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posted by Debt Relief Advisor @ 3:40 AM
51 Comments
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51 Comments:
I have a leased vehicle for which the payments are up to date. There is no equity in the vehicle.
Will I be able to keep it in a bankruptcy?
Anon: You probably can keep the vehicle in a bankruptcy, although some lessors have a policy of taking back vehicles where a bankruptcy is involved.
If you come to see me for a free consultation bring the vehicle documents with you I will be able to give you a definite answer after reviewing the documents.
Will the CRA usually oppose a discharge if the debt owed to them was included in the bankruptcy? If yes, is there a minimum amount before opposing?
Anon: CRA does not oppose discharges simply because they were a creditor in the bankruptcy. Any opposition to a discharge by CRA is based on the person's conduct, both before and after bankruptcy and the person's ability to pay. CRA opposes very few discharges.
I have to file bankruptcy but my wife, who has her own career and is not responsible for any of my debt, is worried that my bankruptcy will affect her.
Will it?
Anon: If your wife is not responsible for any of your debt then her credit rating and assets will not be affected by your bankruptcy. For more information please refer to:
http://newfoundland.bankruptcycanada.com/faq.htm#9
I am considering filing bankruptcy. I consolidated my debt and currently have a loan that my parents co-signed. I now have extensive credit card debts again.
How would filing bankruptcy affect my loan that my parents co-signed. I don’t want them to have to pay for the loan.
Anon: If you file bankruptcy then your parents will be responsible for repaying the debt that they guaranteed.
I am single and recently lost my job due to health reasons. I am now on welfare. I receive 600.00 a month. I am in debt 7500.00 and have no assets. Can I declare bankruptcy, and what will it cost in terms of fees etc. to do so?
Anon: You can file for bankruptcy. It will cost you about $1,700.00, which can be paid over 9 months.
I don’t think you should file because you are judgement proof which means the creditors cannot seize any of your assets or your welfare payments.
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.
I have a student loan since 1996, I went back to school in 2001 and finished in 2003 at my own expense. Is that laon considered 12years old or is it only 5 where I finished school in 2003.
Am I eligable to declare bankruptcy on that loan?
Anon: There is uncertainty on this since the regulations and text of the new bankruptcy laws are not available. I have heard that going back to school will NOT restart the clock under the new laws but would have to see the text of the new code to be certain.
The courts in some cases have said that going back to school does not restart the clock. Please refer to this paper on student loans for the case(s):
http://www.bankruptcycanada.com/Canadian-Bankruptcy-Insolvency-Lawyers.htm#papers
If my wife & I file for bankruptcy, do we each get the home equity exemption, i.e. $10000 x 2?
i have filed bankruptcy and have been discharged.I recently got a copy of my credit report and it shows all my creditors as R9.Will this be erased after the 6 years?Also some creditors are still reporting on my report as of last month as R9 even though i'm over 5 years into my bankruptcy,is this legal?
Anon: Yes, you each will get the #10,000 home equity exemption.
Anon: The record of your debt will be erased from the credit bureau 6 years after your discharge from bankruptcy.
You might want to put a note on your credit bureau report explaining that the most recent creditor comments
pertain to debt that is not current and in fact is captured by your bankruptcy. For more information on this please refer to:
http://newfoundland.bankruptcycanada.com/credit-rating.htm#creditreport
what happens if you have filed for bankrupcy and later realize it was a mistake? Is it to late to make a proposal instead?
Anon: You can file a proposal while in bankruptcy. Please discuss this with your trustee.
WHAT WILL HAPPEN WHEN I FILE BANKRUPTCY WITH MY HOME &VECHICLE
Anon: You are allowed to keep some of the equity in your house and a vehicle.
Please refer to:
http://newfoundland.bankruptcycanada.com/newfoundland-bankruptcy-exemptions.htm
I have about 40,000 in student loan debt and 10,000 in credit card debt. I don't own a home or a vehicle. I haven't been a student since 1995. I also owe for a computer and about 2,000 in personal loans. I lost my job and my EI runs out in a couple of weeks. Is filing personal bankruptcy my best option?
Also can you claim a credit card debt where you were only an authorized user?
Anon: All your debts, including the credit card where where you are only an authorized user, are erased in a bankruptcy.
Am I supposed a list a credit card that I am only an authorized user on in my Bankruptcy? And if I do what happens to the primary card holder? are they responsible for all the debt or only purchases they signed for?
Anon: You must list that debt when you file bankruptcy. The primary card holder will be responsible for all the debt that is attached to that credit card.
I filed for personal bankruptcy in July 2002 and was discharged in April 2003. I was informed that the bankruptcy would stay on my credit report for a total of 7 years, the first year and then 6 years from discharge for a total of 7. Now people are telling me that it's 8 years from being filed. This was not what I was told in 2002. Can you resolve this for me.
