Archive for the ‘Winnipeg bankruptcy trustee’ Category

Question: I’ve owned my current home for 5 years and I am still owing on a car. If I do claim bankruptcy because I cannot keep up with all my credit card and line of credit debt, how will this affect my home and car? Will I lose my car? Whatever I’ve put into the house, will I lose that too?

Answer: The answer depends on the value of the home or car, and the amount owing on the mortgage or car loan. Your trustee will request that you obtain appraisals for your house and car, and confirmation from the lender of the balance owing, and then they will be able to advise you on whether or not your house or car will be impacted by bankruptcy.

Here is an article that provides more detail on What Happens to my House After Filing for Bankruptcy?

For a review of your specific situation, please contact a Winnipeg Manitoba bankruptcy trustee.

Question: Is it possible to close a bankruptcy case before the client is discharged?

What does a person do if they thought they had been discharged a number of years ago and their credit report indicates that they have, but the trustee says that they haven’t? And the trustee says that the case has now been closed?

Answer: There are two different concepts to understand reagarding getting a dishcarge from a bankruptcy in Winnipeg. First, the bankrupt is discharged once they have completed all of their duties, which include making any required payments to the estate, completing their two credit counselling sessions, providing information to allow the trustee to file tax returns, and surrendering non-exempt assets. If these duties are not completed, the bankruptcy will not be discharged.

Second, the trustee is discharged once they have completed the administration of the estate, which includes filing all necessary paperwork with the Office of the Superintendent of Bankruptcy.

It is possible for the trustee to be discharged BEFORE the bankrupt is discharged. If the bankrupt does not complete their duties, the trustee may apply for their own discharge.

The trustee then says that the “file is closed”; they are no longer acting as the trustee. This also means that, because the bankrupt was not discharged, the creditors can now pursue the bankrupt.

In this case the bankrupt should contact the trustee to determine what duties must be completed to obtain their discharge.

Question: Could you please tell me I have gone bankrupt 2 times and what happens if you want to file the third time?
Thanks

Answer: In a first bankruptcy in Winnipeg, you are eligible for an automatic discharge after nine months. If it is not your first bankruptcy, the bankruptcy court will determine when your bankruptcy will end.

With a third bankruptcy it is likely that the bankruptcy court will add extra time to your bankruptcy, and perhaps require you to make additional payments. The specific result will depend on your circumstances. For more information, consult a Winnipeg bankruptcy trustee.