Archive for February, 2009

The great credit-card crunch… or why firms squeeze us for extra

Saturday, February 28th, 2009

Tags: credit, credit-or-debit, even-government, fees-on-consumers, firms-and, goods-and, imposing-fees, increasingly-imposing, loans & credit, pay-for, recession, the-recession, their-credit, uk bankruptcy

Will I loose my car if I file for bankruptcy?

Saturday, February 28th, 2009

I HAVE A 2001 MUSTANG WILL I LOOSE THIS WHEN GOING BANKRUPT

Posted from: Nova Scotia

Family income

Saturday, February 28th, 2009

Would the husband`s credit be effected and would he be required to make payments during bankruptcy on wife`s debt. Posted from: Ontario. Filed under: Bankruptcy. posted by Questions @ 2:59 am. 1 Expert Comment:

Family income

Saturday, February 28th, 2009

Situation is married couple, wife has student loans from before couple met. Wife has zero income besides child tax credit, she is now considering bankruptcy. Would the husband`s credit be effected and would he be required to make payments during bankruptcy on wife`s debt.

Posted from: Ontario

CPP benefits

Saturday, February 28th, 2009

Now that I`m over 65, about half my income is CPP and the half other Guaranteed Income.
Are both these small incomes exempt?

Posted from: British Columbia

wife’s bank account | UK Bankruptcy - Help, Information

Friday, February 27th, 2009

Question: My last 5 wages from my PAYE employment, including a redundancy payment, has been paid in to my wife’s sole account (she has held this account for many years prior to meeting me). When I …

becoming bankrupt | UK Bankruptcy - Help, Information, Assistance

Friday, February 27th, 2009

Question: If you are made bankrupt can they take all of your wages to pay the bakrupty agreement? can they take childrens belongings IE Toys? I earn £876 each month. i have to pay £50 …

While in Bankruptcy

Friday, February 27th, 2009

I filed for Bankruptcy in November of 2008, I did 1 credit counselling session already. I was told I need 2 in total. My questions is the tax thing…I got a letter saying I should send my t4`s in to the office…I did send them..also do I have to do another one by myself? I am paying my monthly fees on time and I am following everything I am told to do.

Posted from: Ontario

manager of non-profit organization

Friday, February 27th, 2009

Can I remain the owner of a non-profit organization if I have to declare personal bankruptcy? Thanks! Posted from: Yukon. Filed under: What I Keep or Lose in Bankruptcy in Canada. posted by Questions @ 9:46 pm. 1 Expert Comment:

manager of non-profit organization

Friday, February 27th, 2009

Hi,
Can I remain the owner of a non-profit organization if I have to declare personal bankruptcy?
Thanks!

Posted from: Yukon

Income Tax After Discharge

Friday, February 27th, 2009

I am having a difficult time getting my trustee to return my calls in regards to my income tax this year. I filed in December `07 and was discharged in September`08. It has recently been brought to my attention that any GST cheques and the income tax I am to file this year is to be directed to my trustee. Why is this? I made all my monthly payments, attended my 2 meetings and was under the impression that after I was discharged I would no longer owe monies to my trustee. I spoke to the governement directly and they explained to me that there is interest showing on my account and that until they hear from trustee all monies will continue to be directed to them. This is very frustrating as my trustee will not return my calls and I was never explained any of this and thought all my obligations were completed upon receiving my discharge in September. Can you pls let me know if how this is being handled is the proper procedure and what I should do.

Posted from: Ontario

Reclassify Mortgages As Unsecured Debts Through Chapter 13 Bankruptcy

Friday, February 27th, 2009

Most homeowners facing foreclosure would rather avoid both losing the home and having to file bankruptcy. They are concerned about the social stigma of filing, the damage to their credit record for the next seven years, and the difficulty of borrowing money for a home or auto loan in the future. However, there are a number of benefits, under the right circumstances, to filing for protection under the federal bankruptcy laws to reduce mortgage debt.

Bankruptcy - Can Chapter 7 Be Better Than Chapter 13?

Friday, February 27th, 2009

Filing a bankruptcy claim can be a very stressful procedure, specially when you do not really know what chapter to file for. And now with the new law, some individuals will not even have the chance to choose, they will either qualify for both chapters or just for Chapter 13. The idea behind this measure is to prevent wealthy families from filing for Chapter 7: now their options are limited.

Banking after Discharge

Friday, February 27th, 2009

Hypothetical situation here.
Assuming I had unsecured debt $10K with TD bank (example). I then filed for bankruptcy and eventually got discharged for that debt. Now.. I am totally discharged…

If I open a bank account with TD bank, and deposit some money, will TD bank have the right to take money out of my account for the past debt ? Do they have the legar right to do so ?Thank-you

Posted from: Ontario

Banking after Discharge

Friday, February 27th, 2009

Filed under: After Bankruptcy. posted by Questions @ 3:06 pm. No expert has commented on this question yet. Ask A Question

mortgage payment in default on split up

Friday, February 27th, 2009

after house purchase we split up (she lives in house) where I continued to pay half of all costs but now she has said she can not pay mortgage. Likely negative equity position now with housing decline, what options do I have to protect my credit. House is for sale. Is it better to let bank foreclose ? Should I make arrangement to continue to pay half of my share to bank ?

