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A bankrupt person`s monthly income is just about the threshold for his family unit (plus or minus $200). At the end of the 3rd week of July his employer gives him his 4 weeks vacation pay in one single payment. This payment is supposed to cover the las week of July and the first 3 […]
Recently this site responded that most creditors would prefer a 36 month consumer proposal period rather than 1 year. In my situation, a 21 month 1st time bankrupt with surplus income, bankruptcy is still worth less than a proposal. Can you explain this please. For me, the earlier it ends would be great. Just to […]
The bank through a collection agency states that we owe an overdraft dated back three years ago when we had entered bankruptcy. This overdraft was created by the bank when they debited the account for a payment on a debt that was covered on our liabilties list. They say that because we used the account […]
How much information regarding a corporate entity wholly owned by a bankrupt is to be provided to the trustee, and is assigning the shares of a corporate entity common, where it is a separate legal entity?
What does the term `Technically insolvent` really mean? The simple answer goes like `when liabilities exceed assets`. How do we value assets that are not readily convertible to cash? Like ownership of shares in a private corporation? How do we value liabilities whose cash value we don`t have a handle on? Like a lease agreement […]
If i declare bankruptcy will my spouse`s capital gains/losses , dividends or interest income be included in the calculation of surplus income?
If a person is claiming personal bankruptcy can they included a garnishment of wages that is being paid for back taxes to the government
My take home pay is between 760 to 800 per 2 wks – my actual gross income is 1743.77 per 2 wks (I have a loan to a credit union that comes off my pay – rrsp`s – saving`s bonds – my rent is 920.00/month. I have credit card debts of over 50,000 – I […]
If a person is on ODSP with social services can they go bankrupt without being kicked off the system?
i am married to a bankrupt. he declared not me. We had marriage problems so i was separted from 9 months. After moving back in we had a house fire. everyhting was destroed. Bankruptcy is telling my ins comapny not to pay me until they see the proof of lossthat I myself put in.My husband […]
