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i am recently seperated…in fiancial disaster, i wa about to claim bankruptcy and found i was left a sum of money. do i get to keep the money?…is inheritance exempt?/
Posted from: New Brunswick
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I just declared bankruptcy due to an impending divorce and significant financial costs associated with it. My question is what would happen if I won the lottery during my period of bankruptcy. I understand any winnings would be held as part of my assets. However, once all of the debts are paid in full would the remainder of the monies be returned to me. Silly question I know but as an avid lottery player it would be the one time I finally win.
Posted from: Alberta
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Bankruptcy cases have a language all their own. Bankruptcy becomes understandable once the terms are defined and explained.
Sometimes things go too far, and we are trapped in a well without a ladder. If your financial situation is so far out of hand that you are about to break, bankruptcy may be your only option.
What is your policy for consumer proposal payments?
Do you require the first payment upon filing the papers, or do payments start when the propsal has been accepted?
Posted from: Alberta
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Let`s say that I have filed for personal bankruptcy. My family consists of my wife and my son. My wife works and brings home $3400/mo (take home). Since I am not working, I have no surplus income, hence I don`t have to pay anything to a trustee. I was told that I would be discharged in 9 months (1st time BK).
Hypothetically, if I start working, while I`m bankrupt and take home $2000/mo, i will have some surplus income.
How much will I be required to pay per month ?
Will the duration of my bankruptcy be extended past the 9 months, and if so, how many more months before I am discharged ?
You best guess is fine with me.
Thanks
Posted from: Ontario
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You hear all the horror stories of Bankruptcy and what it will do to you in the future. But what if you need relief Now, Fast. Chapter 7 helped, and it may help you too.
I`m just curious, if I have filed for bankruptcy and have been discharged.
1) Do I have to disclose to creditors that I have filed for bankruptcy and have been discharged, when I apply for another CC ?
2) How about after 6-7 years, when my records with Equifax have been removed. Do I still need to disclose that I have filed for bankruptcy 6-7 years ago ? Even if it`s not on file with any credit bureau ?
Thank-you
Posted from: Ontario
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If you owe monies to family or friends, along with creditor debt, can you sell assets or redeem assets;such as RRSP`s or Investments to pay out the personal debt,prior to declaring bankruptcy?
Posted from: Ontario
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concerning the upcoming new bankruptcy law, I was wondering if you think there is a chance the govt will change the length of time credit is affected on a proposal compared to a bankruptcy. I have seen online where trustees have attended hearings and explained why this should be changed to encourage proposals over a bankruptcy.
Posted from: Ontario
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