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Bankruptcy Alberta: Free Information about Bankruptcy in Alberta
Bankruptcy Alberta
Archive for July, 2007
How about my husband
if I file for bankruptcy what happes tomy husband. Right now we have a joing account, the mortgage is only in his name, but is the secondary borrower on 2 of my credit cards. Will this affect my husband? Can I simply pay these off before I file for bankruptcy?
I owe approx. $86,000, mostly credit card and lines of credit at a variety of financial institutions. I cannot continue to make all regular payments, perhaps I could sell my home but the equity after commissions etc would only be around 40k.
Is it possible to do a proposal to my creditors to pay this equity in and would they consider this as a viable offer?
discharge
This is my 1st bankruptcy and I expect to be discharged any day now. This is my question, are the creditors listed in my bankruptcy still able to persue me if I come into an inheritance or happen to win a lottery?
Proposal and Bankruptcy in Alberta
Question: My husband filed a consumer proposal 2 years ago. I chose not to as I felt I could pay these debts. We are now in a situation where we can’t meet our monthly obligations, never mind the debts I owe. What is the best plan now? We owe over $46,000 (including proposal). Is anulling the proposal and filing for bankruptcy an option?
Answer: You and your husband have three options.
First, he can continue on with his proposal. You could then file your own consumer proposal, file bankruptcy, or deal with your debts in some other manner.
Alternatively, your husband’s proposal could be annulled, and he could file bankruptcy. Your options remain the same.
It is not possible to annul a proposal and then file another one, unless you have the prior permission of the bankruptcy court, so in your case that is not an option.
These are complicated decisions, so we suggest you contact an Alberta bankruptcy trustee to meet with you and review both you and your husband’s situation in more detail to determine which option is best for both of you.