proceeds fom sale
can i reinvest moneys from the sale from my home or does the trustee get it
Q&A: Answers to Questions
Most Recent ‘Q&A’ Posts
what will happen to me
i owe approx 80 000 in credit lines and credit card debt. i have no assets no house. i cashed approx 55 000 from rrsp. last two years i made approx 52 0000/year. i lost most of that money on online gambling. i make myself sick. i stopped gambling. what is my next step? what […]
can’t repay loan plus complications
my daughter has been out of school for over 10 years and can’t pay her student loan and since has seperated from her husband , owes money to the bank, and has 2 children. she was working and paying her loan which a collection agency has,then got pregnant with her second child,went on maternity leave […]
lien on house being sold for amount of mortgage
I recently filed for bankruptcy . I owe Canada Revenue and they put a lien on the property before I filed. What will happen? The house is being sold for the amount of the mortgage so I will not receive any profit. Will the purchasers have to pay the lien off first ? Am I […]
Do senior citizens of 83 years of age declare bankruptcy?
My mother is presently living in subsidized housing for seniors. She has lived there independantly for a number of years now. Her health is becoming more fragile and she would like to live in a seniors residence. I have recently discovered that she owes $10,000 to a major credit card and another $2,000 to a […]
How is pending court case affected by bankruptcy?
My ex-husband and I still run the business together that we built while married. We have a large debtload that we are trying to pay off and have considered bankruptcy, but we are making enough money to pay off the debts eventually and would rather do that. However, there is a court case pending (we […]
Coming back to Canada to File for bankruptcy?
I moved to asia last year and have a large debt of about $50,000 on my credit cards and $20000 in taxes owed. I have no assets in Canada or asia and I work in asia but I make not enough money to pay down the debt. If I come back to Canada can I […]
cmhc and recovery
my wife and i had our home foreclosed on back in 2001. The sale price less commission was less than the outstanding mortgage by about $5000. It was a CMHC insured mortgage. This, among other things led to personal bankruptcy in 2003. We were discharged in 2004. The trustee filed our income returns for the […]
Division 1 rating? vs. a Consumer Proposal
It is my understanding that a Division 1 proposal is not a bankruptcy. Does a Division 1 proposal have an R7 rating the same as a Consumer Proposal is given?
Supplementary Cards
My husband has a mastercard that only he applied for the credit on. After he got the card, sometime later, he got me a supplementary card. I have hardly used the card, maybe 3 times. I want to be removed from this card and not be responsible for any of the debt, but the credit […]