Bankruptcy Alberta

Thanks to the economic meltdown our retirement investments are in bankruptcy. Trustees tell us we should only count on 5% (so that would be $19,000 instead of our savings of $400,000) AND we shouldn\’t think about receiving it for at least 2 years.

My wife and I are on disability pensions. This is our sole income at $4000 per month. Neither of us can take on a simple job. Together we can help each other. Our house and lot has substantial equity but over the past 15 years we spent over $120,000 to equip it for our disabilities. A realtor said the lot has substantial value ($125,000) but the house is ONLY of value to the disabled … Demolish the house and sell the lot! We would be homeless. We are financially tight but can live independently if we can stay in the house.

The monthly revenue stream from the investments is gone. We owe about $37,000 – payments were covered by the revenue stream – & that\’s gone!

If we go bankrupt, is any part of our disability pension taken by the trustee? You can have the 5% promise from the investments, but the pensions allow us to stay in our home. The pensions could never support us outside of this property – the $ from the land sale alone could never equip another place for us.
Thanks!

How much is a family of three allowed to make a month while in bankruptcy?

Will I lose the money in my Locked in Retirement account if I declare bankruptcy? and if not can I transfer it from one bank to another bank while in bankruptcy?

I\’m being sued by a passenger of a vehicle that I was driving. The amount is far more than I would be able to pay ( > 100000). If I chose the bankruptcy route what would happen to this judgment?

I have $10,000 in RRSP\’s. Will I loose them if I declare bankrupcy?

Also, what about my CPP and EI? Will I still be entitled to claim those every month?

I am wondering if the information on the \”Bankruptcy in Alberta\” website is up-to-date – particulary in the section called \”Frequently Asked Questions\”. I am asking, because I noticed references made to Bill C-55, but that seems to have been replaced by Bill C-12, and the answers to the FAQs do not seem to be consistent with Bill C-12 which was passed in December of 2007.

I am in over my head. I have a lot of personal debt and fighting a tax bill ( personal with Rev Can) Its not looking good and if I have to pay ( not sure right now) it will be the straw that breaks my back and will have not choice but to seek some kind of bankruptcy… My question is I own part of a small business that loses money or barely makes anything it is incorporated will this bee affected if I go bankrupt? Or what ways can I keep that asset from being affected it will take many years for it to make money but I want to me sure it is okay. My income comes from a Job I work.

Considering the RRSP exemption. How much in RRSP investments in a dollar figure would one be permitted to keep?

After i claimed bankruptcy the equity in my house dropped.Does that change the amount I have to pay of the equity over $40,000.

What happens to my RRSP\’s, some are employer locked in contributions.