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I have two secured debts – a car and a mortgage but no major unsecured debts.My problem is that I will have to leave Canada soon to return in my country and I don`t have so much time to wait to sell these assets.Is the bankruptcy a solution in this case – I mean a […]
I will be filing very soon for Bankruptcy or Division One proposal – My question is I have received letters from companies that state they have purchased my Wells Fargo Business Mastercard debt and I now owe them? The lady at my trustee office said she does not list collection companies but rather the banks. […]
What is the status of a debtor to a bankrupt? Example: I have assets of over 300K and I loan a friend 100,000 dollars in 2006 after writing up a formal agreement assigning his house as collateral. He agrees to repay the loan over a 10 year period at 8% interest. A couple of years […]
I have a six year old child. Over the past six years I have recieved about 18,000 dollars as child benefits (Canadian child tax benefit , National child benefit supplement , Universal child care benefit , Ontario child care supplement) into my bank account. If I declare bankruptcy , can I exclude that amount of […]
Does filing bankruptcy automatically terminate all your contractual obligations or just those related to debt? Can I use bankruptcy to get out of a service contract that doesn`t have a cash value?
How do trustees handle non-Canadian immovable assets held by a bankrupt? What happens if the bankrupt doesn`t cooperate in efforts to liquidate those assets? (Example: The bankrupt is willing to do anything within Canada but refuses to travel to the other country and sell the asset due to an outstanding arrest warrant in that country) […]
If I were to file a division one proposal, how is my cash flow determined to be eligible? ie. What would the trustee use to estimate grocery, misc needs etc. We have no assets left and are used to spending more than we make, but we really would prefer a proposal.
If I am living common-law and we do not have any joint accounts, etc. will my common-law partner lose his/her assets if I declare bankruptcy?
My assets: I operate a small grocery store as a sole propreitorship in Toronto. My wife helps me run the store. We don`t employ anybody else. I lease the premises. At any point of time I have about 40K in inventory. We make anywhere between a 2K loss per month to a 5K profit. My […]
Can I live in Canada and go bankrupt in the U.S. without harming my Canadian credit? I do not want my Canadian credit impacted but I would like to clear off my U.S. credit card debt that has become overwhelming. Thanks
