Bankruptcy Services of Collins Barrow Limited - for Calgary and Edmonton, Alberta

Author:		Mabel
Date:		August 26, 2000
Question:		What happens to some assets I have in a shared corporation if I claim bankruptcy on a 10-year-old Canada Student Loan? Are they exempt? Also, if I have credit cards, but nothing owing on them, do I have to notify the credit card companies?


From:		Shane Brenneis, Collins Barrow Limited
Date:		September 11, 2000
Answer:		When someone files bankruptcy, all assets are reviewed for value. If your corporation has a positive value then the Trustee will have to realize something for it. This doesn't mean the corporation has to be liquidated but a value has to be paid somehow. All credit cards are required to be turned in whether there is a balance or not unless you have obtained a letter from the creditor allowing you to keep the card. Shane Brenneis phone: (403) 298-1575 sbrenneis@collinsbarrow.com