Bankruptcy Questions - Canada

Below are some sample questions and answers from our Alberta Bankruptcy Q&A Forum

Annulment of Bankruptcy
Can a bankruptcy be annulled if funds in full become available before the 21 month term? If they can, does this go on the credit report?
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House Foreclosure or Bankruptcy?
We have been trying to sell our house for some time. My wife lost our job. We are considering allowing the house to foreclose. We were told the bank will go after us for any amount owing unless we declare bankruptcy. Should we allow the foreclosure first and then file for bankruptcy, or do both at once?
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Use Credit Cards to Pay Off Line of Credit?
Hi There! I am contemplating going bankrupt and I owe almost 50 thousand dollars in CC debt and an unsecured line of credit throught the bank of almost 20 thousand dollars. If I were to use the credit cards to pay off the line of credit at the bank can I keep the line of credits but not use it during the bankruptcy time frame? Am I allowed to do such a thing? Is this illegal? Can I keep the line of credit? In deep here!!
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What if I start a new job while in bankruptcy
Am I obligated to tell my employer that I have filed for personal bankruptcy? What if I start a new job while in the process of filing for bankruptcy?
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Can I Keep My Home?
If I submit a proposal or file bankruptcy on my credit cards and line of credit, can I keep my home if I am making payments on time? If so, what happens if I decide to sell?

Joint Credit Card Debt
Everywhere I turn I ask for help and nobody seems able, or more probably not willing, to help. I am in a strange situation. I was common-law with a woman in 2002-2003 at which time she added me to two of her credit cards. All was well until 2004 when we had a nasty break-up. Knowing how she handled money I called these two credit cards to see if they would take my name off the account. They said no, only she could take me off the account. It was a really bad break-up and she wouldn't even talk to me about it let alone call the banks for me. I went off to China to for a few years and came back last year to find she went bankcrupt in 2006 and now I can't get a mortgage because of these accounts. All my other accounts are rated always paid except these two, hers ( I never even had a card for them.) I called both banks and the credit dept and they all say there is nothing I can do. Please help me or at least point me in a direction where I can find out some information to help me solve my huge problem. Thanks for your time. Read the answer ...

Foreclosure and Bankruptcy
Hi there, I am considering foreclosing on my house. Do you just walk away or could you explain some of the ramifications to me? Thanks. Read the answer ...

Foreclosure and Bankruptcy
How exactly is the income determined for a person in bankruptcy? I am a single person, however, I am helping my parents who are currently not working, so I consider them as my dependents. What is the calculation based on, as to how much I get to keep per month and how much I have to pay to the bank? Thank you.
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Revenue Canada
A friend owes taxes and penalties to Revenue Canada. Is it possible to claim bankruptcy to avoid paying back taxes and penalties? Will bankruptcy reduce these amounts or waive penalties?
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Missed payments to bankruptcy trustee
Hello- I have a question? If you file for bankrupcy and miss payments to the trustee - what happens? I am under the understanding that you would not recieve a discharge from the courts. If you do not a get a discharge can the creditors start to collect the debt? If you do not recieve a discharge and owe money to the trusee do you obtain a discharge once paid in full? Thanks.
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Preferred Creditor for Alimony and Support
This question relates to my rights if any as a creditor. I am a preferred creditor for alimony and support. My ex-husband just recently filed for bankruptcy. He will be given an automatic discharge on July 16th, 2009. Could you tell me what a preferred creditor is and am I entitled to arrears support payments? Also what happens going forward? Thank you.
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Husband filing bankruptcy
My husband wants to file for bankruptcy. We have a joint line of credit and a credit card account which I am a secondary card holder (different card number than his). The rest of our debts are separate credit cards. Our house is in my name only and has no equity in it. If he files what happens to my credit? As well, what happens to the line of credit and credit card we share? Thank you so much!
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Business Owner and personal bankruptcy
My husband owns a business. How it can be affected by personal bankruptcy?
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Line of Credit
My husband wants to file for bankruptcy. We have a joint line of credit and a credit card account which I am a secondary card holder (different card number than his). The rest of our debts are seperate credit cards. Our house is in my name only and has no equity in it. If he files what happens to my credit? As well, what happens to the line of credit and credit card we share? Thank you so much!
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Preferred creditor in bankruptcy
This question relates to my rights if any as a creditor. I am a preferred creditor for alimony and support. My ex-husband just recently filed for bankruptcy. He will be given an automatic discharge on July 16th, 2009. Could you tell me what a preferred creditor is and am I entitled to arrears support payments. Also what happens going forward? Thank you.
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