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Free Information About Bankruptcy in Saskatoon Saskatchewan
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Free Information on Saskatoon Bankruptcy and Alternatives
Bankruptcy Saskatoon site is a free resource designed to provide residents of Saskatoon, Saskatchewan area with helpful, free information about personal bankruptcy in Saskatoon and alternatives to bankruptcy available to them when dealing with debt.
Bankruptcy Saskatoon is sponsored by Deloitte & Touche Inc. - a bankruptcy trustee firm in Saskatoon licensed by the federal government of Canada for providing personal bankruptcy and consumer proposal services to the area residents.
To help people experiencing financial difficulties, our bankruptcy trustees in Saskatoon answer their debt management related questions. To have your inquiries addressed, submit your questions to our Bankruptcy Saskatoon Blog.
Recent Questions on Our Bankruptcy Saskatoon Blog
insovent debtor
if I am an insolvent debtor ,c an I move to a province with favourable exemptions in order to improve my situation ?
Student Loans and Student Line of Credit
I am just finishing my degree and even if I get a well paying job I am not sure how I am going to repay all my debt. I have Student loans and a student line of credit from Bank. I also have a large mortgage on my house which I have co-signers for. What are my options?
Student Loans vs Student Status
I need clarification on the 10-year rule. I\’ve been told that \”You can claim bankruptcy on student loans if you have been out of school for ten years,\” and also that \”You can claim bankruptcy on student loans that are more than 10 years old.\”
Which is it? I stopped receiving student loans in 2003, so I assume that it will be ten years old in 2013. However, I am back in school doing graduate work, so I am not \”out of school for ten years,\” even though I haven\’t received student loans in almost ten years.
Judgement Proof
Am I judgement proof if I am on EI-maternity benefits?
Bankruptcy Canada for a second time
Question: If you claimed bankruptcy in Canada 9 years ago can you claim it again?
Answer: Yes, you can claim personal bankruptcy in Canada for a second time. However, a second bankruptcy takes longer to complete, and it is more costly. We suggest you contact a Saskatoon bankruptcy trustee for more information.
Revenue Canada and bankruptcy
Question: I have heard that when filing for bankruptcy, money owing to the government such as Income tax and Interest can not be part submited in the bankruptcy.
Is it true?
Answer: No, that is not true. Tax debts are dischargeable in a bankruptcy. Your bankruptcy trustee can provide you with more information.
General bankruptcy question
Question: My wife started to work full time recently. I have 2 jobs and a business. One job is P/T, the other is on Call and the business is well not providing all of our needs.
If we file for bankruptcy in Saskatoon, do we loose our house and cars?
We are paying a mortgage. The car is paid for, but I use it for my business.
How do I know if I file for bankruptcy?
Answer: The only way to know for sure if you will be required to surrender your house or cars is to discuss it with a trustee prior to filing bankruptcy. If the house is worth about what’s owing on the mortgage, you probably will not lose your house, although the final decision may be up to the lender. If you have significant positive equity in your house, it is possible that you will lose it.
To know for sure, have a local real estate agent provide you with an appraisal on your house. Then, get confirmation of the mortgage balance owing from the lender. With these two pieces of information a Saskatoon bankruptcy trustee will then be able to explain your options in more detail.
Bankruptcy and a car
Question: I bought a car, in 2007 with a bank loan and a co-signer, if I filed bankruptcy would they take away my car?, would it affect the co-signer?
Answer: The answer depends on the lender. Some lenders have a policy that if you go bankrupt and your car payments are up to date, you are allowed to keep the car and keep making the loan payments. Other lenders automatically repossess your car if you file bankruptcy, even if the payments are up to date.
To further complicate matters, there are new bankruptcy rules that may become law in 2009 that may change these procedures.
Given these complexities, we strongly recommend that you contact a licensed Saskatchewan bankruptcy trustee to review your situation and give you specific advice.
non-discretionary expenses
Question: My wife and I are separated and I pay her $1200 per month for court ordered child support as agreed between us. If I were to declare bankruptcy would this amount be subtracted from my income before my surplus income was calculated?
Answer: Yes, provided you have receipts or other proof that you are paying the child support.
