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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 live in BC, exemption for furniture is $4000, does this means that we can keep $16,000 worth of furniture, my household consists of me my husband and 2 children.
Maria: You will be able to keep the furniture.
Nar: Usually no.
I am thinking about going bankrupt, I bought a house 4 yrs ago (house is in my own name only, my husband has nothing to do with it at all), I got married 2 yrs ago. If my husband buys a house before I go bankrupt will this affect his new home?
Linda: Your husband will not be affected by your bankruptcy if he did not guarantee any of your debt.
For more information please refer to:
http://www.bankruptcycanada.com/question1.htm#d
Will I have to tell my kids that we’re declaring bankruptcy? I’m embareced as it is. I don’t want them to know.
Will we lose our furniture? Furniture value is approximately $12.000.
We don’t have enough value in cars, will the bankruptcy people take all we have to pay the creditors? I’m desperate, don’t know what to do.
We owe 60,000 in credit cards and line of credit and we have a mortage but the value of the house is less than what we could sell it for at this time, will we also lose the house or can we keep paying the mortage?
Hi I have been trying for a couple of years now to keep up with the credit card payments but I’m not working and my husband lot his job.My mother owns a house but put my name on the deed as well she pays the taxes and insurance I just live in the house.Will they make me/my mother sell the house to pay off the credit cards.I owe around 32,000Thanks
Hi Ann Again,The house has no mortage its payed for.
Hi I am wondering I declared Bankruptcy last year, and have become discharged, now the problem is that I leased a New Tv and was able to keep the TV, but the tv has developed problems , the original place I purchased the Tv (easyhome) says they are not obligated to fix it anymore , but they don’t know about Sonys original warrenty, the original warranty is said to expire at the end of this year, the question is is they warranty (factory) still good even though the tv was purchased though a lease and declared under bankruptcy.
Maria: People almost never lose their furniture. Please refer to the following page for the equity in assets your province says you can keep:
http://www.bankruptcycanada.com/bankruptcyexemptions.htm
Ann: If your name is on the deed then you own the home.
Please refer to the following page for the equity in assets your province says you can keep:
http://www.bankruptcycanada.com/bankruptcyexemptions.htm
Michelle: I can’t answer this question as I am not familiar with the terms of the warranty.
Hi checked out the link I live in Nova Scotia I don\’t really understand what they are saying.If your home& property is worth more than 3 thousand dollars I will loose my home.
Ann: I suggest you see a trustee, who will be able to advise you after reviewing all your financial information.
The trustees at the following link will give you a free consultation:
http://www.bankruptcycanada.com/nstrustees.htm
is canada disability pension excempt from seizure under bankruptcy
I owe 12000 in credit cards and was keeping up with the payments but my hrs at work have been cut in half. I have a car which I don’t own and can make the monthly payments only if i don’t have to pay the credit dept can they take my car which i need to go to work can i claim a personal bankruptcy and still keep my car
JP: It is treated as income and not seized.
Joan: You may be able to keep the vehicle, subject to the approval of the peson holding the secured debt on the vehicle. A trustee in your area will know the policies of the lenders in your area.
Hi, I am in th UK and thinking of declaring myself bankrupt after I sell my house (which is in my name only).Me and my wife are also in the process of emigrating to Canada. Will this cause problems in getting a mortgage etc, even if everything we purchase is under my wife’s name???.
We have actually got permanent residency for BC.
Thank you very much for answering my questions.
Can you tell me how my securities license may be affected if I declare bankruptcy? I am hoping to keep my job, but not sure if I will be able to. I can’t seem to find an answer on line.
I was also told that you can’t travel once you have claimed bankruptcy? is this while you are in bankruptcy or for a determined time period.
Thank you
Hi my boyfriend and the father of my to kids is going for bankrupcy. i want to now if i have to put my self in the bankcrupcy to are if he can go alone. We are from bathurst nb. will we loose are cars?? we got a old truck and my 2000 alero… please let me know
David: Your wife should not be affected by your bankruptcy if she has the ability to get a mortgage without out you.
Nar: I don’t know how your securities licence will be affected by a bankruptcy. A bankrupt person is allowed to travel.
Melanie: You do not have to file bankruptcy if you are not responsible for any of his debt. A person is allowed to keep equity in certain assets as set by your province.
Please refer to:
http://www.bankruptcycanada.com/New-Brunswick-Bankruptcy-Exemptions.htm
Hello
I am planning on filling bankruptcy in about 1 month. It will be 5 years that i’m out of school in july 2010. I want to apply to have my student loan discharge when it’s been 5 years with the new law that jut came out. I live in New-brunswick . NOw I want to know if I go take a gel nail cours in september of this year that is 3 months long and I DO NOTget a loan for it but pay it cash. Can I still apply to have my student loan debt release in july 2010 or do you have to wait another 5 year from when i take my gel nail cours ? If I have to wait another 5 years I will just wait to take my gel nail cours in september 2010 after my bankruptcy and once I have apply to get my student loan discharge . Thanks.
I reside in B.C. and am considering bankruptcy to resolve my debt problems.
I have two rrsp’s ( my only remaining assets ), one with an insurance co. and one self directed through an investment firm. THe self directed one is totally locked in while the insurance co. one has both locked in and non locked in funds.
Two questions:
1. Are these funds protected currently from creditors ?
2. If not, will declaring bankrutcy protect them both?
Thanks
hello can you please let me know if ICBC default payment is covered by bankrupcy as well as debts to revune canada collections due to employment insurance and income asistance overpayments.
