Bankruptcy Winnipeg

Director of a company

Questions — Mon, 16 Jan 2012 20:17:40 +0000

I was discharge in April 2006. Can I be a director of a company?

Help in deciding between proposal vs bankrupcy

Questions — Mon, 28 Nov 2011 01:28:09 +0000

Question:This is my first time filing for either proposal/bankruptcy

have a total unsecured debt of $70,000 (between husband/wife)
has mortgage balance of $296,000
house valued at $304,000
car loan of $38,000
vehicle valued at $28,000
net monthly income is $5300 (joint)
utility/bills total is $4800

questions:
1. will we be able to keep both our house and car?

2. how much would we have to pay a creditors for in a proposal/bankruptcy?

3.how long will we be in a proposal/bankruptcy?

thank you

Answer: Yes, in a consumer proposal you are permitted to keep all of your assets. In a bankruptcy you can keep your car and house, because in your case they have minimal or no equity (meaning if you sold them, and paid off the loan/mortgage and costs to sell, there would likely be nothing left over). However, if you keep your house and car you are required to continue making the mortgage and loan payments, so you will need to decide if your cash flow can support that. More to the point, if your car loan is $38,000 and the vehicle is only worth $28,000, it may not make sense to continue with the loan.

The cost of a proposal or bankruptcy is based on a number of factors, including your surplus income, which is based on your family size. The proposal payment is also influenced by the nature of your creditors. In simple terms a proposal for $70,000 in debt would probably be somewhere in the range of $25,000 (say $500 per month for 50 months), but that is just a ballpark figure.

We suggest you contact a Winnipeg bankruptcy trustee and consumer proposal administrator to review your specific situation and give you a more detailed answer.

how to stop my wages from being garnished so much each month

Questions — Tue, 22 Nov 2011 02:18:49 +0000

Hi there
I just would like to know how I can stop my wages being garnished so much each month, Iam on a limited income now and can not survive its taken everything out of me and every time I turn a corner something else happenes and someone else wants more money please help tell me what to do

Trustee Wrong Doing

Questions — Wed, 05 Oct 2011 20:06:50 +0000

After a credit proposal was fully paid, my girlfriends trustee advised her not to pay the amount due on her student loans. This has had a negative influence on her credit score. After contacting the trustee\’s company, they said the trustee was let go because she was advising clients not to pay student loans when in fact she should have been telling Student Loans that the client is able to pay money towards the loans now. They admit fault but will not do anything about it (won\’t send a letter to equifax etc). Is there anything we can do? Is there a regulating body in Manitoba?

Should I claim bankruptcy?

Questions — Thu, 22 Sep 2011 13:45:42 +0000

I have a few questions regarding bankruptcy. I filed for bankruptcy in 1994, if I file again what is required and how does that affect me besides having bad credit for 7yrs. I also have a $25,000 line of credit that my father co-signed for me. If I file bankruptcy, do I have to include that? If I don\’t have to include my line of credit and I continue to make the monthly payments, does it still affect my father? Would I be able to keep my car if I have a loan with a credit union? My car is worth approx $5500.00. If I don\’t include my line of credit and my car loan, is it worth my while to claim bankruptcy for $27,000? I also have a loan with MB hydro for my windows in my house, can I claim that?

Bakruptcy and propery

Questions — Mon, 22 Aug 2011 22:39:36 +0000

I am a retiree, in poor health, and recently separated from my spouse. He is insisting that I gey his name taken off the mortgage, but if I do, I can\’t qualify for a mortgage on my income. The house has about zero equity, so selling it won\’t get me anything, and I have other debts that I\’m finding it difficult to keep up with, My question: if I declare bankruptcy, is it inevitable that I will lose my house?

Bankrupt

Questions — Wed, 10 Aug 2011 13:27:14 +0000

I have no job, I am a poor housewife with literally nothing. Everything is in my husbands name as I am \”common law\” with him, and he had all this stuff before I entered the picture. If I file, will it effect him in any way?

Will this also get rid of a debt demanded to be paid by a court order? (a complicated situation where the girl involved soaked me for money, then charged me for more and won the case).

I also have a debt with the gov\’t for $4000 or so. I didn\’t bring in one T4 (thought I had them all and the company sent me two instead of one so I missed it) and I ended up having to pay back the gov\’t because of this. Will claiming get rid of these for me?

I\’ve been looking for work for TWO YEARS and can\’t find anything…the debt with the gov\’t is getting worse and I just want to get rid of it. Please help!

Going Bankrupt

Questions — Tue, 12 Jul 2011 19:36:50 +0000

I\’m going bankrupt and can not aford the payments for a trustie I\’m on CPP disbility. What do I do?

Discharge question

Questions — Mon, 11 Jul 2011 18:25:36 +0000

I filed for bankruptcy last December and have been paying 150.00 a month (minimum payment) I think anyway I revived a letter in the mail last week saying I would be discharged in September!!! Now this month I get paid 3 times which means a extra 1,056.00 dollars this month. Will this effect me from being discharged ?

Bankruptsy Question for a Senior Citizen

Questions — Fri, 20 May 2011 16:11:18 +0000

Hello – I am sending an inquiry please on behalf of my widowed 71 year old mother-in-law who we have just found out has gotten herself into a difficult situation… We are wondering if bankruptsy is an option for her. General situation is she was working while collecting a pension for past several years and her job has become suddenly obsolete and is not likely to continue to be able to work. While working she had accumulated several credit card debts that she no longer can afford to make the payments on at all. She lives in and owns clearly her home but would like to remain in the home as long as possible. So question are: Is bankruptsy possible at age 71?; and 2) will she be able to retain her home if she were to file for bankruptsy? Her bank is offering to consolidate her debts but for one she couldn\’t make the payments and for 2 – it comes with mortgage collateral catch that is worrying her and pmts would be based on her 2010 income which would be twice what her income will be from now on. We are looking into all options for her before she signs anything – Thank you in advance so much for your kind assistance.