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Looking for a similiar forum for Ontario. Do you know of a site? My question is about filing bankruptcy before enrolling into university full-time, and possibility of applying for a student loan. My contracting business failed and I'm 40 years old.
response from Ann Clarke (December 27/2004) |
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I am a Canadian living in the UK, I am disabled and have been advised
that it is probably time I filed for bankrupcy in Canada. I am a permanent UK
resident, Can I file bankrupcy from here?
response from Ann Clarke (December 21/2004) |
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Due to a sudden change in my income, I've been slightly behind on my car payments. The car was repossessed without notice; my oversight was that I assumed they would give a warning before resorting to repossession. My question is, what are my current options and obligations? (the repo agency hasn't returned my phone calls yet, and I would like to understand my rights before I negotiate with them) I'm assuming my basic options are to either get the car back under some settlement, or just let them have the car: Under Alberta/Canadian Law, can I just let them have the car, and be off the hook for any more payments... or will I be obligated to pay the original minus resale price? Are they obligated to allow me a fair settlement (give me back the car in exchange for standard repo fees + missed payments), or can they just say, "Nope, you missed a payment, so you have to pay back all $20,000 right now, or we're confiscating the car". Thank you in advance for any answers; I of course understand that you can only comment on obligations under law, and not on the terms of my specific financing contract.
response from Ann Clarke (December 20/2004) |
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Thanks for answering my previous question. I was just thinking, if we get married while my bankruptcy is in process, what about wedding gifts we receive? I am imagining that we would have to hand over any cash that we received as gifts, and provide a list of any other gifts we received? I don't think our gift-givers would appreciate their gifts being given to my creditors!
response from Ann Clarke (December 20/2004) |
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My husband and I currently have about 99,000 in debts. 50,000 of the cebt is the result of a failed business venture from 2004, but only about 11,000 is under the business name, the rest is from our personal line of credit. Our business debt is to visa, our personal debts to visa, and two credit lines. We own our home with less than 25,000 equity and a recreational property valued at approx. 20,000. we lease a vehicle through the business and own a second car valued at approx 4000.00. My husband is paid as a consultant through his business at 60,000 per year and our debt payments per month are about 1800.00 We are floating payments to cover our basic expenses which run aboiut 3800.00 per month. It is difficult to see what other option there is than to claim bankruptcy. We are meeting all payment requirements and are not in arrears at this time. From your experience what would you suggest? Would we claim joint bankruptcy and would we also bankrupt the business? Would we be able to keep the vehicle? The rec property? The house? Do we have to qualify for bankruptcy and if so, do we? Is there a fee for the trustee and if so how is it determined? I realize this is more than one question, and perhaps we will need to discuss this further. I greatly appreciate your assistance .
response from Ann Clarke (December 20/2004) |
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I have a small business, a sole proprietorship. I have had many business reverses and must now file for bankruptcy. My debts involve 2 lines of credit with the bank and the Post office. I am also in the midst of getting married! I am told since my fiance did not co-sign on these loans, he cannot be held liable for them? So it is safe for us to go ahead and get married? Also, I understand that his income will be taken into account once I file. How much income are we allowed before we have to give the rest to the trustee? I am just wondering if it is worthwhile for me to continue with my failing business, if all proceeds have to be given to the Trustee, because my fiance's income puts us over the line? There doesn't seem to be much point then. If I close my business, will they not allow my "tools of the trade" and take my office equipment and inventory, etc? I would like to be able to do something else in the future to continue to draw an income. Will we be allowed to use his income for our wedding expenses, or will they consider this an unallowable expense? (Total wedding costs will only be about $4,000 - paid over time - our wedding is planned for May/05) Sorry so many questions! But one more. Six months ago, I had to accept I could no longer pay my mortgage. Our mortgage broker suggested giving the house to my fiance as a transfer of "Love and Affection". Now only his name is on the title. My fiance then renegotiated the mortgage using his credit rating, for a much bettter rate. Is this going to look like I am hiding assets once I file? I was simply trying not to lose my house ...
