Personal Bankruptcy Canada Blog » Money management and problems

Joint Bank Account Questions

Questions — Wed, 30 Nov 2011 15:11:53 +0000

My spouse and I have a joint bank account we have historically used to deposit our paycheques and pay bills. The only debt to this bank is a line of credit that is well secured against the house that is in my wife’s names. Due to some business difficulties, I will likely have to go bankrupt in about six months. If we have money in the joint account when I file for bankruptcy will the trustee claim some or all of the money? Does simply removing my name from the joint account protect the money from my trustee? Is there a timing issue?

Posted from: Ontario

What Now?

Questions — Mon, 07 Nov 2011 16:00:51 +0000

I am in an Orderly Payment of Debt program but have lost some of my source of income.My budget is so tight I can’t pay the OPD monthly payments is full. Can I apply for a debt settlement program whereby O would pay .10 – .50 on the dollar? My situation is ever more stressful now since my agreement is a legal binding contract. What are my option? I owe 49 000 in unsecured debt.

Posted from: Alberta

Sick Leave

Questions — Wed, 02 Nov 2011 14:26:00 +0000

I am currently on sick leave from work, and I work for a financial instituition. I am considering going into bankruptcy, and I am wondering if I will still be able to return to work, or will they want me to continue with them.

Posted from: Ontario

House / Maintenance / Lien / Renewal

Questions — Thu, 13 Oct 2011 16:42:44 +0000

I lost my job a couple of years ago and got into serious debt. I missed many payments on my mortgage, they began to foreclose. I managed to get a second mortgage to help save my house but lost my car and trailer. I have very poor credit. I am not in arrears and caught up my mortgage payments.

Currently, my 1st mortgage company has elected NOT to renew my mortgage AND the Alberta Maintenance Enforcement has placed a lien on my home preventing me from selling valued at $20,000 (due to missed payments). I have no idea where to go from here. I have 2 weeks to pay my first mortgage company the $260,000 mortgage and I can’t sell the house or get a new mortgage. What do I do?

Posted from: Alberta

victims of fraud

Questions — Thu, 25 Aug 2011 01:36:18 +0000

Hello there,
My husband and I borrowed money on our credit lines to invest with a “trusted” investor who promised to give us back the principal and whatever interest he had made in one year. Since we had excellent credit and thus great promotional rates on our credit lines, we gave him $60,000 to invest. At the end of the year when we asked for the principal back to repay our credit lines, the investor refused to give it back and claims it is gone. We are now left with over 60k on credit lines and no longer have the same great promo. rates. We are a one income family and don’t know how we can pay down these debts. We would appreciate any suggestions you may have.

Posted from: Ontario

Tisha

Questions — Thu, 25 Aug 2011 01:32:41 +0000

I have been living in Canada for 5 years as a refugee, i have always had a good job and my credit was being built. I had a 5000 line of credit, 500 overdraft and other credit cards. 3 years ago i was asked to leave Canada, leaving an lump some of debts. Befor i left canada i had lost my job but made whatever little payments i could.
What i would like to know is, im returning to canada by next year as a permanent residence, how will this debt affect me? What options do i have to get it cleared from my name?

Posted from: Ontario

wage assignment

Questions — Thu, 11 Aug 2011 21:46:44 +0000

If payment arrangements made and accepted by creditor are honoured can they at some point decide that arrangement no longer is acceptable and start wage assignment process?

Posted from: Ontario

wHAT HAPPENS TO HOMES AFTER BANK IS PAID?

Questions — Tue, 19 Jul 2011 14:12:47 +0000

wHAT DOES CMHC DO WITH HOMES AFTER THEY PAY BANKS

Posted from: Nova Scotia

How much can I have

Questions — Mon, 20 Jun 2011 14:13:34 +0000

I understand that upon filing bankruptcy one’s income can only be $1800 for a couple. We are pensioners with pension of $1600 monthly formeand $800 formy wife. .How much can I earn besides that as I have a part-timejob. I’m 81.
Should Iconsider filing formyselfonly in order to fall under $$ guidelines?

Posted from: Alberta

Child Support Payments

Questions — Thu, 26 May 2011 11:10:52 +0000

I am under bankruptcy, and submit a monthly surplus income statement to my trustee. I will be recieving Child Support payments soon. Do I include the Child Support payments as income in the Surplus Income Statement??

Posted from: Ontario

Imminent Auto Seizure

Questions — Wed, 27 Apr 2011 15:48:19 +0000

I purchased a vehicle about 3 years ago. I just pulled out my bill of sale and contract. I have a conditional sales contract. I am behind in my payments, can they seize my vehicle. If they do am i on the hook for the balance owing after they sell the vehicle at auction. I heard something about a conditional sale contract if they seize it, i dont have to repay them. Is this true… Or will they chase after me for the money left owing????

Posted from: Alberta

Sieze or Sue

Questions — Wed, 09 Mar 2011 14:51:39 +0000

What is the law in Alberta for this after they have siezed your car? And how do you know if it is a Conditional Sales Contract?

