Q&A: Answers to Questions

Most Recent ‘Q&A’ Posts

Residential School money settlement

I will be getting Residential School money settlement, and I recently filed bankruptcy. Can they take my settlement?

bankruptcy due to gambling

if you have a gambling problem that caused your debt and now you cant pay, can you still file

My business partner is going to file personal bankruptcy. He has loaned $90,000 to the company a year ago. He told me the trustee said since the loan is considered as his asset, the trustee will ask the company to repay that loan once he files bankruptcy. Ours is an incorporated company (we each own […]

mortgage shortfall

could you please tell me what happens in a case where the home will sell for less than what is owing on it ( what happens to the outstanding balance after sale. The financing is a private lender.

effect on family

Are members of the `family unit` treated as bankrupts during the bankruptcy? ie. a son or daughter gets a grant, scholarship or any other money they may come into.

Legal Action

I am waiting for the new bankruptcy laws to come into force because of the 5 years rule for government student loans in the new law. In the meantime one of the student line of credit provider sent me a formal demand letter requesting complete payment of outstanding balance (100,000) or face legal and/or collection […]

Discharge duration

I reside in Ontario. I am seriously thinking about filing for bankruptcy as I have way too much debt and no job. My question is, WHEN or HOW LONG AFTER I sign my bankruptcy papers, do I know if my filing for bankruptcy will be objected by any creditors include Rev Can ? Can my […]

Will the LTD Corp be affected by a business partner filing personal bankruptcy?

I have setup a business in BC (LTD.Corporation) with a business partner 4 years ago. We each hold 50% of the shares. A year ago, she has loaned $10000 to the company because we need to expand our business. Now, she has some financial problems and she is going to file personal bankruptcy. Will the […]

leased vehicles and bankruptcy

if we file for bankruptcy are our 2 vechiles we have leased included? can we choose to keep one and not the other?

Consumer proposals and the CRA

Hi there, My mom is considering filing a consumer proposal. She has approximately $90,000 in total debt – including $20,000 in personal income tax and $30,000 in corporate income tax. The balance comes from a personal loan and a relatively small amount of consumer debt. She also has $250,000 equity in a home she doesn`t […]

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