response from Ann Clarke (December 17/2004) |
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A collection agency is attempting to collect from us on our former landlord's security deposit charge that is currently being investigated as unlawful. We do not want to pay the amount until we are sure we are legally responsible for it. As the time drags on, what should be my immediate concerns and how quickly can this show up on my credit rating?
response from Ann Clarke (December 15/2004) |
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I stand to lose in civil lawsuit, the damages they are asking for $ 350,000.00 There is a good chance that they win, this will put me under so to say. I own a house together with my wife, the value is $ 550,000.00 I owe $ 400,000.00 How will this work out? Thanks in Advance.
response from Ann Clarke (December 15/2004) |
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I've heard the Alberta statute of limitations is 2 years as opposed
to 6 for the rest of the country. Does that mean that if you are not sued
within 2 years of your last acknowledgment of the debt that you cannot be sued?
response from Ann Clarke (December 14/2004) |
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How long is a bankruptcy held against my credit 1yr., 3yrs.,5yrs.,7yrs., 14yrs.,????
response from Ann Clarke (December 13/2004) |
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Hi, I recently (3 months ago) bought a used car, I took out a loan and my mom co-signed it, however, my job cut back my hours and it is becoming very hard to pay it off, as I am also a college student and am finding it hard to come up with money for college...the car loan is around 13,000, and ive only payed off about 500 dollars of it so far, also i have about 2,000 in credit card debt, and 1,000 in student loans...will declaring bankruptcy hurt my mother too, since she cosigned for my car? And what would happen to my car and loan?
response from Ann Clarke (December 13/2004) |
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I claimed bankruptcy in 99 and I was wondering does the bankruptcy come off after the date you filed or when you are discharged?
response from Ann Clarke (December 10/2004) |
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I have a conditonal bankruptcy discharge based on paying my trustee, $1180.00. That was in 1996. I made some payments then when I got remarried in 1997, there was many serious problems with family issues, health and financial. This has interrupted my attention to my bills and obligations.
I contacted the trustee a few years ago and they said I would have to come up with the full amount in three months or an additional fee would be added of $250.00. I could not do this.
So about six months I contacted them again and they said another $250.00 would be added when they would pull the file from their warehouse when I would have the payment in full.
So I was not able to come up with the full amount at that time, but recently I borrowed some money from a friend for $1030.58 which is the balance that was owing and sent them a cheque a month ago. They have not replied and the cheque hasn't cleared the bank. So can they charge me these extra fees? There was nothing in writing about extra fees being added in the court order, they only mentioned interest charges in the court order. But also isn't their a statue of limitations in regards to the time that has passed even if it is a court ordered bankruptcy discharge in connection with fees to the trustee?
response from Ann Clarke (December 10/2004) |
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I am considering filing for bankruptcy due to a personal bank loan that is in collections, which I co-signed for my ex-husband 7 years ago. Upon our divorce(3years ago), my ex-husband agreed to take on the responsibility of making payments on the loan, as it was originally used for a business venture of his that had failed. Now, after all these years, I am getting calls from a collections agency, that a judgement has been made against my ex and that I am still responsible for the debt of $27,000. The problem is that they are unable to locate him as he has moved out of province very inconspicuously. If I file for bankrupcy, will I be protected? The loan was secured against a home we owned years ago, and has since been sold.
response from Ann Clarke (December 10/2004) |
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I would like to file for bankruptcy immediately and I would like to know if during the next several months - while my bankruptcy is in progress - another party like Revenue Canada can come after me. I ask this because they are currently auditing me and I suspect they will be hitting me with a bill. Do I need to need to file for protection from them specifically from the start or will I be protected when that time comes?
response from Ann Clarke (December 9/2004) |
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How does filing bankruptcy affect your credit rating? Does it affect it positively or negatively? Also I heard that by filing bankruptcy you are not allowed to apply for credit for 7 years, is this true?