I live in Europe and teach ESL on a trade license. I am considering filing for bancruptcy here (business) and still have outstanding debts in Canada (mostly student loans) and persoanl property (about 1000books). Will I be able to claim bancruptcy in Canada if I do so here or will it have to be 2 seperate processes? Is there a student load waiver? It was in the 90’s that I had the Canadian loans. Many thanks in adavance for advice.
I want to know how a bankruptcy affects my creditors…
Do they recieve money of any kind after I declare bankruptcy?
Or
Is the debt just erased and they have no choice but to accept that?
Also, her and i have a van, worth less than $2500, in both of our names. As per our written loan agreement (I owe her $5000), she refuses to remove her name from the ownership of the van until she is repaid in full.
After I declare bankruptcy, what will the outcome be?
Will she have to sign over the van?
Hi could you please advise me if the bankruptcy hearings are supposed to be posted for public knowledge. I have noticed that the Nova Scotia courts are now publishing the weekly dockets with peoples names on line for the whole web to see. I thought it was only if you paid that you could access this info but all people with bankruptcy and proposals are listed. Please advise.
Oh my apologies Mr. Trustee. I notice my original comment is in moderation. I thought I had not posted correctly. Sorry about that. I will wait for your answer. Many thanks.
My ex husband has just filed a consumer proposal. We have been divorced officially for six months and still had some joint accounts that were unable to be paid in full at that time. Our divorce agreement stipulates the specific items we are each responsible to pay as well as what we each got to keep. It also states that any money we each pay on the other’s debt is to be reimbursed in full by the party who should have paid it in the first place.
However, since he did the consumer proposal his creditors are now requesting I pay off all of his debt as I am the guarantor on these loans. My question is…which holds more value; the consumer proposal or our original divorce agreement? Do I have to pay this money, and would I still be entitled to reimbursement if I did?
I’m also wondering if/how his filing of this proposal affects my credit? I haven’t been able to find any information regarding that…only how it affects his.
Julie: It is 7 years that you have to have been out of school before you can have your student loans erased. The 5 years is just for a hardship case.
For more information please refer to:
http://www.bankruptcycanada.com/PropChngsBIA.htm
Paying for a course will not reset the clock back so you have to wait another 7 years to have your student loans eligible for discharge in a bankruptcy.
David: RRSPs, in BC are exempt form seizure except for contributions made in the 12 months prior to bankruptcy. Please refer to:
http://www.bankruptcycanada.com/BC-Bankruptcy-Exemptions.htm
Sash: ICBC default payments are erased in the bankruptcy but not over payments of Employment assistance nor income assistance overpayments
Hicham: It would have to be two separate bankruptcies. It is 7 years that you have to have been out of school before you can have your student loans erased.
Rick: Your creditors will have to accept that the loans will be written off. You friends loan on the car will be written of but since she is on title on the vehicle she is a half owner.
Tom: The courts have the right to publish names of people who filed bankruptcy.
Jennifer: You are responsible for any debts of your ex husband that you personally guaranteed.
I’m not sure how a person can bankrupt a joint account. Wouldn’t both parties need to agree to it?
In August 2007, my husband and I became bankrupt. We completed the councilling sessions and made the required monthly payments. In June 08, we attended mediation regarding the further payment of our bankruptcy and made these payments until my husband lost his job (due to the economic crisis) in January 2009. We contacted our trustee and our payments were put on hold until he found employment. To date his is still not employed and we would like to revise our conditions. How could we do this and would it be worthwhile? Thank-you
Jennifer: The person going into bankruptcy only has his debt fall under the bankruptcy.
Carol: You should contact your trustee for this.
in september 2008 i purchased some appliances that were on a ”do not pay for one year” plan…and i bought some furniture on “do not pay for 6 months” plan…..if i declare bankruptsy now ,what will happen with these debts?the intention was to pay them but my business is not doing well at all….almost non existent right now….will these debts be erased in the bankruptsy??please advise
I would like to know if a person files for personal bankruptcy (and was the director of a small incorporated company that has ceased business) if CCRA can still come after the director for source deductions and GST monies owed when the business ceased operations? Does the directors tax obligation go away with the personal bankruptcy?
I’m taking the procedure to go BK, but nothing done yet, in the mean time, i’m receive letter from bailliff asking me to pay off my debt ASAP. What should i do in this situation? Pls advise.
Thanks.
I have a promissary note made out to my mother inlaw who lives with us.We sold our house 2 years ago and the equity was paid out to her on behalf of my daughter who is holding the funds for her.Can the promissary note be attacked if my wife and i file for bankruptcy.My mother in law had lent us the funds back in the eighties when she sold her house to move in with us and we had placed those funds in a house that was purchased back then.We have aprox-$140,000 in debts and the equity paid out to her was $125,000.
Hi,
We have recently been struggling with our debt’s. We just applied for a loan to cover our credit card and line of credit debt but are finding the monthly payments extremely high and are unable to make them. We can pay our mortgage, car payments etc. but cannot pay this loan. The total amount of the loan is $59k. Should we claim bankruptcy or file a consumer proposal? We live in Ontario. Thanks
Worried: If the lender did not take security in the furniture you will be able to keep the furniture and have the debt erased. If the lender did take security the lender can take back the furniture and your debt in a bankruptcy will be erased.