Posted from: Alberta

Ms.

Questions — Mon, 07 Mar 2011 14:21:24 +0000

What if I have no assets, ie. no house, no vehicles etc?

Posted from: British Columbia

bank account froze

Questions — Fri, 25 Feb 2011 16:04:06 +0000

can revenue canada freeze my account and leave me with no money

Posted from: British Columbia

Car repossession

Questions — Wed, 16 Feb 2011 22:56:32 +0000

I had a car, got behind on payments and dodged the finance company until they got the repo man to find me. He came to get the car, I gave him the keys, didn\’t make a fuss or get the police involved. This happened a year ago, now there is a collection agency asking for money for the finance company. I thought in Alberta there was a seize or sue law. They can\’t do both or can they? He collection agency emailed me saying I had 3 days to contact them regarding this. I emailed right back and told them I understood there is a seize or sue law and asked what money amount they want to collect and for what purpose. They replied and told me the amount but not why the amount exists. Am I covered under the seize or sue law in Alberta in this case, what should I tell the collection agency? Do I need to prepare for litigation or do I have a leg to stand on?

Posted from: Alberta
CATID1

Whattodowhattodo

Questions — Sun, 13 Feb 2011 20:19:44 +0000

Your answer regarding foreclosure v. bankruptcy was very good. I would like to ask what \”powers\” CMHC has to collect from me, once my home goes through foreclosure. Can they take part of any future wages? Can they take a home away from me, years down the road, if I come into some money and purchase a small home? etc??

Posted from: Saskatchewan
CATID17

collection porceeding on credit card debt

Questions — Tue, 01 Feb 2011 16:13:10 +0000

I have a credit card debt that has been in collections for about 7 months. They had agreed to a settlement amount to be made in 2 equal payments. I was only able to make the first payment half and then the full amount became due. I made arrangements with the collection agency to make payment on the rest and have been unable to make the payment. Now as of yesterday they informed me on the phone that as my arrangemts were not kept to pay the balance owed and that they will be proceeding on it as of yesterday. I live in Alberta. What will happen now? I will be able to make the payment of the balance in full by the middle of next week its about $1200, but it\’s already late.

Posted from: Alberta

2nd Mortgage

Questions — Tue, 25 Jan 2011 18:12:41 +0000

We have a first and second mortgage.Were up to date with are first.The second is 1 payment behind.Can the second mortgage company foreclose for those reasons if we are able to get caught up?

Posted from: British Columbia

Secured Credit Cards

Questions — Thu, 23 Dec 2010 00:40:33 +0000

If more and more people are getting in trouble with credit cards, why isn\’t the secured credit card encouraged more? Wouldn\’t credit card companies be helping people if they marketed secured credit more? I only heard about secured credit cards after it was too late.

Posted from: Ontario

Anne

Questions — Wed, 01 Dec 2010 17:39:49 +0000

Could you kindly let me know what to do with this situation. My mother is on CPP due to disability. She barely can support herself with the monthly income. She own her property with my dad and me, with little equity. She received a Writ of Seizure and Sale of Land from Canadian Tire mastercard, the collection company said they will they are in the process of contacting the Sheriff\’s Office to sell the property. What is the risk that they would sell this property? Are they just threaten her? She could even afford to go bankruptcy. What you think she should do?
Thank you so much.

Posted from: Ontario

sue or seize on conditional sales contract

Questions — Mon, 01 Nov 2010 02:41:39 +0000

We are aware of the Sue or seize law in Alberta under a conditinal sales contract for a vehicle loan. BUT how do we know which one will take place?? Our truck is only worth $25,000 but the loan is at $42,000 owing still!! Are they going to sue or seize the vehicle from us? If they sue….(get a judgement for payment), and garnish wages for it, what is the percent of wage they take??

Posted from: Alberta

can they sue

Questions — Sun, 24 Oct 2010 16:54:09 +0000

i currently became laid off and contacted my vehicle finance company explaining i could no longer afford my payments they responded that i need to show proof of my financial situation proving i could not pay they in return responded with a letter of voluntary seizure stating they would auction vehicle then id be responsible for remainder which puts me into a worse situation i refused to sign form my question is the sue or seizure law they stated they were coming to get vehicle so that by law i feel should not allow them to sue me as well and if the company i 1st signed with is bought out from another should i have been able to renegotiate my contract. id prefer not to declare bankruptcy but also would like to know my rights

Posted from: Alberta

Responsibility

Questions — Wed, 29 Sep 2010 19:56:58 +0000

Hi;
I actually have two questions that will help me to decide if I should consider filing for Bankruptcy:

1) Over 10 years ago I requested that a supplementary card (on one of my MasterCard accounts) be issued in my Mother`s name.
- She did not sign anything
- She has never used the card
MasterCard has now sent her a letter advising her that if she does not pay them $18,000+ (on my behalf) in the next 10 days (now about 6) that they will `take action` against her.
Is it possible/legal for BMO MasterCard to hold her accountable for my debt?

