If you are considering filing bankruptcy in Calgary, we are a Licensed Insolvency Trustee (formerly Bankruptcy Trustee), qualified to provide debt help — an array of solutions to your debt problems including, general personal financial restructuring, advice on debt consolidation, informal debt settlement, formal debt settlements, consumer proposals, and bankruptcy.
When your financial obligations can no longer be met, bankruptcy in Calgary is a legal option that enables you to get immediate protection from your creditors and have a fresh start.
The process for a first time bankruptcy will normally take either nine or 21 months following the filing of an Assignment in Bankruptcy. For a second time bankruptcy, the period is extended to either 24 or 36 months. The minimum period of the bankruptcy will be dependent on your actual income and that of the household.
Bruce Alger - Retired
CA, CIRP, Licensed Insolvency Trustee
Grant Thornton Limited
6:30am appointments available in our downtown office on Mondays and Thursdays.
For these early appointments, take the elevator to the 11th floor and call 403-296-2984 so that someone can let you in. Lunch hour appointments are also available.
Choose a Licensed Insolvency Trustee such as Grant Thornton Limited.
The Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses, and other pertinent information.
After you file bankruptcy, most creditors are no longer able to pursue you for collection of their accounts.
You may be requested to attend an interview with the Official Receiver who is a government official.
You will be required to attend two financial counselling sessions in Calgary.
If you have any assets which you will not be allowed to keep (see Assets you can keep in bankruptcy), you will be expected to help the Trustee sell them.
You will report your income and expenses on a monthly basis to your Trustee. You may also be required to pay some money to the Calgary Trustee each month depending upon how much you earn, the size of your family and your circumstances.
You will be automatically discharged in 9 months if this is your first bankruptcy and there are no objections. You will have no further obligations for the debts covered in your bankruptcy.
Your company, partnership, or business may also file bankruptcy or make a proposal if it meets the above requirements.
You should be aware that any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if the petition is allowed, issues a receiving order which places you in bankruptcy with a Trustee selected by the petitioning creditor.
No. In fact, personal bankruptcy in Alberta prevents your creditors from garnishing your wages and protects your income to ensure a reasonable standard of living.
When a person files an Assignment in Bankruptcy in Alberta, a portion of their take-home pay may be payable to the Trustee for the benefit of all creditors. The actual amount payable depends on several factors, including: the take-home pay of the family unit, the number of people in the family and whether the family has non-discretionary expenses such as child care or child support.
Income taxes owed before the date of bankruptcy are almost always dischargeable. You therefore will not have to pay them.
Assets you can keep if you declare personal bankruptcy varies by Province.
More details on what assets you can keep when filing bankruptcy in Calgary, Alberta.
Pensions are exempt from seizure. In Alberta, RRSPs cannot be seized and there is no requirement to forfeit the last year's contributions.
No, child payments or family allowances will never be seized.
You will not have to pay off your student loan if you finished school more than seven years ago because it then becomes a dischargeable debt in the event of bankruptcy. Otherwise, yes, you will have to continue to pay off the loan.
To speak to one of the debt help or bankruptcy professionals in Calgary, call us toll free in Alberta at 310-8888 for a free, no obligation, confidential consultation — in person Mon to Fri: 8am-4:30pm, over the phone Mon to Fri: 7am-5pm, Sat & Sun: 9am-3pm.
Will I lose everything if I file bankruptcy? What assets can I keep?
Details on the process if you need to file bankruptcy in Calgary.
How to reduce debt with a consumer proposal.
Details on the bankruptcy process.
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