Comments http://www.bankruptcycanada.com/blog Sat, 11 Oct 2008 02:14:40 +0000 http://wordpress.org/?v=1.5.2 Comment on Questions? Ask a Trustee. Bankruptcy Canada Blog. by: Trustee http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91119 Fri, 10 Oct 2008 16:47:59 +0000 http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91119 Kelly: The trustee has extraordinary powers to recover funds gifted as far back as 5 years, in the case of related parties, if without those funds the gift giver was not able to meet his financial obligations. Kelly: The trustee has extraordinary powers to recover funds gifted as far back as 5 years, in the case of related parties, if without those funds the gift giver was not able to meet his financial obligations.

]]> Comment on Questions? Ask a Trustee. Bankruptcy Canada Blog. by: Kelly http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91086 Fri, 10 Oct 2008 06:21:01 +0000 http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91086 My dad is in the process of declaring bancrupcy. He owned a business and apparently the book keeper fudged the books and the gov't did not get the proper taxes. This went on for 5 years. He gave me a monetary gift of ten thousand dollars and now he claims the gov't will take me to court to get this money back. I thought it was a gift. My question is, can the revenue services actually do that or was I given misleading information. I'm truly confused. My dad is in the process of declaring bancrupcy. He owned a business and apparently the book keeper fudged the books and the gov’t did not get the proper taxes. This went on for 5 years. He gave me a monetary gift of ten thousand dollars and now he claims the gov’t will take me to court to get this money back. I thought it was a gift. My question is, can the revenue services actually do that or was I given misleading information. I’m truly confused.

]]> Comment on Questions? Ask a Trustee. Bankruptcy Canada Blog. by: Trustee http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91069 Thu, 09 Oct 2008 23:17:58 +0000 http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91069 Aaron: The regulations only call for a payment in the case of a bankruptcy or a receivership; not an interim receivership. If you want a 3rd opinion I suggest you contact the Office of the Superintendent of Bankruptcy: http://strategis.ic.gc.ca/epic/site/bsf-osb.nsf/en/br01003e.html Aaron: The regulations only call for a payment in the case of a bankruptcy or a receivership; not an interim receivership. If you want a 3rd opinion I suggest you contact the Office of the Superintendent of Bankruptcy:

http://strategis.ic.gc.ca/epic/site/bsf-osb.nsf/en/br01003e.html

]]> Comment on Questions? Ask a Trustee. Bankruptcy Canada Blog. by: Trustee http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91068 Thu, 09 Oct 2008 23:12:27 +0000 http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91068 Kat: Since your trustee will be writing the report where he comments on how you conducted yourself both before and during bankruptcy and will be recommending your discharge, you should ask him this question. Kat: Since your trustee will be writing the report where he comments on how you conducted yourself both before and during bankruptcy and will be recommending your discharge, you should ask him this question.

]]> Comment on Questions? Ask a Trustee. Bankruptcy Canada Blog. by: Aaron http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91063 Thu, 09 Oct 2008 22:10:40 +0000 http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91063 I posted a question on Sept 29th about a former employer, who still owes me money, filling for bankruptcy. I have since been given contact infomation for who I was told was the Trustee. As it turns out the "trustee" is in fact the interim receiver for the bank. He has told me that the company has not filled for bankruptcy but has shut down operations, no one will be receiving payment for their work and that the sole administrator of the company will file a personnal bankruptcy. I had come accross a government program called the WEPP but I've been told that no former employees will qualify for this program because a Receiver is not the same thing as an Interim Receiver. Have all their former employees now been screwed over on a technicality? Do we have any recourse here? I posted a question on Sept 29th about a former employer, who still owes me money, filling for bankruptcy. I have since been given contact infomation for who I was told was the Trustee. As it turns out the “trustee” is in fact the interim receiver for the bank. He has told me that the company has not filled for bankruptcy but has shut down operations, no one will be receiving payment for their work and that the sole administrator of the company will file a personnal bankruptcy. I had come accross a government program called the WEPP but I’ve been told that no former employees will qualify for this program because a Receiver is not the same thing as an Interim Receiver. Have all their former employees now been screwed over on a technicality? Do we have any recourse here?

