Archive for the ‘bankruptcy’ Category

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if I am an insolvent debtor ,c an I move to a province with favourable exemptions in order to improve my situation ?

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?

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.

Am I judgement proof if I am on EI-maternity benefits?

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.