Comments for Bankruptcy Alberta http://www.bankruptcy-alberta.com Bankruptcy Alberta: Bankruptcy Services in Alberta. Links to Alberta Bankruptcy Trustees. Mon, 16 Nov 2009 15:50:09 +0000 hourly 1 Comment on RRSP’s by Barton Goth, CIRP, Trustee in Bankruptcy http://www.bankruptcy-alberta.com/2009/11/rrsps.html/comment-page-1#comment-511 Barton Goth, CIRP, Trustee in Bankruptcy Mon, 16 Nov 2009 15:50:09 +0000 http://www.bankruptcy-alberta.com/2009/11/rrsps.html#comment-511 In Alberta your RRSP's are considered an exempt asset under the Civil Enforcemnt Legislation. So this means that if a <a href="http://www.bankruptcy-edmonton.com/bankruptcy-edmonton.htm" rel="nofollow">bankruptcy</a> is filed, you would not loose these registered investments. In Alberta your RRSP's are considered an exempt asset under the Civil Enforcemnt Legislation. So this means that if a bankruptcy is filed, you would not loose these registered investments.

]]> Comment on Cost for business bankrupcy by Barton Goth, CIRP, Trustee in Bankruptcy http://www.bankruptcy-alberta.com/2009/10/cost-for-business-bankrupcy.html/comment-page-1#comment-510 Barton Goth, CIRP, Trustee in Bankruptcy Thu, 12 Nov 2009 20:56:58 +0000 http://www.bankruptcy-alberta.com/2009/10/cost-for-business-bankrupcy.html#comment-510 The cost of a corporate <a href="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</a> can vary significantly with the nature and complexity of the business in question. For a better idea you need to contact a <a href="http://www.bankruptcy-canada.ca/emailUs.htm" rel="nofollow">local trustee</a> and they will help you to determine if a corporate <a href="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</a> is necessary and what the estimated cost of this would be. The cost of a corporate bankruptcy can vary significantly with the nature and complexity of the business in question. For a better idea you need to contact a local trustee and they will help you to determine if a corporate bankruptcy is necessary and what the estimated cost of this would be.

]]> Comment on JR by Barton Goth, CIRP, Trustee in Bankruptcy http://www.bankruptcy-alberta.com/2009/10/jr.html/comment-page-1#comment-509 Barton Goth, CIRP, Trustee in Bankruptcy Thu, 12 Nov 2009 20:54:50 +0000 http://www.bankruptcy-alberta.com/2009/10/jr.html#comment-509 If you return the vehicle, it will be sold, the proceeds of the sale will be applied to the oustanding balance of the loan (less and legal and sales costs of course) and you will still be responsible for the remaining balace that you originally contracted to pay.<br /><br />Now to deal with this remaining balance you can start to review other options (i.e. <a href="http://www.bankruptcy-canada.ca/consumerProposals.htm" rel="nofollow">consumer proposal</a>, <a href="http://www.bankruptcy-edmonton.com/bankruptcy-edmonton.htm" rel="nofollow">bankruptcy</a>, <a href="http://www.bankruptcy-edmonton.com/orderly-payment-of-debts-in-alberta.htm" rel="nofollow">orderly payment of debts</a> etc), but ultimately you must then find something to do to deal with the remaining balance. If you return the vehicle, it will be sold, the proceeds of the sale will be applied to the oustanding balance of the loan (less and legal and sales costs of course) and you will still be responsible for the remaining balace that you originally contracted to pay.

Now to deal with this remaining balance you can start to review other options (i.e. consumer proposal, bankruptcy, orderly payment of debts etc), but ultimately you must then find something to do to deal with the remaining balance.

]]> Comment on Leasing a Vehicle by Barton Goth, CIRP, Trustee in Bankruptcy http://www.bankruptcy-alberta.com/2009/09/leasing-a-vehicle.html/comment-page-1#comment-508 Barton Goth, CIRP, Trustee in Bankruptcy Wed, 14 Oct 2009 04:13:38 +0000 http://www.bankruptcy-alberta.com/2009/09/leasing-a-vehicle.html#comment-508 As long as you are up to date with your lease payments and can afford to continue to make these payments and make them on time, then you really shouldn't have any troubles retaining this vehicle regardless of whether you file for <a href="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</a> or not.<br /><br />Things change a little when we start looking at financed vehicles as there may be an equity issue that must be addressed, but with a lease it is much simpler. As long as you are up to date with your lease payments and can afford to continue to make these payments and make them on time, then you really shouldn't have any troubles retaining this vehicle regardless of whether you file for bankruptcy or not.