response from Ann Clarke (December 8/2004) |
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I have receved a statement of claim, if they can prove in court that I owe then the money, I will be a goner. But the statement of claim has my name wrong, they have Hendrick and not Hendrik. Can I ask for a new statement of claim? Thanks so much.
response from Ann Clarke (December 8/2004) |
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While in bankruptcy, if I sell my house in order to hold onto the equity, can I keep this cash payout until I get on my feet again, or does the trustee take the cash equity?
response from Ann Clarke (November 25/2004) |
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I am the main income source within our home and have been unemployed for several months. We have juggled our debt payments but we are gradually getting behind. Because our second income is from a small business venture(currently in progress of becoming legal) we are unable to sell more product to make up for my lack of a salary. In order to continue, my income would need to be similar to previous amounts and I am still looking for work. We own our own home with equity but nobody will consider a second mortgage or debt consolidation because I am still looking for work. If we do not get some assistance (or me a position BSW ), I fear that they will try to take all that we have worked for. Please help, what shall we do?
response from Ann Clarke (November 24/2004) |
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I am leasing a car. If I declare bankrupt what will happen,can I still continuously lease, or give it back to the dearlership.
response from Ann Clarke (November 24/2004) |
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How long after discharge does bankruptcy stay on your credit report? I've heard anywhere from 6 to seven years. Also, I will need to check my credit report to determine it is accurate. Can you send me an address to do this?
response from Ann Clarke (November 24/2004) |
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We claimed bankruptcy last year. We did not find out until after we claimed bankruptcy that someone had a lawsuit against us that
was previous to us claiming bankruptcy. The paper work did not come
until later but has the original date is on the documents. We could not
respond to this lawsuit as we had no money and had no idea that the
bankruptcy firm could do anything about it. Now a judgement has been
placed on us, is there anything we can do? We are still in bankruptcy.
response from Ann Clarke (November 23/2004) |
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For my parents I put a bunch of credit cards in my name for
them to use 10 years ago which they promised to pay off years ago -
however all cards are maxed out (in my name but I don't have them, they
do) and recently purchased a $5,000 stereo with a boyfriend who left me
and took the stereo with him. Which I am supposed to make payments on
since its in my name but I cannot afford. So that company is after me.
Also purchased a truck with him which I do have in my possession but I'm
struggling to pay. And now I'm on a fixed income (maternity leave) and
can hardly afford rent let alone diapers. I also have numerous
outstanding bills the boyfriend left me with that are being threatened
to go into collections. Would I qualify for bankruptcy? Or what other
options are there?
response from Ann Clarke (November 23/2004) |
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I live in the USA and owe my credit card company $40,000 US plus $14,000 in student loans. I've already tried to handle my problems here legally but to no avail due to a change in U.S. Bankruptcy laws
that heavily favor Credit Card Companies and Corparations. If I emigrate to Canada, can my creditors come after me to collect my debt?
response from Ann Clarke (November 19/2004) |
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I've hold a CSC and Life Insurance License. Once I go bankrupt,can I still hold my licence for doing those business?
response from Ann Clarke (November 19/2004) |
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My parents loaned me money to buy out my partner's portion of my house. We signed a personal guarantee on a line of credit for a business venture. Business venture turned bad. Partner is considering filing for personal bankruptcy. My name is still on the line of credit. I now have over $40K in equity in my house due to the money loaned by my parents. If I get a promissary note done up will my parents get their money back if I have to declare bankruptcy? Secondly would I be forced to sell my house?
response from Ann Clarke (November 17/2004) |
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My daughter and her husband had a business, my daughter co-signed a line of credit for the business. Since that time they have seperated and are now divoreced. I advanced my daughter money to pay off some huge debts from the business and in lieu she has title to the house. She has fear that her ex husband will declare bankruptcy and the fact that she could not get her name removed from the line of credit she will lose her house. My fear is that I will loose all the money that I advanced her.
