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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.
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.
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.
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.
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.
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.
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.
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.
Question: Our bankruptcy is finished at the end of June. I start a new job in May that requires me to travel 5 out of 10 days. Our family vehicle is a 96 Windstar with 302000 km on it. It is in sad need of repairs. The question is whether or not it is worth it. I am wondering if, while in bankruptcy, we are able to lease a car? I would question the saftey of our van when I am doing extensive traveling.
Answer: Yes, it is possible to lease a car while you are bankrupt. In most cases you will pay a lower rate of interest if you wait until you are discharged from bankruptcy before leasing car. Your other options are to purchase an inexpensive car, or to ask a friend or family member to co-sign on your behalf. Either way, be sure you read all of the fine print and understand what you will be paying before you agree to lease or finance a car.
Question: how do you determine what bankruptcy is in your personal situation?
Answer: Personal bankruptcy is a very personal decision; it is the correct option for some people, but not for others. We suggest that you
contact a bankruptcy trustee in Saskatoon to arrange for a no-charge initital consultation to review your situation and determine whether or not bankruptcy is the correct option for you.
Question: Hi, My husband and I are currently in the middle of a bankruptcy. We should be discharged by June hopefully. What I would like to know is, we own our home which was exempt, but we are looking into selling by fall, is there a time period that we have to wait to sell, or can we do what we want after we are discharged.
thank you
Answer: If your assets are exempt, you may sell them as soon as you are discharged. To ensure that there are no problems with your discharge, we recommend that you discuss your concerns with your trustee to ensure that your discharge will still proceed as scheduled.