2) I assume that my Trustee will need to examine my bank accounts.
-How far back will they be checking?
(I have already spent money from an insurance settlement… will I have to find a way to pay it back into my bank account?)

Thanks so much, I eagerly await your reply.

Posted from: British Columbia

is their a maximum that revenue can garnish

Questions — Wed, 29 Sep 2010 03:11:58 +0000

is their a maximum that revenue canada can garnish per pay period

Posted from: Alberta

CRA tax law

Questions — Fri, 02 Jul 2010 17:50:54 +0000

can canada revenue agency issued a writ of seizure before all assessments are completed

Posted from: Alberta

Voluntary Repo

Questions — Wed, 26 May 2010 00:18:07 +0000

I am considering doing a voluntary repo to Ford Canada in BC and I am worried that when I return the vehicle to a dealership how are the payments that are automatically withdrawn from my account stopped? What paperwork will I get when I drop off my car at Ford? How can I prove that I have done that? Is it really as easy as going there and handing them the keys? I am aware of the bad credit implications but I have been laid off for 8 months now and I have run out of options. Please advise on the voluntary return. Thank you

Posted from: British Columbia

Sued for defaulting on Credit Card payments

Questions — Mon, 24 May 2010 12:23:06 +0000

My credit card is $25,425 and have skipped 5 monthly payments. The credit card legal counsel has served me with a Writ of Summons in the Supreme Court of BC. I can`t afford a lawyer so I`ve prepared an `Appearance` on my own. I am also trying to file a statement of defense but can not come up with a plausible defense. The reason I am in this situation is because my husband has been unemployed for 12 months. I have 2 young kids and my income is about $2500 per month which barely covers our monthly expenses – rent, food, bus fare, etc. What steps do I need to take get out of this mess. Your help in this matter is much appreciated. Thanks in advance.

Posted from: British Columbia

Ann

Questions — Fri, 21 May 2010 20:54:18 +0000

I owe President`s Choice Mastercard about $5000. I own a house with my husband and my son (mortgage). Collector kept calling me and leave messages on my answer machine stating that she is doing paper work to have someone to come out to see my property. I am currently disable and have no source of income. Could you kindly let me know if creditor/collector allow to come to my house without any court order? Are they just threating me?

Posted from: Ontario

preventing garnishee

Questions — Wed, 21 Apr 2010 18:45:17 +0000

I received a call from NCO telling me that they obtained a default judgement ordering me to pay $7000 in credit card debt (which was actually $5000). They say they can garnishee my wages but can they without having legally served me notice (e.g. through sherriff, registered mail). I am a federal govn employee who has been off sick a good deal over the past 2 years so I am only just now getting back on my feet (and almost lost my house/car and now make my payments on everything including student loans except for 2 credit cards. The NCO lady told me they would not accept a payment schedule but wanted immediate payment of $5700 or they would garnishee. Can they do this and how can I stop this from happening?

Posted from: New Brunswick

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

statue of limitations, old debt

Questions — Fri, 19 Mar 2010 01:25:56 +0000

in august 2002 i stopped making payments on all my credit cards due to financial difficulties. In march 2010, i checked my credit report and although the credit cards are mentioned in my report, the outstanding balances are zero for all accounts and the ratings are R1.

if i open a chequing account with a bank that i used to owe money to and deposit money, can they take my money to pay off the old debt??? whats the gaurantee that they will not take my money???

Thanks…

Posted from: British Columbia

secured loan

Questions — Fri, 12 Feb 2010 18:48:52 +0000

I have a secured loan and an unsecured line of credit. Why can I not do anything with the secured loan?

Posted from: Ontario

dept

Questions — Thu, 07 Jan 2010 04:15:53 +0000

would a dept that has been on your credit for more them six years still show as outstanding dept.

Posted from: Alberta

owe money on mortgage after sale of home

Questions — Wed, 06 Jan 2010 17:19:52 +0000

My husband has been transfered to the u.s for a job. The company will buy our home for the appraised value, but unfortunately in our city this value is very low due to the economy. We will still owe close to 70,000$ on our mortgage after the company buys the home. We have to move, and wonder what is going to be our best option. ?default on the loan, bankrupty or is there a loan we can take out to pay the balance. Our bank, CIBC does not seem to have any suggestions to help. Thankyou for your time.

Posted from: Ontario
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Posted from: Ontario

Vehicle loan ?

Questions — Mon, 04 Jan 2010 00:02:44 +0000

Hi, I have a vehicle that I owe more on the loan for it than the actual vehicle. My parent co-signed for the loan. I simply cannot afford the vehicle anymore and am considering having it repossessed. I have heard that in bc there is a seize or sue policy. In either one of these cases, will this effect my parents credit?

Posted from: British Columbia

line of credit

Questions — Sun, 20 Dec 2009 14:56:07 +0000

All my creditors are paid through my line of credit. My failed business is dissolved, but I`m still paying leases on equipment and rent on the office, in the hopes that the business will sell. The business has been listed for 3 months with little interest. Can I get out of my leases and rent commitment and be done, and just start slowly paying off my debts or would a consumer proposal be a better route to go?

