You may also submit a question online to our Calgary Bankruptcy Q&A Forum, a free online resource that will answer your questions about bankruptcy and other financial options.
Calgary Bankuptcy Question and Answer Forum - Sample Questions and Answers from our Q&A Forum:
How much do you have to be in debt to file bankuptcy?
If a person was to apply for bankruptcy after a good year of income from the year before but the income is not anymore ... can they still go bankrupt even if the income was very good from that last year?
I have a Ltd. company working in the oilfield. Because of the slowdown in work my personal income has been reduced along with the companies, can my wife and I still declare personal bankruptcy and not disturb the company?
My husband and I have been seperated for aprox. 1 year. During our marriage he racked up his credit cards due to gambling and also put us at out limits with borrowing from the bank. He just declared bankruptcy my issue is that 2 of his credit cards I was a secondary card holder and a loan I was attached too. I was a stay home mom and never paid on them during the marriage and turned my back on them after i left him. I understand that I will loose my vehicle that was tied into the loan but can the credit card companies come after me for payment? Do I need to declare bankrupcy too to avoid this situation?
I have a bit of a complicated question but I think it is worth asking. I am a director of an incorporated company that has failed and now owes payroll taxes and GST. It is my understanding that even if we file for corporate bankruptcy these debts have to be payed. Is this true and would we have to pay the full amounts?? Also the numbered company in question owns part of another business that is currently operating,would the shares of that company simply go vacant if the failed company was to go bankrupt? Would it make more sense for us to disolve the failed company...and would that clear any debts? Again if we disolve would the shares of the operating company go vacant? Thank you for your attention.
My husband owes a fairly substantial amount to CRA and is thinking of filing a proposal or bankruptcy. We own several ATVs and a 22 year old travel trailer but it is all registered in my name and always has been. If he declares bankruptcy, will we be able to keep these assets as they are in my name? Also, we have two vehicles, both of which are in my name, will these be affected?
I was not discharged from a previous bankruptcy in Calgary and was given a few credit cards... can not pay them back. If I was already bankrupt when the credit cards were given to me, and now I can not pay them back, what are my options? Is it the credit card company's fault for giving me credit cards while I was bankrupt?
My husband owes a fairly substantial amount to CRA and is thinking of filing a proposal or bankruptcy. We own several ATVs and a 22 year old travel trailer but it is all registered in my name and always has been. If he declares bankruptcy, will we be able to keep these assets as they are in my name? Also, we have two vehicles, both of which are in my name, will these be affected?
My husband owes about $50,000 in debt to CRA but really not a lot of other debts ($2000 on a line of credit, $500 on a credit card). We own a home, with a $370k mortgage on it, and we could sell it for about $450k, so about $80k equity in the home. We would like to consider bankruptcy, as he is disabled and no longer working, and he cannot afford to pay this debt. How does that affect our matrimonial home? Would they just require him to pay the $20k beyond his exemption? We want to ensure that they wont make us sell our home in order to satisfy this debt.
If I include my bank overdraft in my bankruptcy, what will happen to my bank account? Will they close it or just stop the overdraft privilege? Would it be better to just go out of that bank and start with another one before I begin the process? I also have a VISA card and chequing account with another bank. I am including the card in the bankruptcy so what will likely happen to the bank account?
I was married for 9 years. During my marrige my wife and I financed a mini-van. We were unable to make the payments and the van was returned to the dealership. I was the primary on the contract and my wife the co-signer. There was an outstanding balance of $12, 000. We have since separated and immidiately following our separation my ex declared bankruptcy. Is this debt now solely mine or can she be held responsible for any portion? If I declare bankruptcy for the balance I will wreck my credit rating right?
i am wondering if we declare bankruptcy if we will be forced to sell our home and have to uproot our children from the only home they have ever known?
about 2 1/2 years ago we were discharged from a bankruptcy that included my husband, myself and the business he had at the time. Now he owes quite a lot of business taxes and I am wondering what happens options there are if he cannot pay them. What happens if we dissolve the business? He is a shareholder of 55% and the director of the business, I am a shareholder of 45%. The business owns 2 vehicles and that is about it. It is a small 'contractor' business. Please let me know what options there are! I am concerned about them coming after our wages for the taxes etc...can this happen? I don't think we should have our own business...its what caused our first bankruptcy!! Thank you.
i have both a federal and provincial student loan, part of which is with a bank and the rest with National Student Loan Centre. i have exhausted interest relief, interest-only, and have been denied debt-reduction twice, but cannot make ends meet. i have kept the loans up to date using credit cards, but now maxed-out. what happens if i just give up and leave the loans to go into default? what does the bank do next? what would NSLC do next? what does the federal/prov. gov't student loans typically do? thank you.
