 |
Can bank loans and loans from Household Financing
be put in bankruptcy?
response from Shane Brenneis (Dec 7/99) |
|
I went through a bad divorce and ended up
going bankrupt! I want to get back on my feet and get a loan. How?
I live in Nova Scotia, I've worked 15 years at the same job, I have no bills, and
I've been discharged from bankruptcy.
response from Shane Brenneis (Dec 7/99) |
|
I owe a fair amount on a computer and they are
threatening to sieze it. Nw my question is, if they do, do I owe money on the whole debt, or just what I haven't paid in the past few months?
response from Shane Brenneis (Dec 7/99) |
|
If a landed immigrant wants to
file a bankruptcy, will it affect his/her citizenship delay by any means?
Can an individual leave the country just after filing the bankruptcy or
does he/she have to stay for any certain period?
response from Shane Brenneis (Dec 7/99) |
|
Considering bankruptcy - 3 questions from Heather
response from Shane Brenneis (Nov 20/99) |
|
I have accumulated $45,000 in student loan debt along with an $18,000 line of credit which is secured by a co-signer. I also have $13,000 in credit card debt. I just don't make enough money to make the payments but I have read that you can't get student loan debt discharged. Does this mean that if I declare bankruptcy that the only loan that will be forgiven will be the $13,000 in credit card debt? Can I get a part of my Studen loan reduced if I declare bankruptcy? Would I have the negative effects of being a bankrupt and still owe $63,000?
response from Shane Brenneis (Nov 17/99) |
|
Given the our expenses for a family of four in Alberta, two adults, a 4 year old and a 2 month old, what income if any will be garnished during bankruptcy?
response from Shane Brenneis (Nov 4/99) |
|
For the last 4 years, I have only been able to pay the interest on my line of credit. I can't even pay the legal fees to have my mortgage transfered to another bank. My employment is on a contract basis and I always find myself going through months of unemployment between contracts every year. I cannot pay off this credit line and all my other bills. Every month, I have to choose which bills to pay. How do I get out of this?
response from Shane Brenneis (Nov 4/99) |
|
I spend most of my income making loan payments and want to consolidate these loans into one payment and extend the payment period. Banks will not give me a loan without a co-signor and I do not have anyone who can do this for me. I am hanging on by my fingernails and my credit rating is excellent. One false move and I could be in trouble, however, and want to take steps to avoid this. Is there another way to consolidate or must I face bankruptcy?
response from Shane Brenneis (Nov 4/99) |
|
I am leasing a 1999 car through the manufacturer's credit division (e.g. Ford Credit). There are 2 years to go on the contract and we need the car, which is a typical family sedan, not a luxury car. If I declare bankruptcy can I be forced to give up the lease? What usually happens with a car lease?
response from Shane Brenneis (Nov 1/99) |
|
I am considering a joint bankruptcy with my husband and I am confused as to whether this bankruptcy would release us from the Student Loan debt that is going to start payments in March. I have Canada and Alberta student loans totalling about $32,000.
response from Shane Brenneis (Nov 1/99) |
|
My husband has worked very hard for the past two years getting the business of his dreams to make it. I am concerned about the effect that his business bankruptcy will have on our personal affairs. I am gainfully employed and pay all the household bills. I have credit cards in my name only and have a good credit rating. The only things that we jointly have our names on is the house mortgage and I have a spousal card on his business Costco membership. Can they take the house? -- it has a little more than 40,000 dollars in equity, but the payments are up to date. Do I need to worry?
response from Shane Brenneis (Oct 27/99) |
|
When you can no longer pay your mortgage -- do they take the property and its contents? or only the physical immovable property? Also, if the property sells for less than the mortgage amount -- how do you
protect the registered retirment saving plan-- from being taken over too? Finally, is it true that if an r.r.s.p. is lodged with an insurance company it cannot be touched?
response from Shane Brenneis (Oct 22/99) |
|
If a consumer proposal is made to my creditors, is this strictly an agreement between them and myself to pay a portion of the debt within my(our) current means or must I sell property, etc. to pay the debtload?
Also, must all creditors be included in a proposal or can certain secured creditors be excluded? (i.e. I don't need my computer which is leased for work but I do use it for personal use and to complete correspondance courses) Would they need to be included?