Posted from: British Columbia

settled proposal

Questions — Thu, 10 Dec 2009 16:43:03 +0000

after forgiving my now ex husband for bankruptcy in our divorce cmhc has contacted me for a final settlement on the debt he left me after filling now what happens to my credit is it disolved

Posted from: British Columbia

Old debt.

Questions — Mon, 30 Nov 2009 07:02:26 +0000

How does one know if a judgment has been made against them. Is there somewhere to check?

Posted from: Alberta

Miss Brock

Questions — Sat, 28 Nov 2009 05:04:55 +0000

I seen a similar question to mine but have something to add. I recently had my jeep removed because they decided to seize not sue I was a few payments behind and the interest and payments were very high. Now I just received a letter saying I might have to pay a disposition or may be liable for any deficiency balance that may be owing after they sell the vehicle for what they can get. Can they do this or who would I call to get the correct information I am looking for. I believe I do have a Conditional Sales Contract.( It says that on the top of my sale paper from the dealership.

Posted from: Alberta

obtain the judgement

Questions — Wed, 25 Nov 2009 23:18:21 +0000

When a collector goes to court, can he do so without letting the person know and obtain the judgement?

Posted from: Ontario

Company Pension

Questions — Wed, 25 Nov 2009 04:10:12 +0000

if a cosigner is retired and on a company pension can a creditor garnish the pension for non payment?

Posted from: British Columbia

Learning From My Mistakes

Questions — Tue, 24 Nov 2009 22:15:58 +0000

I personally learned quite a few lessons about personal finance and dealing with collections in a very short space of time.

I am confused with one problem. I pulled my credit report from Equifax and there is one credit card debt from march 2007 and it is marked as Written Off – Closed by Credit Grantor. I assume this is beyond the SOL but I still get calls.

Aside from that mark there is nothing else on my report.

However, I am hounded DAILY by three different companies about debts that are not on my report.

How should I go about resolving this?

Posted from: Ontario

Is it a good idea to contact the creditors to discuss your situation?

Questions — Sun, 22 Nov 2009 13:01:24 +0000

Hello!

I am out of Canada and will stay here for the next few months. I don`t have an income right now and I am falling behind with my payments. I intend to return and after finding a job to probably file a consumer proposal (depending on what advice I will get from a trustee). Is it a good idea to contact the creditors and explain them the situation? From your experience, is there any way a bank could help you by, lets say `freezing` your debt for a given period of time and not harass you? Are they allowed to call and harass your relatives regarding a debt they have nothing to do with it?

Thank you.

Posted from: Manitoba

bankruptcy

Questions — Sat, 21 Nov 2009 23:34:48 +0000

can a credit card company go into your bank account and take everything from your account?We will be filing for bankrupcy next week.we now have no income to live on or money to pay hydro.Do we have any legal rights with what they`ve done?

Posted from: British Columbia

Seperation

Questions — Sat, 21 Nov 2009 01:44:14 +0000

I have recently been separated,
Our mortgage payments are not behind,
but we need to sell the House, the mortgage is more than the Selling Price,
with a shortfall of approimately $30,000
plus a credit card debt of $15,000, a veh. lease of $500.00 and
rental of $1,500.00 any suggestion of how I can make it through on pension of $3,000

Posted from: Ontario

Voluntary repossession of vehicle.

Questions — Wed, 18 Nov 2009 19:07:48 +0000

I gave back my new vehicle which I purchased 6 months ago voluntarily due to separation and not being able to pay all bills + house and support 2 children. Now my bank is saying that they will sell the car at auction and I am responsible for the difference – they will garnish my wages and put a lien on my house. My trustee did not tell me any of this. Could this really happen? I was trying to avoid doing a proposal or filing for bankruptcy by giving back the vehicle. I knew this would affect my credit rating, but the collateral for the car was the car. Could you please send an answer asap.

Posted from: Ontario

Bankruptcy or Consumer Proposal

Questions — Tue, 20 Oct 2009 21:25:38 +0000

I have some debts I need to be rid of. Which affects my credit rating worse, filing for bankruptcy or a consumer proposal?
Thanks.

Posted from: Ontario

Questions about garnishment of wagees

Questions — Thu, 01 Oct 2009 02:03:28 +0000

I have a couple of questions.

1. How much is the maximum amount that can be garnished from your wages for a foreclosure on a home. We could not afford our home and foreclosed. Now the bank is saying they have loses and that we owe them.

2. If you are on disability can it be garnished for the above scenario.

Thanks for any help with this.

Posted from: Ontario

Defaulting on CMHC insured mortgage

Questions — Thu, 17 Sep 2009 20:37:42 +0000

I have a CMHC insured mortgage and I`m pretty much in a position where I`m going to have to default on the mortgage.

What methods does the CMHC use to recover their money after paying out the lender`s claim? What can I expect?

