| Author: |
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Anonymous |
| Date: |
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July 18, 1999 |
| Question: |
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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?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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July 19, 1999 |
| Answer: |
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An individual can declare personal bankruptcy if they owe a minimum of
$1,000 and are unable to meet their debts as they become due. In British
Columbia an individual is allowed to keep certain assets, based on
provincial law. An Absolute Discharge from bankruptcy is not affected by
one's steady employment.
You should contact a Trustee in your area to attend a free consultation
of your financial situation and options.
Ann Clarke
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