And finally, if a proposal is made and rejected, must I continue to pursue bankruptcy or can I proceed as I have been (borrowing from family, cash advances from cards, etc.) which is VERY VERY SLOWLY paying off some debt but still causes many headaches with others?
response from Shane Brenneis (Oct 21/99) |
|
A business failure will probably force me but not my wife into bankruptcy. The MasterCard is only in my name but they also issued a card to her. The Visa is in joint names. Will she be pulled into the bankruptcy as well?
response from Shane Brenneis (Oct 18/99) |
|
Revenue Canada is re-assessing me on the sale of a personal business that fell through and they are also considering levying a 50% penalty on the additional income they are assessing me. What effect would bankruptcy have on Revenue Canada's claims?
response from Shane Brenneis (Oct 18/99) |
|
My husband and I are both employed by the same firm. This is the kind of job that will always continue. There is no chance of us losing the jobs. We have a lot of debt, about $20,000, mostly to credit cards. We have no collateral as our house and car are provided by our employer. How can we get out of this mess without our employer finding out about our problem?
response from Shane Brenneis (Sept 28/99)
|
|
Hi, I am an accounting student and I am doing research. Can I have the exact date that your firm changed to LLP status?
response from Shane Brenneis (Sept 28/99)
|
|
I recently received a copy of my credit history from Trans Union Credit. I was under the impression that all references made prior to my bankruptcy relating to previous credit history would no longer show on my history but there would be a notation that I had filed and been discharged from bankrutpcy. More or less a clean slate was granted and no one was allowed to know about previous history. Is this right, or is my previous history supposed to be listed?
response from Shane Brenneis (Sept 22/99)
|
|
My husband and I have just opened up our own business, however we are not making any money. If we declare personal bankruptcy,
how will this affect our business? I know we have to pay back our business loan, no matter what the circumstances, but will this affect the way the bank treats us? Can they call in this loan when they find out we've declared personal bankruptcy?
response from Shane Brenneis (Sept 14/99)
|
|
I'm a little confused about the details of what happens between the time you file for bankruptcy and the time you are discharged. What happens during this time period? Also, after the bankruptcy is discharged, what is the relationship between the bankrupt and the Trustee? One last question: my wife makes monthly payments on a relative's second mortgage, which was obtained to help us get out of previous debt. This mortgage is secured. We do not want to discuss the bankruptcy with her, however we want to continue making this payment. Can we?
response from Shane Brenneis (August 31/99)
|
|
Do you know what happens when I declare bankruptcy and am leasing a vehicle? Also, how does bankruptcy affect my incorporated company in BC? The incorporated company has no major assets, maybe $1000.00 in tools? Do I report the income I draw from the Inc company? Or do I have to provide complete corporate financial statements?
response from Shane Brenneis (August 31/99)
|
|
How can you find out if someone has declared bankruptcy?
response from Shane Brenneis (August 31/99)
|
|
After someone has declared bankruptcy, what steps should they take to re-establish their credit rating?
response from Shane Brenneis (August 31/99)
|
|
The house is in my wife's name only, but I am a guarantor on the mortgage. If I go bankrupt, will we lose our home even though it is in her name and the mortgage payments are up to date?
response from Shane Brenneis (August 26/99)
|
|
My boyfriend is newly divorced and might declare bankruptcy, as his ex-wife racked up a lot of bills under his name. Is she responsible for these bills in whole or in part, even if her name isn't on them?
response from Shane Brenneis (August 23/99)
|
|
What happens to the RRSP's and RESP's that my husband and I have accumalated? We are considering declaring bankruptcy after a failed business.
response from Shane Brenneis (August 17/99)
|
|
I am now an undischarged bankrupt. I have the possibility of working in Kuwait during the latter part of the 9 months. Is this possible?
response from Shane Brenneis (August 17/99)
|
|
What would happen if I invested £50,000.00 into a company(I was a director), and it failed. We owe roughly £200,000.00. This company was limited, I am wondering what will happen to my other business which is a cafe and we have a leasehold, and also a house.
response from Shane Brenneis (August 17/99)
|
|
We filed for bankruptcy in 1993 and were discharged in 1994 - in Alberta. When will this be removed from our credit report? One earlier question to you it seemed the answer was 6 years from discharge but an even earlier question the answer was 7 years. Please advise.
