Category: Bankruptcy Information

Second time bankruptcy

Second time bankruptcy Hi Ross, looks like I have to do a personal bankruptcy. I owe $59,000 across several credit cards and my minimum monthly payment is over $1,700! Back in 1997 I declared bankruptcy (for only $10,000 in debts), and it went pretty smoothly. Now I am making around $70,000 per year, and I …

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Will bankruptcy protect home equity

Will bankruptcy protect home equity Hi Ross, Many years ago my wife and I took the advice of a well meaning financial planner and invested in a mass marketed tax shelter which was based on donations of art works. Not long after CRA took a dim view of this, and reassessed us both significant amounts …

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Shareholder of a corporation while bankrupt

Dear Ross, I’m self employed and it looks like I am going to declare personal bankruptcy soon. A consideration is my ownership of a small incorporated business: specifically ensuring the business is able to continue to operate in a manner that is unimpeded by a personal bankruptcy or consumer proposal. The business has no assets …

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Must keep the house no matter what

So many times when I meet homeowners in debt stress, the first thing they say is they intend to keep their house – come hell or high water. “Find us a solution Ross, but we insist on tying your hands behind your back in the process.” In some cases, it’s actually quite doable. If, after …

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Very Bad Credit and Self Employed Qualify for Mortgage

Very Bad Credit and Self Employed Qualify for Mortgage Yesterday’s mid day appointment arrived in despair. He has been working with his bank, and various other “connections” to secure a mortgage on a new condo he is buying May 28. So far, everyone has declined him, even though he can put up a $100,000 down …

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OSAP Messed Up by Consumer Proposal

OSAP Messed Up by Consumer Proposal Dear Ross, I finished college in 2007, and now I am going back to school in September as a mature student. My OSAP application has been rejected completely, because I am in a consumer proposal. I never ever had a late payment on my previous OSAP, and I have …

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Keeping Credit Cards With a Consumer Proposal

Keeping Credit Cards With a Consumer Proposal? Hi Ross, I have gotten myself into a pickle. I owe $60,000 on my personal line of credit and two credit cards. I cannot repay this in my lifetime or the next. But I still have two more credit cards with available credit of $40,000. Someone told me …

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Filing for Bankruptcy While Waiting for Insurance Claim

Filing for Bankruptcy While Waiting for Insurance Claim Dear Ross, three years ago we were involved in a serious car crash, and I sustained permanent injuries. I have been unable to work since then. We have exhausted all our financial resources keeping things afloat, and now even my Canada Pension Plan (CPP) is being withheld …

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Can Realtor Keep License If They Declare Bankruptcy

Can Realtor Keep License If They Declare Bankruptcy Hi Ross, I am a local realtor and have been struggling for the past few years. I have some debts that I can not pay plus I owe the government back taxes. I can not get ahead as they are taking 50% of my income every deal. …

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This Bankruptcy Could Lose Home to Power of Sale

This Bankruptcy Could Lose Home to Power of Sale Dear Ross, I declared personal bankruptcy a year and a half ago, and I am still waiting for a discharge. After a few months I was told to attend a session at the Examiner’s office, and after that I was told my discharge had been opposed, …

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Tricked into buying a Gentleman’s Club

Buys a Strip Club, Gets Ripped Off By Boyfriend Dear Ross, I have worked in a busy gentleman’s club for three years as a bartender. Last year I began dating Sam the owner, and he suggested I put together the money to buy the club, as it was ‘printing money’. I was very intrigued. He …

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Student Loan Still On Her Credit Report Thirteen Years Later

Hi Ross, I went to college in 2000, and finished my studies in 2003. Four years later, I hit a rough spell in my life, and I declared personal bankruptcy. My student loan balance with RBC at the time was around $1,400. My trustee included the loan in my statement of affairs she filed with …

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