Bankruptcy Alberta

Author:

Anonymous

Question:

I Plan to do consumer proposal. My debt is line of credit and visa. Recently I made payment for school using visa. My question is should I do proposal now or wait 2, 3 months? I had no choice. I had to pay it in order to continue studies. And i have joint account with my wife which is 1000 dollars in overgraft, but she is willing to pay it of. Should I remove my name from that acount before I file proposal Thanks in advance

From:

Alger & Associates Inc.

Date:

Dec 03, 2009

Answer:

Any substantial useage of credit cards within the 3 months preceding your bankruptcy will be scrutinize by creditors and subject to repayment. You cannot remove your name from a bank account when it is in a deficit position. It's essentially a debt that you are legally responsible for.

Karen Rideout
phone: (403) 296-2973
krideout@alger.ca