response from Shane Brenneis (August 17/99)
|
|
My question is: You say that you have to list all your debts but I only want to do proposals on the personal part of my debt. Do the other creditors have to know that I am doing propsoals personally and if the three creditors do not accept the proposals can they put me into bankruptcy, and if they do, could they force me to shut down completely?
response from Shane Brenneis (August 16/99)
|
|
Is there a statute of limitations on how long an undischarged bankrupt lasts. i.e. If a person declared bankruptcy 20 years ago but was never discharged, are they still liable. If so, what can they do to achieve a discharge?
response from Shane Brenneis (August 12/99)
|
|
I need a credit card for travel (i.e. hotels)...Do banks offer secured credit in Canada? Which banks are
they? I cannot find any information regarding these cards and who
offers them.
response from Shane Brenneis (August 9/99)
|
|
I owe several thousand dollars on credit cards as well as $10,000 owed due to a penalty imposed on my for receiving Unemployment Insurance Benefits when I was employed. I am currently not employed and have no way of meeting these debts. Can I declare bankruptcy and will the above debts be wiped out or will I still owe
them and only end up paying them over time? Is the gov't debt (penalty) bankruptcy eligible?
response from Shane Brenneis (August 9/99)
|
|
If I was to declare bankrupcy....would this affect my wife's situation? What are we allowed to retain as a household? Could we be forced to move (we are renting)?
My wife has a loan with her parents ...would this affect them? We are
also paying off CMHC for a house we lost in the past...we have made a
deal to pay a minimum amount....will this change the siuation as it is
almost paid off?
response from Shane Brenneis (August 9/99)
|
|
My wife was a victim of a bank scam to which she ended up having to pay back to the bank $45,000. Is
it in my best interest to file for bankrupcy? Will they come after me
again after I am discharged?
response from Shane Brenneis (August 9/99)
|
|
I own no properties, no valuables of any kind. I need to declare bankruptcy, but I don't know how much it will cost. My standard of living is just a hair above the poverty line. How much will it cost me?
response from Shane Brenneis (August 6/99)
|
|
I filed for bankruptcy in 1993 and was discharged from it in 1994. I had included a department store credit card as a creditor. I just recently found out that this creditor in 1993, one month after I declared bankruptcy, has filed something with Equinox. They told me this was allowed and they could leave it for six years. Is this legal to do?
response from Shane Brenneis (August 6/99)
|
|
I was involved in an accident with a semi truck. I sustained injuries. The company where the truck driver worked has since filed bankruptcy. I am trying to collect for my losses from lawyers representing the insurance company who threaten not to represent the bankrupt company because they will not cooperate. What are my options, if any?
response from Shane Brenneis (August 6/99)
|
|
I have moved to Canada from the United States, and I'm having trouble making payment on my American debts. I'm working now, but I find that the exchange rate has effectively increased my debt load.
response from Ann Clarke (July 19/99)
|
|
What happens to my leased vehicle if I declare personal bankruptcy? This car is for personal use and to go to work.
What about if I owe a friend some money and want to pay him back after
filing for bankruptcy. Will my trustee need to know and am I allowed
to pay my friend off?
response from Ann Clarke (July 19/99)
|
|
My friend (a resident of BC) has take home pay of $1,900. Her debts total $165,000 including a mortgage of $145,000 on
a condo in which she has no equity. Her only assets are an RRSP totalling $5,000, furnishings (<$4,000), clothing (<$4,000), and a vehicle (approx. $5,000.) Would she be allowed to declare personal bankruptcy? If so, would she likely receive a complete discharge even
though she has a relatively secure job?
response from Ann Clarke (July 19/99)
|
|
I have a Canada student loan. Half of it is still with the bank and the other half has gone to a collection agency. Can the half that has gone to the collection agency be used in a personal bankruptcy?
response from Shane Brenneis (July 5/99)
|
|
Please advise me what the required credentials the counsellor needs to have to offer their services for the two mandatory sessions. And where do you find the counsellors?
response from Shane Brenneis (June 18/99)
|
|
I just recently found out that my ex-commonlaw spouse has recently filed for bankruptcy. I co-signed several loans
with him. I am currently on employment insurance, and am now living
with some one else, who is a full time student. I realize that I will
now be held accountable for the outstanding loans. I have considered
filing for bankruptcy myself, due to my current situation. I have few
assets and I am renting now.The two loans that I know of are over
$10,000 total; there may be a third if he still owes on that as well.
