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 [...]
No. Most assets are protected from seizure when you are claiming bankruptcy in Alberta pursuant to the provincial legislation. The Bankruptcy & Insolvency Act and the Alberta Civil Enforcement Act exempt certain assets from seizure, including: Necessary clothing and personal effects to a liquidation value of $4000.00 Household furnishings and appliances to a liquidation value [...]
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.
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.
Instead of filing for bankruptcy, you could attempt an orderly payment of debt. Orderly payment of debt is an alternative to bankruptcy or a proposal. A third party will review your debts and make arrangements with your creditors to pay these debts in an orderly fashion over a period of time. You will be required [...]