Posted from: British Columbia

Voluntary Vehicle Surrender

Questions — Thu, 03 Sep 2009 21:34:43 +0000

Hi, my husband recently lost his job and I am on maternity leave as we have just had a baby. With the added expense of our new child and my husbands lost income we decided to do a voluntary surrender of our vehicle. When I spoke with the bank that we had our loan with they assured me that under Alberta law they can `seize or sue` but not both. So they took back our car and told me I dont owe anything. About a week after the car was picked up I received a letter that confused me because to me it seems like the asset department is telling me that once the vehicle sells we may be responsible for any outstanding balance.

Is this true, I was under the impression we would not owe a single penny once the car was out of our possesion.
Please help, I am so confused.

Posted from: Alberta

CMHC debt from foreclosed home

Questions — Thu, 03 Sep 2009 15:03:10 +0000

When CMHC covers the bank for the shortfall amount on a foreclosed home, CMHC will become my debtor with the entire unsecured shortfall amount. Isn`t the point of insurance is to cover me? It would make more sense if CMHC comes after me for the amount of premium unpaid and not the entire shortfall unless they give my premium money back. Why would the entire amount be my debt?

Posted from: Alberta

Wages

Questions — Wed, 02 Sep 2009 22:11:21 +0000

Does fostering children count as income? These funds are not taxed through the government. I don`t file these funds come tax time.

Posted from: Manitoba

supplemental card question re debt

Questions — Tue, 01 Sep 2009 18:19:27 +0000

I have a supplementary card from my husband`s mastercard. I was trying to build up my small business, and ended up using the supplementary card to cover expenses. Due to the high interest rates, I`m having trouble getting the payment down. The amount owing on the supplemental card is $27,000. I also owe 21,000 on my Visa card. I really need to get these debts under control and would like to have a plan where I can pay an amount with a better interest rate. I know I am responsible for the debts on the supplemental card and don`t want to involve my husband in any way. Can I get a debt management plan for both the supplemental card and my own card, without involving him?

Posted from: Ontario

Taxes owed to CRA

Questions — Mon, 24 Aug 2009 14:54:18 +0000

If you owe back taxes to CRA and this is the main reason you have to declare bankruptcy, what happens to that debt?

Posted from: Newfoundland and Labrador

Am I now responsible for all my husband`s debt

Questions — Thu, 20 Aug 2009 14:19:02 +0000

My ex and I split a few years back, but have not made it legal yet, he filled for bankruptcy in January now I have creditors calling saying all of our debt is my reasponisibility, I have 2 children and am barly makin ends me, is this true am I now responsible for all debt?

Posted from: Ontario

Business Debts

Questions — Tue, 14 Jul 2009 03:25:51 +0000

Where can someone find assistance with business debts? The company is not incorporated, and there is about $85,000 in loans and credit card debts. There does not seem to be much information available for small business owners and I think it would be helpful for those with business related concerns. Thanks!

Posted from: Ontario

Is the balance of a sold property my full responsibility?

Questions — Sun, 05 Jul 2009 13:50:47 +0000

Our house went into foreclosure last year, it recently sold for approx. $55,000. The mortgage on it was approx. $78,000. My ex doesn`t and will not obtain a job anytime soon or will never pay his amount owing. Will the bank or CMHC come after me for the whole amount owing because I am working? The title and mortgage was in both our names. I have never missed a payment on my credit card or my Personal Line of Credit but I know I can`t afford the whole amount owing. What is your suggestions? Thank you and love your site!

Posted from: Ontario

selling assets

Questions — Mon, 15 Jun 2009 13:08:26 +0000

What happens if you sell something too keep you afloat even thought you still have an outstanding loan for the item. Also what if you sell something of ignifigant value for the same reason. It the person you sold it too protected for their purchase?

Posted from: New Brunswick

Don`t know which way to go.

Questions — Mon, 08 Jun 2009 19:06:02 +0000

I own a house in Northern Ontario which we owe more than we can get if we sell. We owe $78000 but at best could get $45000 unless the local economy turns around and that does not look likely at all. What is the best way to deal with this?

Posted from: Ontario

Power of sale

Questions — Thu, 14 May 2009 16:54:23 +0000

Good morning. I have a question please. I have a friend who`s house is going under power of sale. There is no equity in the house, and i belive the bank will probably be under 50-60 thousand after all the expenses. I understanad that the bank is insured by CHMC and will get that money from them, but what happens after? Will CHMC come after him for the money owed? Can CHMC harnish his wages or taxes? Thank you very much. Bill

Posted from: Ontario

Consumer Proposal & Bankruptcy

Questions — Sun, 10 May 2009 03:08:39 +0000

I`ve heard that my husband and I can`t do a consumer proposal,or file for bankruptcy do to the fact its are income and am on title on another home which has no mortgage so there is to equity in the home which is concidered an asset.What can we do now we have to many payments?

Posted from: British Columbia

repossession

Questions — Thu, 07 May 2009 20:34:32 +0000

what as a cosigner happens when the lender defaults and a car is repossesed

Posted from: Alberta

Voluntary Surrender of Vehicle

Questions — Thu, 30 Apr 2009 17:54:17 +0000

Recently, my husband has been laid-off, and as a result we cannot pay our auto loans. I have heard that BC has a sieze or sue policy, in that once the lender siezes the vehicle (voluntary reposession in our case), we are NOT responsible for the deficiency on the loan. Is this true?

