Bankruptcy Ontario Blog » bankruptcy

Inheritance before bankruptcy

Questions — Wed, 28 Jul 2010 23:24:00 +0000

If I receive an inheritance about one week before going bankrupt do I have to disclose this? I used this money to pay off 2 people who I owe money too and kept the rest for living expenses for one month.

bankruptcy

Questions — Sat, 24 Jul 2010 15:22:10 +0000

I don’t not have my name on my husbands mortgage. I came into our marriage with debt. We where married in Nov. 2009. If I claim bankruptcy will he be affected and will he lose his house?I only own a old van for work will I lose that?

Pay Day Loans

Questions — Fri, 23 Jul 2010 15:04:35 +0000

I sign my paperwork on May 31, 2010 to go bankcrup for the 1st time. I have debt thatequals above $75000. I have been using payday advance loans for over 2 years and on and off prior to that. Recently I have defaulted on the pay day loans that I have outstanding (2) My question is am I able to include these 2 pay day loan in my bankcrupcty even though I already sign and started the bankcrupcty process?

Corporation Bankcruptcy

Questions — Fri, 23 Jul 2010 02:31:47 +0000

I owe taxes to the CRA due to reassessment and they are the only creditor I have. Due to the penalties and interest it will be impossible to pay them. The corporation has no income right now. I have a house and it has a good equity on it. Can I still make application for bankruptcy? what happens to my house and my cars?

Thanks

Creditors meeting

Questions — Fri, 23 Jul 2010 00:17:58 +0000

I have 15,000 equity in my home and have asked my trustee to request a meeting of creditors to attempt to settle. I am a single mom with 3 children and i do not have the money to pay 15,000. I may be able to come up with $4,000.00 and can only afford approx. $100-$200/month. Do the credtors have to show up and agree to my proposal? Does this happen very often?

Is there a governing body for Trustees?

Questions — Fri, 23 Jul 2010 00:09:53 +0000

I am trying to file banktuptcy and after several meetings with the Trustee office I keep getting different answers and run around. I feel the person working on my file has made some errors which I now may have to pay for. Who can I contact to make a complaint and get the answers I require? I no longer trust this Trustee office and feel that they are being dishonest.

furniture, etc

Questions — Tue, 20 Jul 2010 15:13:42 +0000

I am going to file for bankruptcy and since I have some equity in my house I assume that the trustee will take my house. My question is about the items in the house. I am moving into a much smaller place. If I don’t dispose of all of the furniture, etc, what happens if I leave it there when I move? Will the trustee charge me for disposal or will it be taken out of the amount received from the equity on the house?
thanks

daughter’s income

Questions — Mon, 19 Jul 2010 15:55:48 +0000

I am in bankruptcy and my daughter lives with me. She is 18 and very soon she will be working. Are her wages considered part of my surplus income although she is not planning to contribute money to me.-(very unlikely)she does her own income tax and very likely will move out soon but while she is living with me what do I do about her income??

Documentation, finalization, no response from Trustee

Questions — Thu, 15 Jul 2010 14:14:34 +0000

Question: We made an arrangement with our bankruptcy trustee to pay around $36,000 as a final payment for what was owing on the equity we had when we went bankrupt. We paid this amount 7 months ago, and have received NO documentation, final notices, or any word that our bankruptcy is dismissed, or finished, or ANYTHING.

Does this seem normal?

We are getting worried…

Should we contact someone within the government or bankruptcy offices about this??

Thanks in advance!

Answer: You should start by talking to your trustee. The delay may be normal, or there may be other issues. Ask your trustee to confirm the status of your discharge.

If you are not satisfied with your trustee’s answer, you could contact the Office of the Superintendent of Bankruptcy and ask them to investigate, but that is a step that should only be taken after you have discussed it with your trustee.

Is Bankruptcy in Ontario Public Knowledge?

Questions — Thu, 15 Jul 2010 12:42:01 +0000

Question: If a person claims bankruptcy in Ontario, is it public knowledge? Can anyone find out about it in Ontario?

Answer: Yes, personal bankruptcy is a legal process, and it is public knowledge. If you declare bankruptcy a note will be placed on your credit report, so any lender than does a credit check on you will know that you have declared bankruptcy. In most cases that note is removed six years after your discharge from bankruptcy.

The Office of the Superintendent of Bankruptcy maintains an insolvency database that records all bankruptcies filed since 1973, so it is a matter of public record.

However, in most cases, once you are discharged from bankruptcy lenders will allow you to repair your credit, so as time passes your prior bankruptcy is less of an issue.