Bankruptcy Question & Answer Forum - Canada

Author:		Anonymous
Date:		June 27, 2005
Question:		My husband and I are considering going personal bankruptcy. My question is that we already have a consumer proposal and recently took out a second mortgage to pay off one loan and pay back money we had borrowed from family, we also signed over my husbands car to someone else we owed money to. Can we go bankrupt for around $40,000.00 and how do they determine how much we have to pay to be discharged?
From:		Bruce, Alger & Associates Inc.
Date:		June 28, 2005
Answer:		Yes, technically anyone can go bankrupt if they owe over $1,000 and cannot pay their debts as they generally fall due. As for how much you would have to pay, this is totally dependent on your personal situation and only after a detailed review of your circumstances would a trustee be able to give you some indication of what you would be expected to pay over the term of your bankruptcy. Bruce Alger phone: (403) 296-2970 balger@alger.ca