Bankruptcy Saskatoon: Free Information on Saskatoon Bankruptcy and Alternatives

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.

Recent Questions on Our Bankruptcy Saskatoon Blog

Posted on Wednesday, February 27, 2008

Second Bankruptcy in Saskatoon Saskatchewan

Question: What disadvantage is there in filing bankruptcy in Saskatoon for a second time?

Answer: In a first bankruptcy you are eligible to be automatically discharged after nine months, provided certain conditions are met. In a second bankruptcy, you are not eligible to be automatically discharged. The court will decide when your bankruptcy will end, so it will last longer than nine months.

In your case you must decide whether a second bankruptcy is the correct option for you, or if you should consider other options, such as a consumer proposal.

To review your options, consult a Saskatoon bankruptcy trustee.

Labels: bankruptcy Saskatoon

Posted on Sunday, July 15, 2007

Mother in law debt

Question: My husband just found out his mother is over 26,000.00 in debt.She is getting approx. 1600.00 pension. She has filed bankruptcy in Saskatoon about 11 yrs ago. Credit cards that come in the mail are her downfall. Any other options besides selling her house and auctioning her belongs to pay of this debt?

Answer: She has three logical options:

First, as you suggest she could sell her house and belongings to pay off the debt.

Second, she could file bankruptcy again. Because this will be her second bankruptcy, she is not eligible to be automatically discharged in nine months, so that may not be a great option.

Third, she could file a consumer proposal, which is an alternative to bankruptcy. She would make a payment each month for up to five years to settle her debt. A proposal only makes sense if, on her fixed income, she can afford to make payments each month.

To determine which option is best for her, we suggest she discuss these options with a bankruptcy trustee.

Labels: bankruptcy Saskatoon, consumer proposal

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