We haven't spoken in a long time I am not sure of his situation. Is
there any way I am able to find out how this is affecting me?
response from Shane Brenneis (June 7/99)
|
|
I was interested in the financial status of a company that is on the brink of going bankrupt. How can I find out what their status is, and who can I contact to find out? The name of the company, if it would help, is Sunrise Rehab Of Griffin (Nursing Home).
response from Shane Brenneis (June 7/99)
|
|
My husband's and my wages are being garnished. I have a second judgment against me for repairs on a van which I had an accident with last fall and could not afford to pay it, as well as
payment on this other car. We have both been bankrupt twice before. Is it illegal to go bankrupt a third time? Do they continue to garnishee my wages? I have a pension plan from when I worked with the government . . . would I lose that in a bankrupt case?
response from Shane Brenneis (June 7/99)
|
|
I have been unemployed for about 3 months. My bills have fallen behind and I was thinking about declaring bankruptcy. What happens to my car which I am currently still paying off? Can they take that away from me? Also, what is the difference between chapter 7 and chapter 13?
response from Shane Brenneis (May 28/99)
|
|
I owe $72,000 to unsecured creditors. I have a very good job in the banking business. Can I lose my job if I can make a proposal to my creditors? Some people say I can no longer be bondable.
response from Shane Brenneis (May 18/99)
|
|
If I am considering going bankrupt, is it
necessary to see a bankruptcy trustee or can I go to a lawyer instead?
response from Shane Brenneis (May 18/99)
|
|
Most of my debts are related to my line of credit. I have difficulty paying it every month. My home and my car and my personal computer are on that line of credit. What happens if I declare bankruptcy?
response from Shane Brenneis (May 14/99)
|
|
During the time a person is bankrupt, they are allowed to make a set amount of income per month. Is the time frame for this only the 9 months? Also, what happens if you are a two-car family, one being leased, and you both need your cars to get to work?
response from Shane Brenneis (May 14/99)
|
|
I understand debts obtained by fraudulent misrepresentation are not written off by declaring bankruptcy. Can a
creditor really pick a loan application apart to find misrepresentation?
For example, if someone exaggerated value of their personal belongings
or value of their home (which were not colletral to the loan) not with
an intent to fraud the creditor (ie, full intention to pay the loan
back) but to have the loan approved easily? Who makes the decision on
what is fraudulent misrepresentation?
response from Shane Brenneis (May 13/99)
|
|
I have an incorporated business which is heading for closure. Part of the monies the business owes is in the form of
a personally guaranteed loan-approx 30,000.00. How will declaring business bankruptcy affect the loan and my personal assets re-spousal RRSPs and part ownership of home? I would like to
pay the money back with assets from the business but will not be able to repay the loan completely.
response from Shane Brenneis (May 7/99)
|
|
My husband is considering to filing bankruptcy. He is starting off a small business with nothing to invest, he is just doing
contracts here and there which don't even pay half our bills. Are we still able to file if he has a small business?
response from Shane Brenneis (May 5/99)
|
|
I own a 1/3 share of 50 acres of woodland. If I declare bankruptcy will the two people who are the legal owner owners of 2/3 of
this property be forced to give up this property? Also, if you owe Revenue Canada backtaxes can these be included in your bankruptcy claim?
response from Shane Brenneis (May 5/99)
|
|
I want to file a bankruptcy, but I do not want my mother to know about it due to her ill health. I do owe her approx. $10,000 which she loaned me to put down on a house. (No equity). How can I file without her knowing?
response from Shane Brenneis (April 29/99)
|
|
I filed bankruptcy before I met my husband. Now my husband is applying for a personal loan, and it requires his spousal information to be filled in his Personal Financial Information sheet. Will my bankruptcy record affect his application for loans? I know they will do a credit check on him, but will they do a credit check for the spouse as well?
response from Shane Brenneis (April 29/99)
|
|
I am high tech professional with opportunities to work abroad. Will I have any problems setting up a future consulting
business after I declare personal bankruptcy? Will I have any difficulties incorporating my business?