response from Shane Brenneis (November 15/2004) |
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Can you declare bankruptcy 3 times?
response from Shane Brenneis (November 15/2004) |
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My parents are considering bankruptcy. They have debt in excess of $100,000. Currently, I jointly own our home with my parents as well. If I was to assume the entire ownership of our home by buying my parents out, and they were to still file bancruptcy would the creditors come after me for the share of the house they used to own. Thanks for your help.
response from Shane Brenneis (November 15/2004) |
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Can you obtain a job in the finance industry after filing bankruptcy? Which jobs are you exempt from after filing for bankruptcy?
response from Shane Brenneis (November 10/2004) |
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How many times are my creditors allowed to contact me at work?
response from Shane Brenneis (November 8/2004) |
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Is bankrupcy ever allowed on student loans. I have been out of
school now since April of 1995 and they have turned my loans over to a
collection agency.
response from Shane Brenneis (November 8/2004) |
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I have not declared Bankruptcy, but my credit is bad. How can
I rebuild it if no one will even look at me because of my bad credit?
Please help.
response from Shane Brenneis (November 8/2004) |
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My husband and I are separated. He has recently filed
bankruptcy and I guess that I too will have to do the same because I
could not carry the payments by myself. I am the president of an
incorporated new business for the last year. Right now there is a loan
on the business of which I have signed a personal guarantee. The assets
of the business would not be much higher than the loan, maybe a couple
thousand dollars. Everything ever due to be paid in this business is
always paid on time, no arrears.I have been told 2 options and I am
wondering if they are correct. One was to transfer the assets by a bill
of sale to a friend/family and they would operate the business under
another name for 9 months. What would happen to my loan then? The other
was to just change director to someone other than myself for 9 months
and have the business operate as usual no other changes. What is the
best way to go?? One more question, I co own a vehicle with a family
member so if the value is $9000.00 what happens with that?
response from Shane Brenneis (November 4/2004) |
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I have a mortgage on my home and was wondering, if I file for bankruptcy, what will happen to my morgage? I want to keep my home.
response from Shane Brenneis (November 4/2004) |
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I have a secured personal bank loan with a balance of $17,000
and not in arrears, my car is leased with 7 months remaining and not in
arrears, I have a $2000 loan with a finance company, not in arrears. I
am barely scraping by and have recently been assessed by CCRA for
$20,000 in back taxes (3 years) I applied and was accepted into the
Voluntary Disclosure Program and have not yet contacted CCRA to arrange
a payment plan. I have a job, but only make $30,000 currently. This tax
debt was incurred due to former employer paying me as a "contractor" and
not an "employee" as defined by CCRA (not sure if that is relevant)What
advice do you have for this situation. Thanks in advance.
response from Shane Brenneis (November 2/2004) |
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I am in need of filing for bankruptcy. I have a financial
agreement on a 5-ton truck that is NOT in arrears and is in good
standing. The rest of my debts are a different story. Can I still file
for bankruptcy and keep this financial agreement going or do I have to
declare it for some reason? I'd like to get this chapter of my life
closed and move on. Thank you. Also thank you for spending your time in
maintaining this forum and answering questions.
response from Shane Brenneis (November 1/2004) |
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I have about $10,000 in debt and also $10,000 in back pay for
child support is all that covered when I claim?
response from Ann Clarke (November 1/2004) |
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I am going through a separation and she is seeking a large amount of money for monthy support. Right now I have the 2 children which
could change if and when we go to court to settle custody. When this is
all settled I will have to claim bankruptcy, due to lawyer fees and court
cost can they be inculed in the bankruptcy? Right now I have 2 major
debts a new truck and my mortgage. 1) For the $4000 household goods limit
does this inculed the childrens belongings? 2) Can the bank kick me out
of my home to sell it? (there is zero equity in my house) 3) For the
clothing limit $4000 does this include my childrens' colthing also? 4) Can
they search my place to value everything or do I provide the values? 5)
Can there be a disagreement on the value of certain items or is it just
replacement cost?
