Chatham Ontario Personal Bankruptcy Blog: July 2006: Answers to Personal Bankruptcy Questions

Emailing me a question

Occasionally I get an email from someone in Chatham which does not give me any information about their situation. It might just say something like "I need help". Although emailing me is a good first step, in order to give information by email, please provide details such as the amount of debt, any assets such as a house or RRSP's, and how much income you take home from work, employment insurance or other sources. This will help me give you advice faster than if you don't provide any information at all.

Email a question and together we can develop a plan that is right for you.

How is my spouse effected if I file for bankruptcy?

I was recently asked by someone in Chatham how bankruptcy effects the spouse.

If the debts are just in the name of the personal filing for bankruptcy then it has no effect. However, if your spouse co-signed the debts, or has a supplementary credit card then that debt becomes the spouses debt.

If you are in this situation, or have a question about your situation, email a question.

I filed for bankruptcy in Chatham and my discharge was opposed. What does that mean?

I met with someone in Chatham recently who filed for bankruptcy and now the trustee has opposed their discharge. In simple terms, this means that unless he does what is required of him, he will not get out of his bankruptcy.

When you file for bankruptcy your trustee tells you what your duties and responsibilities are. If you do not do what is required you will not be discharged. The court could also advise the trustee to close the file which means that the creditors can start collection on the debt again. Therefore it is important to do what is required.

If you need a plan to deal with your debt, you can email a question.

Automobiles and Bankruptcy

New legislation was recently passed dealing with the equity in an automobile in a bankruptcy. Prior to June 22, 2006, an automobile was exempt from seizure if its value was greater than $5,650. For example, if the car was valued at $5,000 it was not seized by the trustee, but if it was worth $5,651 it was seized by the bankruptcy or the bankrupt had to pay the trustee the value of $5,651.

Under the new legislation, the first $5,650 is exempt from seizure. For example, if the car is valued at $5,651, the bankrupt person has to pay the difference of $1 ($5,651-$5,650) to the trustee.

This new wording will help people filing bankruptcy to keep their car, and help them get a fresh start.

To discuss your financial situation and develop a plan that is right for you e-mail a question.

Welcome to Bankruptcy Chatham Ontario

Posted on Sunday, July 23, 2006

Emailing me a question

Posted on Wednesday, July 19, 2006

How is my spouse effected if I file for bankruptcy?

Posted on Wednesday, July 12, 2006

I filed for bankruptcy in Chatham and my discharge was opposed. What does that mean?

Posted on Friday, July 07, 2006

Automobiles and Bankruptcy