response from Shane Brenneis (April 27/99)
|
|
Discharged from bankruptcy in 1994. When will this be removed from the Credit Bureaus' records? Who has a record of this other than Equifax?
response from Shane Brenneis (April 26/99)
|
|
Common-law relationship dissolving. I'm wondering if I need to declare bankruptcy.
response from Shane Brenneis (April 26/99)
|
|
What level of privacy remains once someone declares personal bankruptcy? Will my employer be contacted?
response from Shane Brenneis (April 26/99)
|
|
What support group is available for assistance to clients after being discharged who are still in a state of mental bankruptcy?
response from Shane Brenneis (April 23/99)
|
|
Where and from whom would you seek a credit card from after being discharged (from bankruptcy)? And should you bring a copy of your discharge papers with you at the time of application?
response from Shane Brenneis (April 23/99)
|
|
I owe about $20,000 in credit cards. Can I file bankruptcy and keep what I have?
response from Shane Brenneis (April 19/99)
|
|
I am up to my ears in debt and am hopefully going to school in May. I was wondering if I can declare bankruptcy and
still be able to receive a student loan for school.
response from Shane Brenneis (April 16/99)
|
|
What happens to
an individual who does not abide by the Bankruptcy and Insolvency Act?
response from Shane Brenneis (April 15/99)
|
|
I declared bankruptcy but I only
did partial depths. Now it has gotten worse, and I would like to know if I can declare it again only this time do the whole thing, the house and everything.
response from Shane Brenneis (April 14/99)
|
|
I am doing a project for my college class and need to know what effect filing bankruptcy has on the creditors?
response from Shane Brenneis (April 12/99)
|
|
We filed for Bankruptcy in 1996 (in Ontario) and were fully discharged in 1997.
We tried to obtained secured credit but were turned down. Our financial status and ability has increased drastically and we would like to re-establish a good credit record.
response from Shane Brenneis (April 5/99)
|
|
If I would bankrupt a corporation in Florida, would it effect my personal credit?
response from Shane Brenneis (April 5/99)
|
|
Can Student Loans can be
included in the filing of Bankruptcy. Also, will I lose my credit cards?
response from Shane Brenneis (April 2/99)
|
|
Can you declare bankruptcy on Revenue Canada?
response from Shane Brenneis (Mar 29/99)
|
|
My filing of bankruptcy was delayed, and my financial situation has changed since I first considered filing bankruptcy two years ago. Should I proceed with bankruptcy or approach my creditors?
response from Shane Brenneis (Mar 18/99)
|
|
How long will Equifax keep my past filing of personal bankruptcy on record?
response from Shane Brenneis (Mar 9/99)
|
|
Opened book store not as corporation. Things have turned bad. Considering filing bankruptcy
response from Shane Brenneis (Feb 23/99)
|
|
If my husband's company declares bankruptcy, how will that affect our personal finances and home if I hold a job and
have been making the mortgage payments? Also what about the credit cards that are in joint names?
answer provided by Shane Brenneis (Feb 23/99)
|
|
I am very much in debt and considering declaring bankruptcy. (Farhaud)
response from Shane Brenneis (Feb 23/99)
|
|
My husband and I are behind on our home payments. Will we be able to keep our home? Also, what is the difference between Chapters 7 and 13?
answer provided by Shane Brenneis (Jan 28/99)
|
|
If I File Bankruptcy then if I get married within the next year...What will happen to my spouse? Will she be affected due to my personal claim of bankruptcy?
answer provided by Shane Brenneis (Jan 15/99)
|
|
When I claim a personal bankruptcy and in within the next few years I want to buy a house, how much will the bankruptcy effect my ability to buy a house?
answer provided by Shane Brenneis (Jan 14/99)
|
|
After bankruptcy, if I owe ICBC and the Motor Vehicle Branch money on outstanding fines and court fees. Do I still have to pay them after the fact?
answer provided by Bruce Alger (Jan 5/99)
|
|
I'm paying monthly to the bank for a car loan. I
need the car to get to work. Can I keep the car and still pay off the
loan after bankruptcy?
answer provided by Bruce Alger (Jan 5/99)
|
