- Alimony, child support, and maintenance
- Court imposed fines, penalties, and restitution orders
- Debts incurred out of fraud, embezzlement,
or misappropriation - Student loans, depending on the number of years
since leaving school - Debts from intended bodily harm
- Co-signors and guarantors will still be responsible for obligations
WILL I LOSE EVERYTHING?
No, In Alberta, the Civil Enforcement Act states that you are entitled to keep the following:
- Food required by you and your dependants during the next 12 months
- Necessary clothing up to a value of $4,000
- Household furnishings and appliances to a value
of $4,000 - One motor vehicle not exceeding a value of $5, 000
- Medical and dental aids required by you and
your dependents - The equity in your principal residence, up to
a value of $40,000, or your pro-rata share if you
are a co-owner of the residence - Personal property that you require to earn income from your occupation up to a value of $10,000
- Certain pensions, RRSPs and life insurance policies
- There are special exceptions for farmers and fishermen
WHAT ABOUT MY CREDIT RATING?
Most people want to know what happens to their credit rating when they file for bankruptcy. Your credit score is based on how you pay your debts, so if you are filing for bankruptcy, you probably already have a poor credit rating. Once you have been discharged from bankruptcy and you continue to pay your debts, you should be able to rebuild your credit rating.
HOW MUCH WILL THIS COST?
All Trustee in Bankruptcy fees are governed by the Bankruptcy & Insolvency Act and are the same for all Trustees.
Norrish & Associates also offers you flexible payment plans!
For more bankruptcy FAQ's please visit www.bankruptcycanada.com
For answers to specific questions or more personal assistance please email: valeriehelps@shaw.ca
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