Bankruptcy Question & Answer Forum - Canada

Author:		Anonymous
Date:		Dec 14, 2006
Question:		I have over $35000 owing in credit cards/credit line and close to $18000 in student loans. I understand that student loans cannot be part of the proposal or bankruptcy, but I am considering above options for my credit card debt. My questions are: 1) Will filing bankruptcy affect my current job? 2) Will filing bankruptcy affect my previous pension (locked-in)? 3) If I decide to move out of Canada, will I be able to quit my current job and leave the country, if I am in the process of bankruptcy/proposal? Thank you.
From:		Alger & Associates Inc.
Date:		Dec 21, 2006
Answer:		1. Your employer will not be notified as part of your bankrupty; however, the bankruptcy is a matter of public record. You should also review your employment contract to determine whether you have any obligation to report this to your employer. 2. You pension may be protected from seizure by Provincial law, but we would need more information to determine this for sure. 3. The immigration policy for different coutries vary. You may want to look into this for the specific country, to which you are considering moving. Vanessa Grant phone: (403) 296-2977 vgrant@alger.ca