Archive for February, 2009
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
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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.
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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.
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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
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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
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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
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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.
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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?
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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
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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 …
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