Alberta Bankruptcy Question & Answer Forum
Questions for Personal Bankruptcy in Alberta (Canada) only.
This Alberta Bankruptcy forum is not intended for individuals who are already in bankruptcy or who have filed a proposal. Note that if you are in bankruptcy you should contact your trustee. If you cannot resolve matters with your trustee, you might want to contact the Office of the Superintendent of Bankruptcy who are the federal regulators responsible for licencing all bankruptcy trustees in Canada.
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Can a Ltd. company claim bankruptcy? The company has an overdraft loan and I believe the loan is secured by our house. If the company can claim bankruptcy do we have to sell the house?
If i just finanaced a used truck 40,000 with no money down with a cosigner. what happens?
My husband and I own our home (it does not have more than 40,000 equity) but we also have a mobile home on our property (that is paid for) which someone lives in. What happends to the mobile?? Will the trustee make us sell it?
Also:
If I enter a proposal do I have the same guidelines as someone who files for bankruptcy?? ( ex. allowed to own a vehicle worth up to $5000, allowed to have $40,000 equity in my home?) Am I allowed to have credit?
Thnk you
What happens to the money that you pay into a bankruptcy?
My father has been put into an assited care facility and has a mortgage and substancial credit card debt. He can no longer make all of his payments on house,car and others . Is he better to declare bankruptcy or forclose on mortgage and stop paying credit card companies ?
I have run my own business as a sole proprietor for 5 years but only recently needed to a merchant account of my own for accepting debit/credit payments. I have been considering personal bankruptcy for awhile (my business has no debt perse) but am now concerned that Chase could cancel my merchant account? I had not realized until applying that it is basically an unsecured line of credit. Do these usually get closed in a bankruptcy? If so would incorporating my business protect this account from being affected?
The equity is in my condo has decreased to $35K if I can sell it myself w/o realtor fees(~$20K). The pay-out penalty is just over $23K for an early pay-out of the mortgage. Any short fall in the mortgage is guaranteed by Genworth Financial. Must I pay the penaly at the time of sale, or can I keep my $35K equity then declare bankruptcy? I also owe about $50K on my credit cards that make my total monthly payments impossible. I must sell - is bankruptcy right for me?
My brother had been re-assessed by Canada Revenue and was told he owed $115000. Our house is under his name right now so if he declares bankruptcy, will we lose our home? We bought the house for $188k.
Thanks
If I file bankruptcy is it acceptable for me to pay more in child support for the 9 month duration to ensure i dont have surplus income? Is there a maximum precentage or amount?
Thanks
I am considering filing for bankruptcy. I own my own small business with a business partner. We have filed taxes each year as 50-50 partners. If I file for bankruptcy, what percentage of rent, utilities (the business is run out of our apartment) gas, milage, car payments (our business is 80-90% driving) etc am I allowed to write off each month as business expenses when I would fill out the forms for income during the 9 months of bankruptcy?
Thanks
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