Posted from: Ontario

Life After Bankruptcy - Tips to Help You Rebuild Your Credit Rating

Friday, February 27th, 2009

Although you may want to avoid credit after bankruptcy, this is actually not the best thing to do. Some items are very difficult, if not impossible, to buy without credit. For instance, do you have enough money to buy a brand new house without credit? Can you even afford to buy a new car without credit? If not, you may have to rely on credit to make these or other large purchases at some point in your life. And, if you want to secure credit after bankruptcy you must first rebuild your credit rating.

Why Bankruptcy When You Have Alternatives

Friday, February 27th, 2009

Today’s America is feeling a great economic meltdown, which is much severe than the 80’s crisis. This has led to a tremendous increase in the percentages of people filing for bankruptcies as they are not able to keep up with their debts. Are there any solutions?

My Wife

Friday, February 27th, 2009

My wife and I are co-owners of our home. The mortgage is in both of our names. We are seperate as to property as per our marriage contract here in Quebec. My debt is not as a result of our mortgage, rather my credit cards.
Therefore, is my wife`s share of the house under threat if I declare bankruptcy.

Posted from: Quebec

Proposal and Dept Collection Agency

Friday, February 27th, 2009

This phrase is not defined in the Bankruptcy and Insolvency Act, but it is taken to mean 90% of the debts are the same. There is some wiggle room here - how much depends on the trustee that you are dealing with. Ask A Question

Proposal and Dept Collection Agency

Friday, February 27th, 2009

Can be possible to file a Proposal together with my wife,I`m late for proposal because one of my creditors transfer my debts to Collection Agency,I have very good income and I don`t wont to go bankrupt.Please help me with your answer before I go to meet the trust.Thank You

Posted from: British Columbia

In a community property state, if I file bankruptcy will my spouse be held liable for debts I acquired before the marriage?

Thursday, February 26th, 2009

I have heard conflicting information: in a community property state, if you file bankruptcy (not joint bankruptcy) is your spouse held liable for debt you acquired before the marriage? Let me say upfront that I have a consultation for filing bankruptcy on Monday. I’m asking here because I want to make sure they’re not just trying to make additional filing fees off of me by trying to persuade my spouse to file bankruptcy as well.

My spouse and I were married just a few months ago. We live in a community property state. Going into the marriage I had some debt. He’s not a signer or co-signer on any of it or anything; our financial matters were completely separate. We haven’t ever filed taxes jointly. We do not yet own any property together either, and neither of us own any real estate separately. The only notable thing either of us own is a car, which belongs entirely to my spouse. I am now looking into filing bankruptcy but whether or not my spouse will be liable for my debt will determine whether or not I file.

Some web pages say that my spouse will not be liable for the debt I had before marriage: 1, 2, 3

The woman I talked to on the phone, however, said that it doesn’t matter if I acquired the debt before I got married, that my spouse will be liable for it. In other words, my spouse would have to file bankruptcy as well for anything to change.

Can anyone tell me which is true? On the one hand I’m suspicious since that doesn’t seem to jive with anything I’ve read and they are in a position to make money off us, but on the other hand I don’t know how trustworthy a bunch of websites are either. The place I’m getting the consultation is a place several relatives have used and it’s supposed to handle more bankruptcies than anyone else, but I don’t want to be given bad information just because they’re a bankruptcy mill and think they can get away with it. I also don’t want to show up to the consultation and accuse them of lying if they aren’t, and if they are wrong, I’d like to have more to say than, “Well I read some websites…”

What’s the Bankruptcy Automatic Stay?

Thursday, February 26th, 2009

You’ve probably heard the phrase “bankruptcy protection”, but do you know how filing for bankruptcy could actually protect you? The bankruptcy automatic stay offers one of the major protections in a bankruptcy case. Here are some basics on the automatic…

Chapter 7 Bankruptcy and a Home Mortgage

Thursday, February 26th, 2009

If you have gotten into debt to the point where you see no escape from it and it just keeps getting worse then the best course of action for you to take is to file for Chapter 7 bankruptcy. A Chapter 7 bankruptcy will have you finished and done with the bankruptcy in six months time. You also will not be required to pay back the debts that got you into the mess in the first place. The bad news however is that your credit report will show the bankruptcy for a period of 10 years (from the date it was filed) and your credit rating will suffer terribly because of it. This will limit the kinds of credit that you may be qualified to receive for those 10 years.

Filing Taxes, while Bankrupt

Thursday, February 26th, 2009

My trustee filled pre and post bankruptcy taxes for me last year, but I am still not discharged. Do they have to file again for me this year? Or may I file for myself? Posted from: Manitoba. Filed under: Bankruptcy. posted by Questions