Bankruptcy

Do I Qualify for Bankruptcy?

If you are considering filing for bankruptcy in Alberta, Nunavut or Northwest Territories, you must first qualify. To qualify, you must: Owe at least $1,000.00 Be unable to meet required payments as they become due; or Own insufficient property to pay all your debts

2017-01-27T20:45:59-06:00January 24th, 2017|

How Do You File for Bankruptcy?

The first step for filing for bankruptcy in Alberta, Nunavut, or NWT is choosing a Trustee. A Trustee is required to file a bankruptcy or proposal. For more information on Trustees, visit the Superintendent of Bankruptcy's website or peruse our other helpful links.

2017-01-25T23:12:33-06:00January 24th, 2017|

What are the Costs of Filing for Bankruptcy?

It does not cost anything to ask questions. Starting with a free, no-obligation consultation will help determine the service that is best for you. If you require the services of a Licensed Insolvency Trustee to file an assignment into bankruptcy or a formal consumer proposal, the Licensed Insolvency Trustee costs are legislated and will be explained [...]

2017-03-29T21:35:22-06:00January 24th, 2017|

What Happens to My Debts?

Most collection actions, lawsuits, and wage garnishees are suspended upon filing bankruptcy or proposal in Alberta, Nunavut, or Northwest Territories. Your creditors will be advised to stop contacting you and to deal with your Licensed Insolvency Trustee. In many cases, upon your discharge from bankruptcy, you are released from all your debts.

2017-03-29T21:36:08-06:00January 24th, 2017|

Do Any Debts Survive Bankruptcy or Proposal?

Yes. Certain debts are not eliminated with your discharge from bankruptcy. For example: Fines or penalties imposed by the Court Alimony, maintenance, or support Debts obtained by fraud or misrepresentation In most cases, declaring bankruptcy in Alberta, Nunavut, or Northwest Territories does not prevent a secured creditor such as a bank, credit union, or finance [...]

2017-01-25T23:11:23-06:00January 24th, 2017|

Do I have to List All my Debts?

Yes. Bankruptcy cannot be applied selectively. When claiming bankruptcy in Alberta, Nunavut, or Northwest Territories, you are required to list all debts, regardless of the source, even those owing to friends and relatives. Part of the legal process requires that you swear under oath that the information you provide is true and complete. If you [...]

2017-01-25T23:11:29-06:00January 24th, 2017|

Will I Have to make Payments to my Creditors?

When declaring bankruptcy in Alberta, Nunavut, or Northwest Territories, one of your duties as a bankrupt will be to prepare and submit to the trustee a monthly budget detailing your income and expenses. The Superintendent of Bankruptcy provides a series of income thresholds above which you will be required to make payments to the Trustee [...]

2017-01-25T23:11:36-06:00January 24th, 2017|

What Happens to my Credit?

Most people that we talk to about bankruptcy already have a poor credit rating. Many people are already registered at the Credit Bureau; unable to obtain a loan, or have had their credit cards suspended. Your credit rating can only improve following your discharge from bankruptcy.

2017-01-25T23:11:48-06:00January 24th, 2017|

How Long will I be Bankrupt for?

Any individual who has found themselves filing for bankruptcy in Alberta, Nunavut, or Northwest Territories will normally be discharged 9 months after filing for bankruptcy for a first time bankrupt and 24 months after filing bankruptcy for a second time bankrupt, if the bankrupts income falls below the Superintendents' Guidelines. The discharge will be automatic [...]

2017-03-29T21:58:30-06:00January 24th, 2017|