response from Ann Clarke (October 27/2004) |
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If you filed bankruptcy in 1998, can I file now in 2004?
response from Ann Clarke (October 26/2004) |
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I had a VLT habit that escalated over the years. I ended up using credit card cash advances and unsecured personal lines of credit to the max. Then I lost my job and could no longer keep up with the
payments. After being un-employed for over a year, and unable to make the payments, all my credit was revoked and sent to collections. My new salary is much less than I had previously made. It would take 8 or 9 years of paying almost everything I make to clear these debts. I would hit retirement in 10 years with nothing. Does how the money was spent have any relevance in being released from bankruptcy? I haven't gambled in over 1 year.
response from Ann Clarke (October 21/2004) |
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My husband has declared bankruptcy twice. Once when he was
young and foolish, and a second time due to a very serious illness that
prevented him from working for 2 years. I understand that a second
bankruptcy requires that both the first and second bankruptcy stay on
your credit history for 14 years. Would the 14 years be effective from
the date of the 1st discharge for the 1st bankruptcy, or will both
remain on the credit history from the date of the second discharge. Thanks for your help
.
response from Ann Clarke (October 20/2004) |
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My husband and I are legally separated since March 2002. We have a spearation agreement which split our assets (I bought him out), defines child support and states responsibility of credit cards
(anything in his name, he is responsible for the balance). He has
recently informed me that is so far in debt, he is considering
bankruptcy. Would anyone that he owns money to be able to come after
me? How does his bankruptcy affect child support? Thanks in Advance!
response from Ann Clarke (October 18/2004) |
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Hi I have a judgement against me for unpaid atb credit card. They have placed a lien on my property. What does this mean? Can they sieze my property and sell? Can I have it removed? Will it be void if I
file for bankruptcy?
response from Ann Clarke (October 18/2004) |
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If me and my husband both have to claim bankruptcy separately, are we both entitled separate files? Are we both entitled to $4,000 worth of household each, or is it just $4,000 between the 2 persons?
response from Ann Clarke (October 15/2004) |
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I have a judgment of 30,000 against a person who five months
later declared bankruptcy. Is the court judgment sitting in the court of
bankruptcy or that can be cancelled? On bankruptcy paper a secured car loan of $18,000 is listed as liability but he is making a payment for car of $667. Is possible to waive the car
liability and the bankrupt to continue his payment or something is
mishandled by bankruptcy trustee?
response from Ann Clarke (October 12/2004) |
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If you have a secure loan with citifinancial and you sold your
assets that were collateral what do you do?
response from Ann Clarke (October 12/2004) |
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I have a business. If I go bankrupt can I still keep my licenses and continue running my business from home.
response from Ann Clarke (October 7/2004) |
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My son is considering personal bankruptcy. He has dug into a fair bit of debt and hasn't been able to find work for a few months. He therefore let his insurance lapse on his car as well as his payments.
He got his car impounded as well as fines for no insurance and no registration, and now cannot get his car out of impound because of the costs and the bank has also called on his loan. Total value of what he owes is probably around $25,000. What I am wondering is if he does declare a bankruptcy what does this do to his fines? Does he still have to pay them? And his loan is secured by the car which they will take back, but it is impounded right now. Suggestions I could give to him? Thanks.
response from Ann Clarke (October 5/2004) |
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I had moved to Alberta 4 years ago from Manitoba and got into
a small accident where the person I hit sued me for personal injury. My
insurance company said I had been here too long so they were not
covering me. They ended up paying out this person 31,000 and have now
gotten a Judgement against me to pay them back. There is no way I can
afford to pay this back and my lawyer is telling me I can do a Consumer
Proposal. My question is can I do a proposal on something like this?