Posted from: British Columbia

Monetary Gifts

Questions — Wed, 29 Apr 2009 19:18:09 +0000

I just wondered if during bankruptcy if a person is allowed to accept a monetary gift from a friend or family member. And if so, up to how muchÉ

Posted from: Ontario

removing a name from a mortgage

Questions — Tue, 28 Apr 2009 23:06:35 +0000

My spouse purchased our home before we got married. Around 3 yrs ago I had to co-sign for the mortgage because we refinanced, so my name is now on the mortgage and house. I want to get separated, can my spouse refinance again by himself (so my name gets removed)before we separate? I don`t want the house and we don`t have children. If he declares bankruptcy while we are separated/divorced will I be effected since my name is no longer on the house?

Posted from: Ontario

creditcard

Questions — Fri, 24 Apr 2009 05:06:07 +0000

i had a creditcard company go into my personal account and take out money for my visa payment with out my permission or warning or a letter

Posted from: Ontario

Debts

Questions — Wed, 22 Apr 2009 00:07:47 +0000

I have a question regarding the way the debts are treated – what happens if someone who has some unsecured debts in Canada as well as the mortgage just leaves the country for a longer period of time (let`s say for at least 10 years from now on) – what will happened to his debts ? Is it possible to be followed abroad for his canadian debts or is it possible that some creditors to force a bankruptcy here in Canada while he`s abroad ?
Thank you

Posted from: Quebec

collecting debt outside of Canada

Questions — Thu, 16 Apr 2009 17:03:05 +0000

How much money will make collection companies follow the debt outside canada?
and how can you arrange a settlement from outside Canada, with the collection agency?
thanks

Posted from: Ontario

locked inheritance

Questions — Thu, 16 Apr 2009 13:17:00 +0000

i am 23, and over my head in credit card debt. Enough for my creditors to be suing me. I have come into inheritance at the age of 10 and this inheritance is locked in stocks that I cannot touch until I am 25. Is there a way to unlock this money to pay my debts? And if I can`t, how will this money affect my bankruptcy?

Posted from: New Brunswick

Please Help!!!

Questions — Tue, 14 Apr 2009 00:27:03 +0000

I am a single mother of two and am currently out of work. So my only income is my child support and child tax credit and am currently residing with family. I recently was notified that my ex had claimed bankrupt last year and had sent back a car that i co-signed for. Now they have contacted me saying of course that i am respondsible for this debt of $6200.00. I am currently in no finacial state to repay this and was wondering what my options might be. I also currently have no other outstanding debt. So any advise on what I maybe able to do. Thank you so much.

Posted from: Ontario

What can I do.

Questions — Sat, 11 Apr 2009 17:29:59 +0000

I lost my job in January 2009. I have just enough money to make next month`s mortgage and car payment. I have $1000 is RRSPs, and that`s it.

I can not lose either. What can I do?

Posted from: Ontario

garnishee

Questions — Mon, 06 Apr 2009 01:41:19 +0000

How much of your income tax return can the government legally guarnishee?

Posted from: Manitoba

Insolvent Company

Questions — Tue, 31 Mar 2009 00:57:53 +0000

The company had 2 directors, 1 resigned I am now left the sole director. The company is insolvant, no assets. Over 3 years the other director failed to pay all the source deductions. Am I responsible as a director for the employer portion of CPP & EI

Posted from: Ontario

deceased spouses debt

Questions — Fri, 27 Mar 2009 21:20:13 +0000

am i responsible for my deceased spouses debt

Posted from: British Columbia

I co signed a loan for my nephew

Questions — Thu, 26 Mar 2009 18:13:59 +0000

i have co signed a loan for my nephew if he stopes paying can i continue paying the loan and proceed with garnishing his wages.
if so how do i go about it.

thank you

Posted from: British Columbia

what provinces in canada have seize or sue legislation with regards to motor vehicles

Questions — Thu, 19 Mar 2009 18:23:12 +0000

what provinces in canada have seize or sue legislation with regards to motor vehicles

Posted from: Ontario

how to remove a writ from real estate

Questions — Sat, 14 Mar 2009 14:58:43 +0000

If a writ is placed, by the sheriff, onto my real estate, my share of the property, I own 1/3. How can I successfully remove this writ from it? Whom do I contact for such matters?

Posted from: Ontario

creditor proof?

Questions — Thu, 12 Mar 2009 06:54:45 +0000

What is creditor proof income?
If you make 1400.00 a month is that creditor proof

Posted from: Ontario

Third party lien on a title of home

Questions — Mon, 09 Mar 2009 13:31:37 +0000

WHAT DOES IT MEAN IF THERE IS THIRD PARTY LIEN ON A TITLE OF HOME

Posted from: Ontario

taking on common law debt

Questions — Sat, 07 Mar 2009 12:32:38 +0000

I am considering living common law with my partner.. I know he has a high amount for debt. Once we live together will it be our joint income that determines what he would need to repay?

