Bankruptcy
I have been asked to sign in on incorporating and starting a business.Can this affect this business in any way? I fall in to the catagory of filling for personal bankruptcy but have not followed through yet. It is very hard for me to do.
Q&A: Answers to Questions
Most Recent ‘Q&A’ Posts
Becoming Creditor-Proof
I am a senior and am considering a proposal or possibly bankruptcy. I am employed. My situation is such that I may have to leave my job in the near future (not for job-related reasons). If that happens, my only income will be CPP, OAS and supplement. What would happen if this occurred during a […]
Consumer proposal and tax refund
If I file a consumer proposal (and it gets accepted) and the CCRA is one of the creditors… what happens if during the proposal I get a tax refund. Is the CCRA allowed to withold the refund and apply it towards the debt I owe them… or do I get the refund since they accepted […]
frustration over credit
I currently own a home with a mortgage left of around 92,000 and approx 35,000 worth of debt (loans, credit cards). I have tried to get a debt consolidation loan to make my monthly payment smaller but my debt ratio is to high (45%) The bank wants to try to refinace my home but I […]
Being Bondable in a proposal or bankruptcy
I am currently a bonded employee. I am considering my options regarding a consumer proposal or bankruptcy. Will either bankrupcy or a proposal mean that I am no longer bondable and therefore would lose my job?
Should I or Shouldn’t I?
I am currently legally separated for almost 3 years; I have 2 children, 19 and 14, and am paying $800 biweekly to my ex. I signed over my share of our matrimonial home that had just under $100,000 left on the mortgage. I absorbed quite a bit of our combined loans, and I am now […]
30 day period
The Bankruptcy act says that the trustee must ask for a court date if there is a objection. The same act says that this court date must be “within thirty days after the day the appointment is made”. If the trustee is telling me that the court date will be 3 or 4 months later […]
First time
I have tried to start a small business and in the process have gotten myself in debt (credit cards+line of credit+overdraft on bank accounts). I cannot make ends meet and barely able to sustain my family. I have some tools that I need for the business which continues to generate some revenues, but not enough […]
Consumer proposal repayment
If you were to enter into a consumer proposal that was accepted and for example the proposal was for 36 months, 6 months later your finacial situation changes and you could start paying off a larger amount of the debt that is owed, are you able to pay off the proposal earlier than the 36 […]
Trustee fees
How do trustees charge for a consumer proposal?? Is it a percentage of the debt?? If we have equity and no cash – how do the trustee and creditors get paid??