If I file a consumer proposal or bankruptcy, does this mean I lose access to my vehicle too? I currently lease my vehicle.
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Archive for the ‘consumer proposal’ Category
Filing a consumer proposal with recent gambling losses?
I am getting help with a gambling addiction. I have been clean for one month now, I had used credit cards as cash advances to fuel my gambling until a month ago, before I started to seek help.
Can I still file a proposal (if denied) a bankruptcy, with recent transactions due to gambling.
I would not want to be charged with fraud, and am willing to be honest and pay or do whatever I have to in order to make my life liveable once again, free from gambling.
Just wondering if that could pose a serious legal problem with me, or can I start to work on a solution to my financial problems now?
Judgment against you
If you have a Judgment against you for a student loan, and you graduated in 2000, what happens to the Judgment if your Division I Proposal is accepted ? What happens to it in the event of bankruptcy ? Under both circumstances, can it later be revived after the conclusion of each ?
Division I Proposal
At what point does enforcement action cease against you with respect to a Division I Proposal ? Is it at the moment that the Notice of Intention is filed ? Once a Notice of Intention is filed, what happens if a couple of weeks later you change your mind and no longer wish to proceed with the Division I proposal ?
Family creditors
Can family creditors vote in any way at a Division I Proposal creditors meeting ?
bankruptcy protection
We are overwhelmed with debt with no way to make all the payments. We have already been threatened with seizure of equipment such as tractor trailer. stepdeck trailer, lowbed trailer and a dodge pick up. We are also being sue for $248,000 for a tractor trailer that was repossessed. Is there a way we can file for bankruptcy protection? Thank You
Is it limit of discharge on consumer bankruptcy?
Proposal up to $75000, Is it limit of dischsge on bankruptcy? What if I owe more than $75000 including student loan? In case of personal bankruptcy.
If proposal what about husband, secured credit, and being commission?
Can I do a proposal for just myself or is husband’s automatically included? If I can do single, what about our joint debt? Since proposal for unsecured, what happens to secured? We have 2 leased vehicles and a mortgage. Can we continue to pay them or do we have to sell? Would our mortgage refinancing at term end (4 years left) be effected by having a proposal on other debt? Also, income is on commission. Base is only $1200/month. Usually make $2000/month. How is budget income determined for proposal? Thank you for your help.
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?
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.