t know what the process is.

Thanks,

Posted from: British Columbia

Bankrupcty affect common-law spouse?

Questions — Sat, 22 Oct 2011 16:35:03 +0000

I declared bankruptcy in Feb. of this year and will not be discharged until approximately November 2012 as this is my second bankruptcy. I have a new common-law relationship. I’m nervous about informing my trustee of my new address and relationship because I’m worried they may ask for her financial information to report along with mine. Should I be concerned about this?

Posted from: Ontario

Bankruptcy

Questions — Sat, 22 Oct 2011 16:34:19 +0000

Can a civil judgement and lawyer fees be included in a bankruptcy.

Posted from: British Columbia

How is household size determined?

Questions — Sat, 22 Oct 2011 16:33:40 +0000

Good afternoon. With regards to the calculation of surplus income based on household size, how exactly is the household size determined by the trustee?

I have my parents living with me but because they did not work in Canada at all and have not reached 65, their only source of income comes from my wife and I.

Can I actually include them when determining my household size since that will bring surplus income down about $1,000 each month.

I doubt the trustee will double count the income we provided both of them. And really, technically, that is not income because it isn’t even earned.

Thank you.

Posted from: Ontario

Mrs.

Questions — Sat, 22 Oct 2011 16:33:10 +0000

Hi. I need to know if the taxes on excess TFSA amounts for a year before the bankruptcy are included in the bankruptcy. I recently received a TFSA Notice of Assessment showing BO, Please advise.
Thank you

Posted from: Ontario

Individual filing for a spouce

Questions — Wed, 19 Oct 2011 06:08:09 +0000

Can a spouce file as an individual to clear the debts that are in their name only without affecting the other spouce finacially?

Posted from: Manitoba

Ms. L.

Questions — Tue, 18 Oct 2011 17:30:30 +0000

I am debating whether to claim bankruptcy as I co-signed on a car loan & that person has declared bankruptcy. The car is not driveable let alone I can’t afford $14,000 pay-out to the bank. I already have credit card bills etc. The person who has already declared bankruptcy was in an accident with the car a year ago with no insurance, therefore the car never got fixed & now I am left with that. What should I do?

Posted from: Ontario

brighterfuture

Questions — Fri, 14 Oct 2011 13:54:27 +0000

I am overseas with a large outstanding debt to CRA, as a result of leaving my taxes starting with a large inheritance for 8 years without filing. I have lived in Canada in the last 8 months. I am coming back and have decided that filing for bankruptcy is my best option, from the research i have done. My question is If i come all the way back to file for bankruptcy will their be some pitfall that disables my eligibility to claim bankruptcy and have a fresh start?

Posted from: British Columbia

discretion

Questions — Fri, 14 Oct 2011 02:39:16 +0000

Who finds out when you declare bankruptcy? I have heard that it gets put in the newspaper and that the trustee will notify your landlord (even if your rent is up to date) and employer. is that true?

Posted from: Ontario

JOINT HOME OWNERSHIP

Questions — Thu, 13 Oct 2011 10:03:30 +0000

If I own my home jointly with my spouse and I go bankrupt, how is the home equity calculation effected?

Posted from: Ontario

fixed debt

Questions — Tue, 11 Oct 2011 15:37:49 +0000

Hello,
about a year ago we fixded our debts (bad creditcard/startinga business…) into a fixed payment we thought we could afford. It is fixed for 10 years but now we can not afford the payments. Are we out of options. It is my understanding that we can not bankrupt out on fixed debt. What can we do?

thank-you

Posted from: British Columbia

Overwhelmed

Questions — Tue, 11 Oct 2011 15:34:44 +0000

I am 74 and tried to start a small business on line and went into serious debt to do this. It didn’t work out as it should have and I am now in serious debt. My income comes from CPP, OAS, PSP and a small British pension.
Can I declare bankrupcy.

Posted from: Alberta

car or truck

Questions — Tue, 11 Oct 2011 15:21:50 +0000

do people lose their cars or truck when they claim bankruptcy

Posted from: Ontario

appealing bankruptcy orders

Questions — Fri, 07 Oct 2011 22:20:17 +0000

In 2006 I claimed bankruptcy and was ordered to pay 400 a month for ten years. I was retired and receiving a pension which has now been reduced by 1,000 a month. It is increasingly difficult to pay the trustee this monthly amount. Do I have any appeal recourse????? I have never heard of anyone else having to pay for ten years.

Posted from: Ontario