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Question: I have about $70,000 in unsecured debt & about $80,000 joint with my wife. If I decide to have a consumer proposal done, will my wife also have to do a consumer proposal, or can the proposal be done only for the portion I owe on my own? If our property was transfered into...
Question: I saw a bankruptcy counsellor and according to him I can’t afford to go bankrupt. Could this be possible? I owe about $17,000 I’m in collections and I make approx. $23000 gross , but after rent, hydro etc… I don’t even have enough to survive. What can I do??? I am...
Question: I have a number of debts to rev can, and the province of ontario for a small busines that I had a nember of years ago. Rev can is probably $50K, Ont, is $300K. I can likely cut those in half with appeals, and proper filing, as the bulk of it is penalties for [...]Question: I have a number...
Question: will cosigner of my auto debt have to pay or will their credit clear once i file bankruptcy? Answer: Yes, when you go bankrupt, the co-signer is liable for the debt. If you still have the car, either you or the co-signer could continue making the payments, so you don’t lose the car....
Question: I have several bank accounts joint with various members of my family, the funds are not mine. If I file bankruptcy in Ontario will the funds in their account be affected? Answer: Possibly. In general, if you have a lot of money in a bank account with your name on it when you go...
Question: I am 2 payments behind and trying to make arrangements but they are threatening to repossess the vehicle and then garnishee my wages… What can i do and can they do this? I told them i will get caught up within 6 weeks but they don’t care. Answer: If you are behind on your...
Question: Are you required to submit bank statements and receipts for all transactions during bankruptcy? Answer: No, you are not required to submit bank statements and receipts for all transactions unless requested by your trustee. You are required to prove your income to your trustee each month,...
Question: How long does a consumer proposal or a debt settlement stay on your credit history? Answer: Usually consumer proposals and debt settlements affect your credit in the same way. However, you should keep in mind that not all debt settlement plans are the same, so there may be some slight...
Question: If a person who is a primary borrower from a bank owes money on a car loan but claims personal bankruptcy, do the collections agencies have the right to go after the co-signer or is the loan wiped out under the bankruptcy law? Please respond. Thanks so much! Answer: If you have a...
Question: If I was to go the root of bankruptcy would my pension be affected? Answer: No, your pension will not be affected if you decide to declare bankruptcy. However, you will have to give your pension information to your bankruptcy trustee when you file, and it will be factored into your...