personal bankruptcy

in a bind…..

Question: Hi, I find myself owing some substantial amounts back taxes to both prov revenue qC and CRA after some initial investments involving my rrsp went sour (although both gov. had accepted the claim in 2006.Now they both want the taxes on these RRSPs + interest for the last years…….I filed a NOO with CRA and the case is being represented by the Synergy 200 inc company that came up with the original investment package………Can I make a deal? (like get rid of interest charges ?? that was my pension and now aside from our home we have nothing and owe +85,000$!!! much of it interest ???

thanks

Ray

Answer: Yes, it is possible to make a deal, but unfortunately making a deal with the government is very difficult in most cases. If you can’t make a deal with them, or if you can’;t get them to waive penalties and interest, you may have no choice but to consider a consumer proposal or personal bankruptcy.

Posted on December 11th, 2009 by Questions in consumer proposal, personal bankruptcy | No Comments »

co-signed

Question: I co-signed for a friend to get a car. what happens if i go bankrupt ?

Answer: If you go bankrupt, the car lender can no longer pursue you for the debt. Your friend will be responsible to make all payments. We suggest that before you go bankrupt, your friend should contact the lender and ask to have your name removed from the loan. If they won’t do that, your friend should confirm that they can continue to make the loan payments if you go bankrupt.

Posted on May 5th, 2009 by Questions in personal bankruptcy | No Comments »

bankruptcy in Montreal

Question: If I have 35 000$ in debts, and I made less than 20 000$ last year..(my common law spouse made about 19,000) can I still declare bankruptcy in Montreal?

Answer: Yes, you can declare bankruptcy. The real question is whether or not bankruptcy is the correct solution for you. If you are earning $20,000 per year and have $35,000 in debts, it is unlikely that you will be able to repay your debts on your own, so bankruptcy may be the correct option for you.

We suggest you contact a Montreal bankruptcy trustee to review your options, and to explain the cost of bankruptcy, which is based, in part, on your family income.

Posted on April 13th, 2007 by Questions in bankruptcy Montreal, personal bankruptcy | No Comments »

Co-signed house

Question: If I was to file for consumer protection what would that do to a house that is co-signed as well as a car?? Would we have to give up our dwelling or return the car I use for my work?
Thank you.

Answer: If you file a consumer proposal you can continue to pay the mortgage on your house, and the loan on your car, if you want to keep your house and car. If you file for personal bankruptcy you may still be able to keep your house and car; it depends on the value of those items and some other factors.

Either way, your co-signer is still liable for the debts. If you stop paying, they are liable.

Since this is a complicated area, and there are many factors to consider, we suggest you contact a trustee to arrange a no-charge initial consultation to review your options in more detail.

Posted on February 14th, 2007 by Questions in loans, personal bankruptcy | No Comments »

bankruptcy question

Question: hi, i filed for bankruptcy (personal) a few months ago, i was wondering where i can go to file my income taxes??
thanks

Answer: Your bankruptcy trustee is responsible for filing your income taxes up to the date of your bankruptcy. You should contact your trustee for further information.

Posted on January 23rd, 2007 by Questions in personal bankruptcy, taxes | No Comments »

Archive for the ‘personal bankruptcy’ Category

in a bind…..

co-signed

bankruptcy in Montreal

Co-signed house

bankruptcy question