Besides this dept I have near perfect credit but this seems like the
best option at this time. Please advise.
response from Ann Clarke (October 5/2004) |
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After much agonizing, my husband and me just this past month have declared bankruptcy. We both own a home but because we held a second mortgage which was in default, the second mortgage company had
begun foreclosure action. We've hired a lawyer to file a defence and have managed to obtain a 6 month delay in order to allow us to sell our home and at least save the equity. Because we run a home based business, we would like to buy another home with the equity we will get out of the
sale. My question is, can we assume a mortgage or will owning another home be out of the question?
response from Ann Clarke (September 29/2004) |
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Is there a similar service for Nova Scotia?
response from Ann Clarke (September 28/2004) |
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While I'm in bankruptcy my GST credits are going to the
Trustee and I'm wondering once I receive my automatic absolute
discharge, who notifies the Government of the change? Do I have to send
the Government a copy of my release form? or is that done by the
Trustee? Thank-you!
response from Ann Clarke (September 23/2004) |
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If a person files bankruptcy and doesn't reconfirm on a mortgage, does the joint applicant have complete ownership of the house?
response from Ann Clarke (September 23/2004) |
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My boyfriend was behind on his tax returns, and we filed an
adjustment to previous year returns. The money for the refund should be
in anytime, however he has had to claim bankruptcy in the meantime. The
money is supposed to be deposited into a joint account, is he going to
get the money? If he does, does it need to be reported? Also, is there
anything that they can do regarding the joint account as far as freezing
it?
response from Ann Clarke (September 16/2004) |
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I was offered a consultant position as a wellsite geologist in
a geological consultant company. I signed a contract with them. They
provided a list which contained all equipment and vehicle I would have
to purchased according to the list requirement. so I paid 5,000$ for the
non-refundable down payment and other 2,000$ for monthly payment(three
months) in order to lease a new truck. Firstly the dealor didn't trust
my credit so they inquired my employer several times to ensure my
employment situation. Therfore my employer ( contractor)had come up with
a letter to the dealer to prove my employment and annual salary
(60,000$). so I obtained the lease. However since I signed the contract
on July 5, I took only one well to get trained. I have kept waiting and
haven't earn any money. yesterday the boss told me I would not be able
to get any job since their bussiness has been quite slow. So right now I
have to cancel my truck lease. I assume the total loss would be more
than 10,000$ therefore I almost enter my bankrupcty, my question is if I
can ask my contractor to compensate my loss, especially for the truck
lease.
response from Ann Clarke (September 15/2004) |
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I am close to filing or being petitioned into bankruptcy. I also am the director and sole shareholder in a private corporation. All
the debts in question are personal and not corporate. The corporation
has never had any income and has been mostly dormant over the last 2
years. The company does however owe money to a couple friends of mine.
If I file bankruptcy, can I hand over my shares in the company to these
two friends or must I dissolve the company? Would the debtors try to
dissolve the company or take over the company. There is a slight chance
the company could make its first sale over the next few months. Should
I get rid of these shares before I file bankruptcy, I would sell them to
these two friends for a dollar?
response from Ann Clarke (September 15/2004) |
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I am considering filing for bankruptcy. I have approximately
$37,000.00 in credit card dept as well as a personal loan (app.
$17,000.00) for a vehicle and I also lease a second vehicle. I have
managed to barely keep my head above water with what I earn until now.
I have been off work with a health problem that requires surgery. I
will have used up all of my sick time from work before I have even seen
a surgeon and have been told by my doctor that I cannot return to work.
This will mean that I will go on disability which only pays 60% of my
present income. With that I know I will not be able to meet my
financial obligations. My question is will I be able to keep one of my
vehicles?
response from Ann Clarke (September 13/2004) |
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I am currently 6 months into my 21 month bankruptcy period [9
months + an additional 12 months extension].
I am suing my employer for sexual harassment in the workplace. What
portion of the settlement am I required to pay to the trustee?