Anon: The record of your bankruptcy is erased 6 years after your discharge by Equifax and 7 by Transunion. For more information on this please refer to:
http://newfoundland.bankruptcycanada.com/credit-rating.htm#bankruptcypolicy
I would like to know if you are able to continue to pay on one vehicle, and the other has only has a value of $1000 can you keep both vehicles if they are both required for transportation to and from work? We just took out the mortgage on our first home this past July, and can continue to pay on this, will we lose our home?
Anon:
You are allowed to keep the equity in assets as set by the province. Please refer to:
http://www.bankruptcycanada.com/Newfoundland-Bankruptcy-Exemptions.htm
You can probably keep the $1,000.00 vehicle if you pay the trustee for it.
I filed for Bankruptcy in Oct.2004 and was discharged around June 2005. I have since run up debts of approx. $4000 and now the Student loan I had in 2001 which I couldn't include before is coming back to haunt me.
Is there any recourse? Can I file again or is it 7 years as I have been told?
Anon: You can include student loans in a bankruptcy if you have been out of school 7 or more years. Please refer to:
http://newfoundland.bankruptcycanada.com/new-bankruptcy-laws.htm
I just filed for bankruptcy on May 8,2009. When I need to fill out the income & expenses sheet,do I need to start from May 1-31 or from the day I signed the paper's(may 8) to the last of the month.
Me & my husband filed for bankrupy earlier this month.I was wondering do it go by just net income from the two us or do it go by your net income & expenses payed out, that decides if you are going to have to pay more on the bankupty.
Anon: You go by your take home pay.
Do you have to cash in your RESP's when you go bankrupt.
Anon: No, you don't. Please refer to:
http://newfoundland.bankruptcycanada.com/newfoundland-bankruptcy-exemptions.htm
I am planning on fling for bankruptcy around the first week in june.I heard you have to fill out expense sheets, when do i start to fill them out the first of the month or the date that i sign the papers.
Anon: You will fill out the Revenue and Expense form after the 1st month and monthly after that until you are discharged from bankruptcy.
You trustee will supply you the forms and instructions on how to fill them out.
Is it possible for a person who has filed bankruptcy to still apply for and receive student loans?
Anon: I have heard that this is possible. Contact student loans for up to date information on this.
I owe a few family members money. Can I still paid them when I file for bankruptcy(is their a certain amount that you can only pay them)?
Anon: Once you file bankruptcy you are not allowed to repay any of your creditors, including family members and friends.
Hi! I have a family member who requested I get some information for them. Hopefully you can help. He filed for Bankruptcy in the 80's and it was discharged. He filed for Bankruptcy again in 2008, has been making those payments, and it will be reviewed in August. The total amount for this Current Bankruptcy is less than $50,000. He was the beneficiary of the life insurance policy of a family member that recently passed away, for which he received $150000. He has received mixed information on what he has to do with the money now, as the amount received is more than he settled in bankruptcy. He was originally told that they would only take the amount owed, but they are now saying that they want it all because it is his second bankruptcy. Which of these is the right thing? What is the normal process here?
Anon: The Bankruptcy and Insolvency Act calls for all the $50,000 debt plus 5% interest to be paid and the balance to go back to the bankrupt.
If the trustee wants more your family member should contact an insolvency lawyer.
Myself and my common law partner are planning on filing for bankruptcy within the next few days.We are planning on getting married by the parish prist and my family is paying for the small wedding .Does this affected the bankruptcy in any way...
Anon: The wedding and costs paid by your family will not be affected by the bankruptcy.
We filed for bankrupty a few weeks ago and now my husband has the opportunity to help out a few family members for cash money.Are we allowed to do this ,while we are under bankrupty? Do you have to tell our trustee? and also can family members give us money to help us out.
Anon: You are allowed to work for cash and accept help from your inlaws. You must advise the trustee of all income earned.
I am working now and receive about 3400 a month between me and my wifes income, in five weeks I will be laid off and will than go on ei, our total income then will be 2400 per month, our monthly bills will come to more than our income then, we are so far behind now that eve with two of us working now we can't catch up on the bills, my wife also owes revenue Canada a substancial amount, which we have been paying very little on.Would a Trustee be able to help us out and would I have to wait untill I got laid off to file for bankruptcy
Pat: A trustee should be able to help you and your wife. You don't have to wait until you are laid off.
The trustees at the following link will give you a free consultation:
http://www.bankruptcycanada.com/nfltrustees.htm
My husband left me and the kids. He is not paying support because he quit his job and there is no court order in place yet. I am struggling to pay the mortgage and bills. If I declare bankruptcy will I lose my home if I agree to keep these payments current.
Anon: You are allowed to keep$10,000 of equity in a home. Please refer to:
http://newfoundland.bankruptcycanada.com/newfoundland-bankruptcy-exemptions.htm
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