]]> Comment on Questions? Ask a Trustee. Bankruptcy Canada Blog. by: Kat http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91062 Thu, 09 Oct 2008 22:03:55 +0000 http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91062 I have recently filed for bankruptcy, as a single person. Next month, I will be required to rent a vehicle for business related travel. I do not have credit in my name, which is required to rent this vehicle. As a teenager, my father had provided me with a supplementary card to his VISA account for emergencies. I have never used it. Would it be unethical of me to use it to reserve the car? I would be paying for the vehicle in cash upon arrival. Therefore, no charges would ever be made. Could this jepordize my 9 months? Please advise? I have recently filed for bankruptcy, as a single person. Next month, I will be required to rent a vehicle for business related travel. I do not have credit in my name, which is required to rent this vehicle.
As a teenager, my father had provided me with a supplementary card to his VISA account for emergencies. I have never used it. Would it be unethical of me to use it to reserve the car? I would be paying for the vehicle in cash upon arrival. Therefore, no charges would ever be made. Could this jepordize my 9 months? Please advise?

]]> Comment on Questions? Ask a Trustee. Bankruptcy Canada Blog. by: Trustee http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91046 Thu, 09 Oct 2008 16:06:16 +0000 http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91046 Sarah: You can file bankruptcy unless perhaps you are judgement proof, in which case you may not have to file bankruptcy. Judgement Proof: A term to describe assets protected from being seized by a creditor. i.e. assets a creditor cannot seize by going to court and getting a judgement. Sarah: You can file bankruptcy unless perhaps you are judgement proof, in which case you may not have to file bankruptcy.

Judgement Proof:
A term to describe assets protected from being seized by a creditor. i.e. assets a creditor cannot seize by going to court and getting a judgement.

]]> Comment on Questions? Ask a Trustee. Bankruptcy Canada Blog. by: Trustee http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91045 Thu, 09 Oct 2008 16:02:09 +0000 http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91045 Ryan: The provinces set the exemptions on assets including cars. Please refer to: http://www.bankruptcycanada.com/bankruptcyexemptions.htm Ryan: The provinces set the exemptions on assets including cars. Please refer to:

http://www.bankruptcycanada.com/bankruptcyexemptions.htm

]]> Comment on Questions? Ask a Trustee. Bankruptcy Canada Blog. by: Trustee http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91043 Thu, 09 Oct 2008 16:00:11 +0000 http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91043 John: You wife will not be affected by your bankruptcy or proposal. For more information on this please refer to: http://www.bankruptcycanada.com/question1.htm#d John: You wife will not be affected by your bankruptcy or proposal. For more information on this please refer to:

http://www.bankruptcycanada.com/question1.htm#d

]]> Comment on Questions? Ask a Trustee. Bankruptcy Canada Blog. by: Sarah http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91036 Thu, 09 Oct 2008 13:39:44 +0000 http://www.bankruptcycanada.com/blog/ask-a-trustee-2/#comment-91036 I have credit card debt of 15,500. Unfortunetly i am unable to make the lage payment that they require. I barely make enough to live. I have no valubale assets a tv worth approx 400.00 at a grage sale. Since i am unable to make the payment i am thinking about going bankrupt. I pay about 150 towards my credit card when i can. Do you think this is the best solution for me, Also i have tried getting a loan from the bank to pay off my credit card and have smaller payments, but i got declined because of my crdit card debt. I have credit card debt of 15,500. Unfortunetly i am unable to make the lage payment that they require. I barely make enough to live. I have no valubale assets a tv worth approx 400.00 at a grage sale. Since i am unable to make the payment i am thinking about going bankrupt. I pay about 150 towards my credit card when i can. Do you think this is the best solution for me, Also i have tried getting a loan from the bank to pay off my credit card and have smaller payments, but i got declined because of my crdit card debt.

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