In addition, I filed for bankruptcy in March 2004. I have an
outstanding student loan. I graduated in 1994. Am I still liable for
the loan after I am discharged from bankruptcy? Thank you.
response from Ann Clarke (September 13/2004) |
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My husband and I both filed bankruptcy in 2001. We were
subsequently discharged in 2002. I had two student loans that were not
able to be claimed in the bankruptcy because I had not been out of
school for ten years. Both student loans are in collections, and have
been for a number of years (aprox. 5 years). I am about to pay one
student loan off, that is the lesser loan of the two. That particular
collection agency gave me a bit of a break and took some funds off the
amount owing, if I paid out in one lump sum. That collection agency
filed the debt on my credit bureau in 2002. This collection debt was
never brought up when I applied for a mortgage, and qualified. In
regard to the second student loan, I would like to know a few things:
1) What is the statute of limitations on collection of a debt? 2) Are
student loans exempt from a statute of limitations? 3) This collection
agency has NOT reported the debt to the credit bureau....even though its
been outstanding for a very long time. Why would they have not reported
the debt? It seems strange to me, but of course, I don't want to "tip
my hat" and tell them that its not on my credit bureau. So, if a
collection agency does not report to credit bureau, then are their
rights and entitlements to collect the debt any different than if it was
on my credit bureau? 4) The collection agency has been threatening me
with guarnishment of my salary.....but they currently do not know where
I live or work. They do however, know my phone number. So, since they
don't know my home or work address, what would they have to do to notify
my of their intent to begin a court case for guarnishment? 5) Do you
know of any "caps" that collection agencies must follow, according to
government regulation, as far as how much they can reduce the debt, for
a settlement amount and lump sump final payout?
response from Ann Clarke (September 13/2004) |
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My financee has a small furniture business. He has his name
on the lease and his dad has the business under his name. My question
is: His landlord had charged him three months security plus rent. My
financee has been up to date with his rent until last month (owes
$100.00), about $2,000 more for the security, plus this months rent
adding up to about $7,000. His landlord is threatening to take him to
court by Monday, Sept. 13. Is this legal? Shouldn't my financee have
the right to hiring himself a lawyer first? If he does decide to leave
the business, isn't he intitled to some if not all of the security money
he has given his landlord?
response from Ann Clarke (September 13/2004) |
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I have a mortgage with 1500 per month payments. In June, I
missed the payment (returned by my bank as NSF). I live hand to mouth
and have terrible credit. I made July, August and September payments. My
mortgage company is now saying that they are issuing a demand notice and
commencing action on my home. I told them I could catch it up in full by
the end of the year. They will only give me to October 15. This sounds
harsh, but in fairness, it is not the first time I have fallen behind. I
have always come through, but takes awhile. What does the demand letter
mean? Can I stall until end of year when a bonus would catch it up
again or will they be able to foreclose because I am in default. They
say I am in default by 5 months as they applied July payment to July etc
instead of applying to oldest outstanding first? What option do I have?
response from Ann Clarke (September 6/2004) |
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If I have a tax liability and am in the process of declaring
bankrupcty, is there any recourse CCRA has to a third party ie: parents --
if I maintain a residence with them?
response from Ann Clarke (September 6/2004) |
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I used to live in Canada (I am a Canadaian citizen) and have 2
Canadian credit cards with a total balance of $35,000. I am unable to
handle the payments. I now live and work in the US (Texas). If the Canadian companies eventually take me to court and win a judgement, can they garnish my US
wages or take my US assets?
response from Ann Clarke (September 6/2004) |
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I am considering filing for bankruptcy. In the meantime, how
many creditors can issue a garnishment on my wages at one time? I have a
wife and 2 minor children as dependants. How much can be taken per month
by creditors with a garnishment? Thank you for your answer and advice.
response from Ann Clarke (September 6/2004) |
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We potentially may have to claim bankruptcy in a law suit that is not going our way. We want to lease a vehicle in the next week or two. This judgement may not be until January or February or next year. Could this affect our decision on the lease and what would be my
limitations on leasing a vehicle? can I only have so much equity in the
lease?
response from Ann Clarke (August 30/2004) |
