You may also submit a question online to our Edmonton Bankruptcy Q&A Forum, a free online resource that will answer your questions about bankruptcy and other financial options.
Sample Questions and Answers from our Edmonton Bankuptcy Question and Answer Forum:
Joint Mortgage
Hi, my partner and have a joint mortgage, she was living in the home, I left, I paid her to bring the mortgage upto date after being in arrears by one month after I left, she didnt pay the mortgage company, she kept the money, and now it's 3 months in arrears. she has now left the home and moved to a rental, how could I move back to the property but with her removed from the mortgage, I could pay the arrears etc, but wouldnt be willing to do this with her on the title, thank you for your assistance. Read the answer ...
Credit Card Debt
I owe about 33,000 in credit card debt. My income is cpp- oap- guaranteed income supplement and alberta supplement. I am 67 years old no assetts a 1995 van paid for my name is on a home morgage with a relative, and it is a secured morgage we each pay half the morgage payments my share is 300.00. I have a copy from a trustees site that says if you are retired it is impossible for a creditor to garnishee a pension. I would like to do a proposal or should I go bankrupt? my payments are still up to date but very difficult for me thanksfor any advise. Read the answer ...
Mortage and Bankruptcy
Hello, My question is about our mortgage. Currently we have a negative equity in our property. We bought it at the price peak in 2007. Can we file a Proposal to reduce our interest without penalty, so we can make the payments and avoid the foreclosure? We have already missed one payment. Thank you J.S. Read the answer ...
Divorce and Bankruptcy
I am currently going through a divorce. My ex is responsible for paying the debt on our holiday trailer(-26000.00)our quad(-12000.00) and our home ( -150000.00). The home is for sale, but no takers. My name is still on all of these loans.He has not been working and has not been making the payments for the last 5 months. I was just laid off of my job as well and have no hope of taking over the pyts. Would it be advisable to look into bankruptcy. And if so what are the steps to do so?Read the answer ...
Husband and Wife - Bankruptcy
My wife and I are in dept individually and as we are married (30 + Years) I gues the debts would be considered shared (personal debt.) We should probably file for bankruptcy due to the size of the dept $200,000 My wife and I are also disabled and our only income is disability income. I have reason to believe that within the next (2) months, I will be receiving about $4,000 monthly, increasing. At that time we would of course come off disability. My (2) questions are as follows: I am also the owner and CEO of a non-operational Fully Incorporated Company and my wife is a Director and Shareholder. The purpose of the Corporation is for circumstances like this, it waas created for financial transactions. If this actually happens and my wife and I have "NOT" declared personal bankruptcy what would happen if that $4,000 month went into the Corporation. Would that $4,000 be protected from creditors? The Corporation has no depts or, assets and is not involved with our personal debts in any manner. What would happen with that $4,000 month going into the Corporation if my wife and I "DID" declare bankruptcy? Thank you for your kind assistance. Read the answer ...
Bankruptcy and Partner
I am considering bankruptcy but do not want my partner to be affected. I have a credit card in my name, and my partner has the additional card on the same account. I am the primary account holder and the only one of us to sign the contract, however my partner was issued the additional card later on and has used it on occasion. If I have my partner removed from my credit card account, and get confirmation in writing from the financial institution, will that then remove my partner from any responsibility for the debt after I file for personal bankruptcy? Read the answer ...
Husband Filing Bankruptcy
My husband wants to file for bankruptcy. We live in a house that is only under my name. Can they go after my house even though it's only under my name? Read the answer ...
Student Loan and Bankruptcy
I filed my first bankruptcy in April 2008 and expect to get discharged on January 2009. I graduated in January 2002. When I applied for the bankruptcy I was asked to sign a statement stating that my student loan would not include in the bankruptcy because I graduated less than ten years ago. Now that the law has passed for seven instead of ten years, can my student loan be include in the bankruptcy, even when I filed the bankruptcy the law has not passed for the seven years exeption? Read the answer ...
Undischarged Bankruptcy
Hi ... does an undischarged bankruptcy EVER go away? I filed for bankruptcy in 2004, and was never able to pay the Trustees fees. I reopened my file with a windfall I received, and got too scared to continue when they demanded information on my house... I was afraid I'd lose it. I want to get rid of this thing now, but not at the expense of paying another 2400.00, which is what I had to do when they reopened my file. Can you help me? Read the answer ...
Car Loan
Hi, I currently have a loan secured by a car I purchased. I have recently registered the car in my girlfriends name (she is not on the loan). I am considering bankruptcy as an option to my current debt load as I am having difficulties surviving from month to month. My credit lines are currently one month past due and my beacon score has been destroyed. If I file for bankruptcy, can the bank repo the car from my gf? I appreciate your feedback.Read the answer ...
Mortgage and Bankruptcy
I am thinking of filing for bankruptcy. I have two mortgages but now have no job. When I got the mortgage I was making good money but that was a year ago. I have been paying every thing with my saving and help from my parents. Will I be charged with fraud because I did not tell the banks about my change in income? Read the answer ...
Considering Bankruptcy
Messy marriage, separated on and off sinse 2001, Divorced, almost 4 years ago with 3 kids..due to high cost of living, couldn't afford to live elsewhere very long due to medical problems,ex and I live currently under same roof. He pays mortage, living here is only way for me/kids to stay in AB.he does not contribute to my living circumstances at all.This past yr,rev can. sent me a letter stating I owe back taxes sisne 01...i havent always lived with him,i have no proof or receipts of where i did live.They want me to pay back ALL the child tax credits,gst,health care subsidy,UI income, ALL based on HIS financial Income ...I don't get it, I didn't make more than 10,000 per yr,he made tons,I didn't get a red cent of his and now I have to repay every cent the gov. ever put in my bank acct...i have to consider going bankrupt right now, he isn't helping me, I am waiting for my second back surgery ,doing a job i am legally not allowed to do according to my dr but this is so screwed up,i can't afford to quit, i can't tell my boss,i can't pay the money back...what the heck am i supposed to do..why should they expect me to do income tax with an ex who does not contribute to me or my kids lives....do i even qualify for bankruptcy. Read the answer ...
Bankruptcy and Divorce
My question is this. After filing bankruptcy I was in a very bad divorce with my ex wife. we or should I say, she, my ex wife asked her parents for numerious cash loans that went to pay her daughters expenses while she was on drugs. My ex wife's parents payed for the bankruptcy and my ex did not have to file. We have been divorced for 2 years now and she and her parents are asking for the loan to be payed back. I never agreed to pay the money back, I signed nothing that would hold me responsible and never made a verable agreement with her parents. They are asking for 40K, they no I have no capitol and are seeking to inprison me since they do not want monthly payments. Can I go to prison for this loan that I did not want in the first place? The bankruptcy occured while my ex and I wre still married. Thank you for any response you can give me. Read the answer ...
Car Loan and Bankruptcy
I am currently considering bankruptcy. I have a car loan out that was registered to me and is now registered in my gf's name. If I file for bankruptcy, can the bank repo the car from my gf if there is a lien? Also, does this make her 100% responsible for the unsecured loan we have? How is my income affected by a bankruptcy? Will I have to make monthly financial obligations. Please let me know the difference between a consumer proposal and a bankruptcy as I believe financial institutions look at these the same. Thank you. Read on ...
