Bankruptcy Question & Answer Forum - Canada

Author:		Bob
Date:		October 1, 2005
Question:		I've been able to make my minimum payments on my 3credit cards and my monthly payments on my 2 loans. I have had to live with my parents the last 2 years because I haven't had any extra money to be able to pay rent etc anywhere else. I have been told by my parents they are moving and I have had to move on my own. so this last month I have had to use my paychecks for downpayment and first month rent, deposits etc. I know I am not going to be able to continue paying on my loans / cards because of this. Can anything happen when I file for bankruptcy, that I have used this money not to pay my bills, but to get started out on my own?
From:		Bruce, Alger & Associates Inc.
Date:		October 3, 2005
Answer:		These deposits would have to be disclosed to your creditors. However, unless they are excessive, there is likely no repercussion to paying these sort of normal living expenses. Bruce Alger phone: (403) 296-2970 balger@alger.ca