Bankruptcy in New Brunswick Blog
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Viewing entries tagged with 'insolvency'
I am retired. Can I go bankrupt or make a proposal?
Yes you can. Anyone who owes more than $1,000 and is unable to pay their debts is eligible to file for bankruptcy or file a proposal.
Read the full articleI’m the executor of an estate. There doesn’t seem to be enough assets to pay all the bills. What should I do?
An executor has to be cautious while administering the estate of the deceased person. This is particularly true if the debts of the estates are more than its assets. If this is the case, keep in mind the following:
Read the full articleI have a motorcycle, snowmobile and ATV, will I lose these if I go bankrupt?
Not necessarily. If there is a loan against your recreational equipment, you may continue making the monthly loan payments if you can afford to do so. This is because the loan company is typically a secured creditor and is not affected by the bankruptcy.
Read the full articleCan bankruptcy help me with my tax problems?
Income tax debts are unsecured debts and, as such, the debt will be extinguished as a result of bankruptcy.
Read the full articleHow can I save on bank fees?
Most bank accounts permit you to make a set number of debit transactions or ATM withdrawals per month. Once you exceed this limit, you are charged one or two dollars per transaction. You are charged even more if you use the ATM from a different bank. Although a dollar here or there may not seem like much, these fees add up quickly.
Read the full articleCan I collect CPP while I'm still working?
Yes. You can apply for CPP as young as age 60.
Read the full articleMy ex-spouse owes support and has just declared bankruptcy? What can I do?
Collecting and enforcing payment can be tough but in some respects the bankruptcy may assist you. Some debtor’s have to choose between paying their other creditors or the support and choose bankruptcy to free up the cash flow to meet their support obligations. It is worth noting that:
Support payments are not extinguished in the bankruptcy
Support remedies and enforcement can continue against the bankrupt’s income and exempt assets
Participating as a creditor in the bankrupt does not relinquish rights outside the bankruptcy. Filing a Proof of Claim (attach a statement showing amounts owed and the Order authorizing these payments) will allow you to share in dividends in the estate.
Priority status is given in the bankruptcy (where there are dividends to distribute) to claims arising from (1) lump sum support payments owing (2) periodic support arrears within 12 months of bankruptcy and (3) legal costs pertaining to support.
It may be possible to vary support allowing for changes brought about by the bankruptcy
Consider consulting a family lawyer to assess the impact and suggest actions dealing with matters the bankruptcy will have on non supportSupport payments are not extinguished in the bankruptcy
Collecting and enforcing payment can be tough but in some respects the bankruptcy may assist you. Some debtors have to choose between paying their other creditors or the support and choose bankruptcy to free up the cash flow to meet their support obligations. Although we are not a law firm, and don't give legal advice, it is worth noting that:
Read the full article
I have been told I should set financial goals. How do I start?
To get control of your financial affairs you need to set financial goals. These goals help you know where you stand now financially, where you want to be in the future and can guide you to getting there.
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Is there anything I can do to prepare for building (rebuilding) credit?
Before attempting to obtain and build credit you should make sure your financial house is in order. This involves maintaining both a positive life style and establishing positive banking habits.
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I need to go bankrupt but I am not sure who all of my creditors are. Can I go ahead with the bankruptcy?
Yes, you can go ahead with the bankruptcy.
Read the full article
Collecting and enforcing payment can be tough but in some respects the bankruptcy may assist you. Some debtors have to choose between paying their other creditors or the support and choose bankruptcy to free up the cash flow to meet their support obligations. Although we are not a law firm, and don't give legal advice, it is worth noting that:
Read the full articleI have been told I should set financial goals. How do I start?
To get control of your financial affairs you need to set financial goals. These goals help you know where you stand now financially, where you want to be in the future and can guide you to getting there.
Read the full articleIs there anything I can do to prepare for building (rebuilding) credit?
Before attempting to obtain and build credit you should make sure your financial house is in order. This involves maintaining both a positive life style and establishing positive banking habits.
Read the full articleI need to go bankrupt but I am not sure who all of my creditors are. Can I go ahead with the bankruptcy?
Yes, you can go ahead with the bankruptcy.
Read the full article