Things change a little when we start looking at financed vehicles as there may be an equity issue that must be addressed, but with a lease it is much simpler.

]]> Comment on How does bankruptcy effect my LIRA? by Barton Goth, CIRP, Trustee in Bankruptcy http://www.bankruptcy-alberta.com/2009/09/how-does-bankruptcy-effect-my-lira.html/comment-page-1#comment-507 Barton Goth, CIRP, Trustee in Bankruptcy Wed, 14 Oct 2009 04:11:46 +0000 http://www.bankruptcy-alberta.com/2009/09/how-does-bankruptcy-effect-my-lira.html#comment-507 The rules surrounding investments and <a href="http://www.bankruptcy-edmonton.com/bankruptcy-edmonton.htm" rel="nofollow">bankruptcy</a> are very specific and with these rules, the timing of the contributions is the most important thing to look at. With a locked in LIRA, as long as the contributions to this investment have not been made in the last 12 months, then they are considered an <a href="http://www.bankruptcy-canada.ca/what-i-keep-or-lose-in-bankruptcy-in-canada/bankruptcy-exemptions-in-canada.htm" rel="nofollow">exempt asset</a> and are protected should you file for <a href="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</a>. The rules surrounding investments and bankruptcy are very specific and with these rules, the timing of the contributions is the most important thing to look at. With a locked in LIRA, as long as the contributions to this investment have not been made in the last 12 months, then they are considered an exempt asset and are protected should you file for bankruptcy.

]]> Comment on disability pensions as monthly income by Barton Goth, CIRP, Trustee in Bankruptcy http://www.bankruptcy-alberta.com/2009/09/disability-pensions-as-monthly-income.html/comment-page-1#comment-506 Barton Goth, CIRP, Trustee in Bankruptcy Wed, 14 Oct 2009 04:08:30 +0000 http://www.bankruptcy-alberta.com/2009/09/disability-pensions-as-monthly-income.html#comment-506 The disability pensions are not a concern, but in a bankruptcy there house may become a major issue<br /><br />If you file for <a href="http://www.bankruptcy-edmonton.com/bankruptcy-edmonton.htm" rel="nofollow">bankruptcy</a> you are only permitted to have up to $40,000 equity in a house, so you really need to sit down with a <a href="http://www.bankruptcy-canada.ca/emailUs.htm" rel="nofollow">local trustee</a> to discuss the ramifications of this. The disability pensions are not a concern, but in a bankruptcy there house may become a major issue

If you file for bankruptcy you are only permitted to have up to $40,000 equity in a house, so you really need to sit down with a local trustee to discuss the ramifications of this.

]]> Comment on income by Barton Goth, CIRP, Trustee in Bankruptcy http://www.bankruptcy-alberta.com/2009/09/income.html/comment-page-1#comment-505 Barton Goth, CIRP, Trustee in Bankruptcy Wed, 14 Oct 2009 04:04:41 +0000 http://www.bankruptcy-alberta.com/2009/09/income.html#comment-505 A family of 3 is permitted to make up to $2,862.00 before they have to worry about making surplus payments in their <a href="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</a>. A family of 3 is permitted to make up to $2,862.00 before they have to worry about making surplus payments in their bankruptcy.

]]> Comment on bankruptcy on debts by Barton Goth, CIRP, Trustee in Bankruptcy http://www.bankruptcy-alberta.com/2009/07/bankruptcy-on-debts.html/comment-page-1#comment-504 Barton Goth, CIRP, Trustee in Bankruptcy Tue, 01 Sep 2009 04:50:22 +0000 http://www.bankruptcy-alberta.com/2009/07/bankruptcy-on-debts.html#comment-504 The whole idea behind the filing of a <a href="http://www.bankruptcy-edmonton.com/bankruptcy-edmonton.htm" rel="nofollow">bankruptcy</a> is that upon sucessfully obtaining a <a href="http://www.hoyes.com/effects-of-bankruptcy-discharge.htm" rel="nofollow">discharge</a> you are legally cleared from the majority of your unsecured creditors.<br /><br />Now there are some exceptions to this as there is a list of <a href="http://www.bankruptcy-canada.ca/bankstatic/debts-that-stay.htm" rel="nofollow">debts that are not released by bankruptcy</a> that are prescribed by the Bankruptcy & Insolvency Act, but other than these things a <a href="http://www.bankruptcy-alberta.com/bankruptcy-alberta.htm" rel="nofollow">bankruptcy</a> will be written off by the creditor and you will be cleared from them. The whole idea behind the filing of a bankruptcy is that upon sucessfully obtaining a discharge you are legally cleared from the majority of your unsecured creditors.

