How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

bankruptcy and future earnings

i have a debt of 26000 or so. I was in oil and gas. Now I`m unemployed. I`m considering bankruptcy because I have to pay minimum 400 dollars or so a month on debt before insurance, rent, food.
How long does it take to file and complete the process?
If I were to go to the office and declare bankruptcy, how long before everything is settled? If I have tax returns in coming, will they take that? What future income will they take?

Posted from: British Columbia

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “bankruptcy and future earnings”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

A bankruptcy is quite a quick process to start. All you need to do is contact a local trustee and they will assist you from there. Typically you can have everything filed within about a week from that meeting.

As for the average length of bankruptcy, it is somewhere between 9 to 12 months, as long as you keep up on your duties and responsibilities. One of which is monthly paymnets, these payments are based on your income and measured every month that you are in bankruptcy. So this is likely the future payments you are referring to and you can reference this link for more details:Surplus Income Obligation.