I am in a very bad divorce, which my husband has forced me into bankruptcy, and he is asking for spousal support thru family court. I know for a fact he has fraudlenty not claimed income from his side jobs, which can be easily traced. I am reporting him to revenue canada and EI for not making claim on his true income. Should i report this to my trustee, since he has just filed bankruptcy. What negative effects will this have on his discharge.
Bankruptcy News
July 7, 2009
Personal bankruptcies soar in Alberta
EDMONTON — Albertans continue to file for personal bankruptcy at an alarming rate as the recession affects their ability to pay their bills.
Read the article ...
June 4, 2009
Alberta's bankruptcy filings easing, report shows
The level of bankruptcy filings in Alberta is rising compared with a year ago but data released today also show it is falling on a monthly basis, according to the Office of the Superintendent of Bankruptcy Canada.
Read the article ...
May 13, 2009
Business bankruptcies fall in Canada
Business failures have declined in Canada, defying the pattern of past recessions, as companies spooked early by the U.S. slump moved quickly to cut their costs.
Read the article ...
If you wish to talk to one of the Calgary bankruptcy professionals at Alger & Associates Inc., you can call us TOLL FREE from anywhere in Alberta at 310-8888.
After hour appointments at our Calgary bankruptcy offices are available. We will often ask you to fill out a bankruptcy information form before you come into one of our Edmonton bankruptcy offices.
If you are in Calgary and considering bankruptcy other options for bankruptcy in Edmonton, we will be pleased to arrange a FREE consultation to talk about how you can start picking up the pieces.
How to File Bankruptcy in Calgary
Briefly, the steps are:
Choose a Calgary Bankruptcy Trustee such as Alger & Associates Inc. - Calgary Bankruptcy Trustee
The Calgary Bankruptcy Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses, and other pertinent information
After you file bankruptcy in Calgary, most creditors are no longer able to pursue you for collection of their accounts.
You may be requested to attend a bankruptcy interview in Calgary with the Official Receiver who is a government official.
You will be required to attend two financial counselling sessions in Calgary.
If you have any assets which you will not be allowed to keep (see Will I Lose Everything?), you will be expected to help the Trustee sell them.
You will report your income and expenses on a monthly basis to your Calgary Bankruptcy Trustee. You may also be required to pay some money to the Calgary Bankruptcy Trustee each month depending upon how much you earn, the size of your family and your circumstances.
You will be automatically discharged from bankruptcy in Calgary in 9 months if this is your first bankruptcy and there are no objections. You will have no further obligations for the debts covered in your bankruptcy.
Your company, partnership, or business may also file bankruptcy or make a proposal if it meets the above requirements.
You should be aware that any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. This is called a petition in bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if the petition is allowed, issues a receiving order which places you in bankruptcy with a trustee selected by the petitioning creditor.
If you are in Calgary and considering bankruptcy, we will be pleased to arrange a FREE consultation to talk about how you can start picking up the pieces.
Some Common Questions & Answers about Personal Bankruptcy in Calgary
Who is allowed to file bankruptcy or make a proposal in Calgary?
Will bankruptcy get rid of all my debts?
What is the bankruptcy fee in Calgary?
Do I have to pay the bankruptcy fee up front?
Who is allowed to file bankruptcy or make a proposal in Calgary?
You can file bankruptcy or make a proposal if:
you are not presently in bankruptcy and;
you owe at least $1,000 and;
you are not able to meet your regular payments as they become due; or
you would not be able to pay all of your debts if all of the assets you are not allowed to keep are sold.
Your company, partnership, or business may also file bankruptcy or make a proposal if it meets the above requirements.
You should be aware that any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. This is called a petition in bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if the petition is allowed, issues a receiving order which places you in bankruptcy with a trustee selected by the petitioning creditor.
Will bankruptcy get rid of all debts?
Most debts, but not:
secured debts (eg. mortgage or car loan);
child support, maintenance, alimony
Court fines, penalties and traffic offences
debts obtained by fraud or fraudulent misrepresentation
student loans, for bankruptcy filings after July 7 2008, if less than seven years since leaving university or college
civil claims arising from personal or sexual assualt
What is the bankruptcy fee in Calgary?
The Calgary bankruptcy fee depends on your particular circumstances. It will be explained to you by a trustee once your situation has been reviewed. All fees are set by the government and are the same for all trustees across Canada.
Do I have to pay the bankruptcy fee up front?
No, there are a number of ways to pay the fee, such as monthly payments or by having a third party pay the fee for you.
This site provides free information about personal bankruptcy in Calgary and personal bankruptcy alternatives in Calgary, including answers to common personal bankruptcy questions. This site is sponsored by Alger & Associates Inc. - Calgary Bankruptcy, Edmonton Bankruptcy, Bankruptcy Alberta, Canada Bankruptcy
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