Q&A: Answers to Questions

Most Recent ‘Q&A’ Posts

Revenue Canada and Consumer Proposal

Hi, I filed a 5 year Consumer Proposal in 2004. I had my tax return done and I am entitled to a refund this year. Revenue Canada was listed as a creditor because I owed money in the year I filed my Proposal and I was told by my Trustee to include it in the […]

Can a Trustee be changed from one city to another

If the bankrupt has moved from one city to another, and it is too difficult and stressful for the bankrupt to keep travelling from one city to another, can a Licensed Insolvency Trustee be changed?

Financing a car

I am paying my debt off through one of those non profit agencies .I asked my counsellor for permission to buy a new car.My brother and I wanted to split on it.I have very poor credit .My brother has no credit .He is in university working on his masters degree in business.The car we wanted […]

Consumer proposal & Mortgage renewal

Hi, If a person has to file a consumer proposal, but wishes/hopes to keep the mortgage and home going, but the renewal is up while he is still paying the proposal. What if the bank does not renew it, and because of the R7 credit rating what if he can’t find another bank to take […]

surplus income and spouse

My partner makes most of his money through his own business. I do not work. If I file for bankruptcy will he have to pay surplus income for me if he makes over the threshold?

Life Insurance

If declaring bankruptcy would life insurances in your name have to be disclosed if they are being paid for by another family member (who will benefit in the event of your death)? Is it considered something that has to be disclosed if a family member takes over the payment of the life insurances prior to […]

considering personal bankruptcy in Canada

I have a lot of credit card debt.I do not have many assets. I am currently leasing a car through GM . The lease is for 5 years .I leased the car 2 years ago.I am up to date with the car payments and would like to continue. Can another creditor seize it? I was […]

What about RESPs ?

Are my RESP contributions for my children safe from creditors ?

Home Equity

I have a conditional discharge based on i pay the equity in my home. What would happen if i sell it ? Do i pay the equity we agreed on with our trustee or will i have to pay the new equity as the market here is climbing rapidley. If i wait for a full […]

Should I go bankrupt? Will I lose my house?

I have recently seperated, and I am having problems keeping up with all payments. Should I declare bankruptcy and if I do, will I lose my house?

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