Q&A: Answers to Questions

Most Recent ‘Q&A’ Posts

Going over allowable monthy income while bankrupt

Hello I’m self employed and would like to know if I’m going over the allowable monthy income as an undischarged bankrupt, if i incorporate my business can I just leave the surplus in the company and use it after I’m discharged from bankruptcy in Canada? I would not be director of this corporation. Thanx,

Consumer Proposal and credit rating

I was advised that my credit rating upon filing a consumer proposal would be R7. I have been under the Consumer proposal for a year. However, the credit bureau has my rating at R9. Which rating would be correct?

Do we lose childrens education funds in a bankruptcy?

If we were to declare bankruptcy, would the childrens education fund be taken away? It is with Cdn Scholarship Trust Fund and was only ever paid for with the Family Allowance and has not been contributed to for 4 or 5 years. Apparently the proceeds can only be withdrawn when the child enters a post […]

co-signer

My credit report is just a mess . I finished paying my debts 3 years ago using a debt management program.I owe nothing now but I don’t think I would even get a loan for a hundred bucks. I want to by a new car. I have a decent salary and my job is very […]

determining expenses and income while bankrupt

I want to declare bankruptcy or negotiate a consumer proposal in the near future. I have a substantial debt load.I earn approx. $60,000 a year . I also receive approx .$ 30,000 a year for living expenses from my company.I stay in a hotel for more than 300 days a year and all my meals […]

Wage Garnishment for Student Loan through Financial Institution

I owe $6200.00 on a student loan I obtained through a bank in 1999. Other than occasional interest payments I have not been able to pay off the debt in full. I have received calls very sparatically from one collection agency 2-3 years ago, and now I am receiving calls from a new collection agency […]

cost to file bankruptcy

how much would bankrutcy be to file

CONSUMER PROPOSAL

I read here that a person that files for bankruptcy has to keep a record of everything they spend….We filed for a consumer proposal and were not told to keep every receipt. Should we be doing this also. We do keep a record of what we spend for our own self but not EVERY little […]

student loans

Must the student loan be 10 years old, or must the student have been out of school for at least 10 years? I rencently returned to school for 1 year several years after graduating, but did not take out new loans.

Proposal versus Bankruptcy

Does it hinder your chances at successfully filing for bankruptcy if you have not explored all other options prior, such as a consumer proposal?

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