Q&A: Answers to Questions

Most Recent ‘Q&A’ Posts

director of a corporation

I note that you cannot be a director of a company once you declare bankruptcy. Understanding this means I cannot assume this role once bankrupted, however if I am currently a director of a company will I be required to resign ? Posted from: New Brunswick

RRSP and bankruptcy

If I file for bankruptcy which would be for 21 months. I have RRSP’s around 8,000 ALL contributed over 8 years ago. If during the 21 months I have to take some out to pay for an unexpected expense will it affect amount creditors are entitled to given that the RRSP would be exempt and […]

lost job

I just lost my job, can I declare bankrupcy or CP now or wait until I start receiving my EI? Posted from: Ontario

Motor Vehicle Accident Fund

If have a judgement against me through the Alberta Motor Vehicle Accident Fund and I am required to pay the amount of $164,000.00 could I file for bankruptcy and have this go away? I am a young man just starting out and I can’t see how I will ever be able to pay this. Posted […]

do they loose that

what happens if you went bankrupt and are still on it for 21 months, your first time, then a family member dies and leaves you money Posted from: Ontario

Can I keep ta refund?

Hi There If I filed for bankruptcy in 2011, I understand that i would have to give the creditors my 2010 refund. Do I get to keep my 2011 refund? Thanks Posted from: Ontario

Vehicles

I am strongly considering bankruptcy in the near future. I currently own 2 vehicles. One is my main vehicle that I use to get back and forth to my job, the other is a secondary vehicle that is essentially only good for parts. I am behind on my rent and have an offer of $700 […]

Veterans Disability Allowance

I am in receipt of a Veterans Disability Allowance that was awarded to me for injuries sustained while in service. I fall under the old veterans charter so I receive this on a monthly basis as opposed to a lump sum. It is non taxable and I do not receive a tax slip so it […]

bankruptcy or Proposal

I have a house worth approx 470K with a mtge of 415K. unsecured debts of 50k. Had a failed business which really put me bdhind on cc payments. but now have a full time job. my wife and I make approx $5500- $6k net per month total. We would like to keep the house and […]

Bankrupt Bussiness

If someone decides to declare bankruptcy as a bussiness owner and has a silent partner does the silent have to take over the bussiness? Or does the trustee take over the bankrupt portion of the bussiness? Also does the bussiness bankrupcy wipe out any personal debts as well? Posted from: Ontario

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