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QUESTIONS? ASK A TRUSTEE.
If you cannot find the answers to your questions on our FAQ page or elsewhere on our site you can click on the map at this link and ask any of the trustees your question.
If you would prefer, you can ask me your question by clicking on “Comments”, below and filling in the comments box. This service is confidential as your email address will NOT be displayed anywhere on your post.
Your question will be answered the same day.
Bookmark this page so you can check back for your answer!
IMPORTANT:
We can answer general bankruptcy questions. Specific questions probably cannot be answered because bankruptcy is complex and many questions cannot be answered without having full financial information. This is the purpose of the initial consultation with a trustee which takes approximately one hour.
A number of people have asked detailed questions on how to get around the fact that they lied on a credit applications or some other form of misrepresentation in order to get credit. We cannot answer these questions as it would not be proper. Trustees are officers of the court and cannot give advice on getting around the law.
Please don’t ask us questions if you already have a trustee. Your trustee knows all your financial information and can give you better answers than I can.
Please keep your questions down to one or two, at the most. If you have more questions than that you probably need an initial consultation with a trustee which takes approximately one hour.
Please do not ask for a legal opinion. If you want a legal opinion you will have to consult a lawyer.
I’m a contract welder and work in alberta and have a Alberta Ltd. company with only assets of approx. $50,000. Work truck, welder and tools. My wife and son are shareholders. I reside in BC. What would happen to the Ltd. company and assets if I had to declare personal bankruptcy in BC. Thank you
Cassandra: The trustee will use any GST payments to make up for the short fall in his fees.
Jason: If you file person bankruptcy then your share of the company would belong to the bankruptcy estate for the benefit of the creditors. Assets that can be retained in a bankruptcy are set the the province of residence:
http://www.bankruptcycanada.com/BC-Bankruptcy-Exemptions.htm
The trustee might allow a certain amount for tools of the trade, which is exempt to the value of $10,000.
Hello. I have granted a judgement relating to a debt arising from a hearing within a professional organization in Alberta. The judgement has now been turned into a guarnishee. Can filing personal bankruptcy eliminate this judgement and guarnishee? Thank you
Second question… all debt is mine. Is it a requirement that my spouse file personal bankruptcy as well. (Separate assets and income that did not come via myself)
What is the approx total fee that a Trustee will charge to complete a bankruptcy?
Kevin: Judgements are erased in a bankruptcy. Please refer to:
http://www.bankruptcycanada.com/question1.htm#debts
Your wife will not be affected by your bankruptcy. Please see:
http://www.bankruptcycanada.com/question1.htm#d
Peally: Our calculator will tell you what a bankruptcy will cost you and how long you will be in bankruptcy:
http://www.bankruptcycanada.com/BankruptcyTermPredictor.php
I have lost my job , have no income , no family , no assets , 30,000 debt , and have filed for bankruptcy . I will probably have no surplus income because i have as of right now no job!!!. is it possible to borrow money from a friend / family to help pay for my bankruptcy cost! also when i fill out my income reports the expenses will exceed my income. this money i will have to borrow to pay for rent , etc - is this ok ? during bankruptcy? do i have to declare anything i borrow as income?
Gary: You can borrow money while in bankruptcy so long as when you borrow more than $1,000 the person from whom you borrow the money knows you are in bankruptcy.
This does not have to be reported as income.
I wish to attend school while I am in bankruptcy to upgrade my credentials and then qualify for a regular job with my employer.
Would those costs be taken out of my non discretionary income.
The requirement to take these additional courses is demonstrable.
I reside in BC
Steve: You cannot use these costs to reduce the money you have to pay to the trustee for the benefit of the creditors.