Posted from: Ontario

mortgage payment in default on split up

Questions — Fri, 27 Feb 2009 18:55:44 +0000

after house purchase we split up (she lives in house) where I continued to pay half of all costs but now she has said she can not pay mortgage. Likely negative equity position now with housing decline, what options do I have to protect my credit. House is for sale. Is it better to let bank foreclose ? Should I make arrangement to continue to pay half of my share to bank ?

Posted from: Ontario

Spouse`s Debt

Questions — Sun, 22 Feb 2009 13:15:44 +0000

My husband incurred a lot of debt and then left the country. I have not signed anything and don`t even know what he was buying. I tried to take out a loan and the credit bureau has me listed with them, but the debts are my husband`s. The guy at the credit bureau told me I`m responsible for my husband`s debt because I could have benefitted from them. Is that true? Thanks.

Posted from: Ontario

What should my friend do.

Questions — Sat, 21 Feb 2009 17:21:54 +0000

`A friend` used cash advances from credit cards to contribute to an rrsp.

His logic was that his income was about to fall dramatically, so better to borrow now to contribute and mitigate taxes owing while his income was high, then withdraw to pay off the credit cards considering that his income tax payable would be much lower due to a lower income.

The problem is that the he invested inn stock and his rrsp is worth about 35% of his debt to the credit card companies.

Because of the current condition of the employment market, this shortfall cannot be made up, even if the rrsps are drained over the next year.

Should my friend continue to protect his credit rating, or protect the rest of his rrsp by declaring bankruptcy?

Posted from: Ontario

result of default on unsecured credit

Questions — Sat, 21 Feb 2009 16:22:12 +0000

My friend ownes two houses with combined mortgages of $150 000. The properties are currently rented, and as a result of the current market downturn – are valued at $165 000 combined.

He has approximately 20 000 in rrsps (down from a value of 52 000 one year ago).

And has aproximately $60 000 in unsecured debt, built up from being laid off and unable to find work for 14 months.

If he defaults on the unsecured debt, and continues to pay his secured debt, what are the ramifications of that course of action?

Posted from: Ontario

Question

Questions — Sat, 21 Feb 2009 05:15:47 +0000

I have a question that I didn`t see it before.I have a house and a car (both not payed yet ) and since I do have to go abroad fast, for a longer period of time -for more than 6 years my question is what happens if I just leave them here without continuing to pay ? Will I be charged abroad for these debts (probably I will still have some debts since my mortgage is new and the shortsell probably will not cover the entire amount – the same for the car)
Thank you very much

Posted from: Quebec

What are my rights as a co-signer to a loan headed for divorce

Questions — Fri, 20 Feb 2009 21:32:18 +0000

I have been separated almost 1 year in March, I want a divorce. In good faith a few years ago I co-signed a loan to consolidate my husbands bills he accumilated and some bills with loan sharks without my knowing. Thinking lessons would be learned. I had no debt. I have since learned that he is 2 months behind on his bank loan, it is still within the branch and has not gone to collections. What do I do. I aqm raising his 2 kids, with little support or help from him, can they just come in the garnish my wages? Can I take the risk and claim bankrupcy, to get my name off the loan. I pay my bills every month. I am worried about being responsible for his mistakes for the next 8 years and having whether he has payed this months payment over my head. He does not have anyone to co-sign for him. I have tried. Please help. Can a lawyer help me out of this?

Posted from: Ontario

How can a lien be put on a home when multiple others are on Title

Questions — Fri, 13 Feb 2009 13:47:25 +0000

If a lien was placed on a home against you personally, and you are no longer on the Title, what happens to the lien, is it disputed?
How can a lien be put on a home when multiple others are on Title?

Posted from: Alberta

Can collection agencies seized bank account without a court order

Questions — Tue, 10 Feb 2009 13:42:32 +0000

Can collection agencies seized bank account without a court order?

Posted from: British Columbia

Writ of seizure and sale

Questions — Fri, 06 Feb 2009 18:11:40 +0000

A number of months ago, a writ of seizure and sale was issued against me for a credit card debt to the Bank of Montreal. To date, they have not enforced the writ by selling my home although they routinely continue to do so. I have been very honest with them about my circumstances and regrettably so, my situation does not permit me to make the monthly payments they`re demanding. I live in constant fear of their threat expecting that anyday now, they`ll have the Sherrif auction off my house. To make matters worse, there isn`t even enough equity in the house to cover the debt as by the time the mortgage is cleared and all the legal fees are paid, I`ll be fortunate if I break even. I don`t understand why they continue to threaten me in this manner. If they have the power to take my house, then why don`t they simply do so? I suspect (given the way they speak to me), that `compassion` is not the answer.

Posted from: Ontario

car repossession

Questions — Fri, 06 Feb 2009 17:16:47 +0000

I am having some financial problems and can`t afford to make all my payments this month. I have a car loan through a bank. If I don`t make my monthly payment, will they just show up and repossess my car? Or will they send me a letter first? I assume that there is no set amount of months or missed payments, but roughly what is the process for a repossession?

