Alberta Bankruptcy

Author:

Anonymous

Question:

Hello, I am on sick leave throu ei. I have no money to pay bills or even eat. my depression keeps me in the house and I am not able to deal with the stress of creditors. I've made attemps on my life before and take medication for my depression. I had a very well paying job that I was forced to quite due to this medical condition. What are my options and will I have to lose everything. My ei has not started but I have qualified. Any advice or help would be welcome.

From:

Alger & Associates Inc.

Date:

Jul 23, 2010

Answer:

You didn't mention what assets you currently own. Household goods, personal effects, vehicles worth less than $5000 and house equity of $40,000 or less are all exempt assets in a bankruptcy. Given your current income situation the costs of a bankruptcy might be prohibitive for you but there is a referral program through Industry Canada. The way it works is you approach 2 trustees and if you are rejected for the process on the basis of fees then the Government will appoint a trustee to administer a bankruptcy for you. If you wish to contact Industry Canada the numer is 403-292-5607.

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