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I understand from reading this blog that in most provinces you are allowed to hold onto ONE car ( as long as its value is below the exempt level – or that you are willing to pay the appraised difference between the market value and the exemption level ). But what happens when a person […]
Please enlighten me about the power of the CRA with regards to any garnishments or seizures that make take place immediately prior to the Trustee filing the bankrupcy papers for a client. It would almost appear that the CRA does not have to relinquish to the Trustee any goods, property, vehicles, bank funds that they […]
The common thread that I have seen in this blog and through Googling is that there seems to be an extraordinarily high number of people who have been forced into bankruptcy because Revenue Canada has performed ‘retro-audits’ and given ‘arbitrary assessments’ ( CRA’s terminology – not mine ) Are there any statistics published over the […]
I owe approximately $25,000 in credit card, taxes and misc other debts/bills. At least 70% of that has accrued over the last year, when i lost my $52,000 a year job and had to take a $24,000 per year job which barely pays my rent and car payments, and habitually leaves me $400 short per […]
I see you have a couple of unsecured credit card questions up – but I have another one! I went back to one of my old banks when I declared bankruptcy, and my statements kept including that they owed me -$1.45 on an old Visa. I definitely turned in all credit cards I had at […]
We are in a 5 yr. Consumer Proposal monthly repayment schedule. In there any advantage to paying off the balance early? (For example, will it speed up having our credit rating cleared.) Thank You
It seems like it’s more beneficial to file for bankruptcy than it is file a proposal, etc, for debts. It looks like a bankruptcy is over a lot quicker than a proposal, where you have to pay perhaps for years. Am I mistaken? Thanks
My house does not have a mortgage left owing on it. The house is jointly owned by myself and my eldest Son. I want to sign my half of the house over to my youngest Son. Should I do this, will it effect a future bankruptcy claim made by myself? Will they be able to […]
I am deciding to go bankrupt. I have some money in my RRSP and mutual funds. If I cash those out and “hide” the money. How would my trustee or anyone know about it. If I go bankrupt after this, could this be discovered. If so how? I am just trying to save the little […]
Will I able to qualify for a mortgage after bankruptcy? What steps should I take to be eligible for a mortgage?