Posted from: New Brunswick

Help

Questions — Sun, 25 Jan 2009 16:35:01 +0000

I am planning on seperating from my common law husband. We have a house together but no equity. Still a number of years left on the morgage. Dop not think we can sell and get enough to pay the mortgage off. What do I do?

Posted from: Ontario

collection

Questions — Mon, 12 Jan 2009 04:28:23 +0000

i have a collection agency calling me. It has been almost two years since I have paid anythig ad I truly can`t afford to I am single with four children and only make 14000.00 per year. I have no car, house etc. in my name. Will they ever just give up on collecting and write the debt off?

Posted from: Manitoba

I don`t know what to do

Questions — Fri, 09 Jan 2009 15:23:46 +0000

My self and my hushand have approx. 75,000 in unsecured debt. I have done some calculating based on what I have read on the website and after monthly expenses (car, mortgage, daycare, etc)we end up with 200.00. Now I have not included the utilities or property taxes in that. Which means we end up minus. We both have a vechile that we depend on for work and transporting our child. We have already consolidated once and tried to sell our house. The twist in this is my husband has a business that has gone south right now. We still have a little extra income but I can only keep up for so long then I am going to crumble. I don`t know if it would be better to file a consumer propoal, file bankruptcy get credit counselling. HELP ME SOMEONE….

Posted from: Ontario

loan/lease default

Questions — Tue, 30 Dec 2008 00:51:29 +0000

we bought a semi. personal circumstances beyond our control have made it almost impossible to continue to make the payments We had no collateral on the loan/lease with this company we just put money down. what if we default on the loan? we live in bc and the lease company is based out of ontario

Posted from: British Columbia

judgment when absent!

Questions — Thu, 11 Dec 2008 14:39:16 +0000

Can a creditor have a judgment against you at your absences? Like when you are outside country and never receive any letter or contact from the creditors and/or even the court?

Posted from: Ontario

Mortgage Company won`t renew

Questions — Tue, 09 Dec 2008 21:44:23 +0000

My wife and I own our home. Because of the market conditions the value of our home has droped and
is now financed to about a little less than 90%.

Our problem is this, in May I lost my job and we ended up being 2.5
weeks late on our 1st mortgage payment. We managed to work out a deal with them
where they gave us an open term mortgage for 6 months begining July 1
2008, but at 10%, which has made this payment extremely high
($2600/mo). They are not willing to renew the mortgage now, and we
have until the end of January to have them paid out. Our second
mortgage payment is about 900/mo and our line of credit works out to
about 200/mo.

We have tried very hard to find somebody to give us a mortgage, but
have been unsucessful. My wife and I both have pretty bad credit
(partly due to this forclosure, and subsequant hits on our credit
trying to find a mortgage). My mother lives with us, she has no real
assets, but her credit is solid, she makes about $3,000/mo and is
willing to cosign or go on title to help us. I take home about $3,000
per month and my wife takes home about $2,500 per month.

We are very scared at this point that we are going to lose our home,
is bancruptcy an option?

Posted from: Alberta

Bankruptcy

Questions — Wed, 26 Nov 2008 17:16:32 +0000

If a third bankruptcy is declared, you stated it would take longer and court appearance would be unpleasant….would a personal appearance at court be mandatory?

Posted from: British Columbia

Where do I go now?

Questions — Mon, 24 Nov 2008 12:24:37 +0000

Hi,

My question pertains to what I should do in order to deal with my current debt load.

I went to community college from 1999 until 2002 to get a degree in web design. The student loans for this amounted to $15000.

After getting out of school, I got a job at a local call center where I worked for three years. During this time I build up $15000 dollars in credit card debt.

I left this job due to work related stress issues and moved across the country to find a better job. During my time there, I was unable to secure a job that payed well enough to cover my expenses. I needed more eduation in order to get into what I wanted, but was unable to afford it.

Last year I moved back to my home town and have managed to stabalize my finances to a point where I can start to make payments on some of my bills. I am also prusing my own studies at this time to try and improve my education so that I can get a better job to help pay my bills off quicker.

I would like to go back to school because this would get me into the field that I would like to get into quicker then my own self studies. However, I do not believe that I can get a student loan to fund this.

At this point, would it be better to simply delcare bankruptcy and clear up my consumer debt or should I continue on how I have been in hopes of being able to get a better job in the near future that will allow me to afford my bills?

Posted from: Nova Scotia

what can I do

Questions — Sun, 23 Nov 2008 18:54:30 +0000

My husband is leaving and moving out west I am 63 have about 9000.00 credit card debt and have no money to pay them I get my pension of 276.00 monthy and have been paying them but cannot anymore as I may have to go on Social Assistance…what can I do….
thanks
Bunny

Posted from: Quebec

voluntary return of property

Questions — Fri, 21 Nov 2008 01:45:15 +0000

if you walk away from a property and give it back to the bank (power of sale) does that mean you have to declare bankruptsy?

Posted from: Ontario