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
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.
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 [...]
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.
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 [...]
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 [...]
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 [...]
Someone who has co-signed a loan for you will still be responsible for the loan after you go bankrupt, and will usually be required to pay the debt in your place.
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.
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 [...]