Now there are some exceptions to this as there is a list of debts that are not released by bankruptcy that are prescribed by the Bankruptcy & Insolvency Act, but other than these things a bankruptcy will be written off by the creditor and you will be cleared from them.

]]> Comment on Home after bank ruptcy by Barton Goth, CIRP, Trustee in Bankruptcy http://www.bankruptcy-alberta.com/2009/08/home-after-bank-ruptcy.html/comment-page-1#comment-503 Barton Goth, CIRP, Trustee in Bankruptcy Tue, 01 Sep 2009 04:47:19 +0000 http://www.bankruptcy-alberta.com/2009/08/home-after-bank-ruptcy.html#comment-503 Most mortgage lenders stipulate that they want to see at least two years after you have been <a href="http://www.hoyes.com/effects-of-bankruptcy-discharge.htm" rel="nofollow">discharged</a> from <a href="http://www.bankruptcy-alberta.com/bankruptcy-alberta.htm" rel="nofollow">bankruptcy</a> and some history of attempting to re-establish credit. This is also tempered by the size of your down payment, the larger the down payment the easier time you will have qualifying. Most mortgage lenders stipulate that they want to see at least two years after you have been discharged from bankruptcy and some history of attempting to re-establish credit. This is also tempered by the size of your down payment, the larger the down payment the easier time you will have qualifying.

]]> Comment on Garnishments without bankruptcy by Barton Goth, CIRP, Trustee in Bankruptcy http://www.bankruptcy-alberta.com/2009/08/garnishments-without-bankruptcy.html/comment-page-1#comment-502 Barton Goth, CIRP, Trustee in Bankruptcy Tue, 01 Sep 2009 04:45:04 +0000 http://www.bankruptcy-alberta.com/2009/08/garnishments-without-bankruptcy.html#comment-502 As long as we are dealing with a creditor other than Canada Revenue Agency then you do need to be notified of the creditor in question attending at court to obtain judgment. This is the first step for a creditor to follow in order to obtain a garnishee and is the best time for you to contest such an action. <br /><br />As for a blanket garnishment, the standard garnishment order stipulates a monthly amount to take or a formula to use and the total amount that is to be garnisheed. Then the garnishment order is in place until the full balance of the order is fulfilled. So there is no need to re-submit each pay period.<br /><br />So how do you avoid having your wages garnisheed. You either <br /><br />a) pay your bills;<br />b) negotiate acceptable terms with your creditors in question;<br />c) obtain a consolidation loan to pay off the creditor threatening with garnishment;<br />d) file under <a href="http://www.bankruptcy-edmonton.com/orderly-payment-of-debts-in-alberta.htm" rel="nofollow">orderly payment of debt</a> with Credit Counselling Services of Alberta;<br />e) file a <a href="http://www.bankruptcy-alberta.com/proposal-as-bankruptcy-alternative.htm" rel="nofollow">consumer proposal</a>; or <br />f) file a <a href="http://www.bankruptcy-edmonton.com/bankruptcy-edmonton.htm" rel="nofollow">bankruptcy</a>. As long as we are dealing with a creditor other than Canada Revenue Agency then you do need to be notified of the creditor in question attending at court to obtain judgment. This is the first step for a creditor to follow in order to obtain a garnishee and is the best time for you to contest such an action.

As for a blanket garnishment, the standard garnishment order stipulates a monthly amount to take or a formula to use and the total amount that is to be garnisheed. Then the garnishment order is in place until the full balance of the order is fulfilled. So there is no need to re-submit each pay period.

So how do you avoid having your wages garnisheed. You either

a) pay your bills;
b) negotiate acceptable terms with your creditors in question;
c) obtain a consolidation loan to pay off the creditor threatening with garnishment;
d) file under orderly payment of debt with Credit Counselling Services of Alberta;
e) file a consumer proposal; or
f) file a bankruptcy.

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