We have Alberta Bankruptcy Trustees serving the following areas:
Medicine Hat, Okotoks, Olds, Peace River,
Red Deer, Sherwood Park, Stettler, St. Paul, Taber and Wetaskiwin.
Contact these local trustees to schedule a no risk evaluation by phone or to arrange a No Cost, Confidential consultation with the trustee.
Struggling With Bills? Could You Use Help?
Local AB Trustees Ready to Assist!
Call One of our Local Trustees to Arrange Your Own Personalized Insolvency Evaluation
Struggling with bills and unpaid debt can be one of the hardest challenges a person can face. Fortunately, the insolvency laws were set by the Alberta government to give those unfortunate debtors who are hopelessly stuck in a cycle of debt a chance to start fresh with their past debts wiped out! The insolvency laws were put in place to give you a chance for a new financial life. There is no need to be ashamed about needing assistance with your debts; in the prior 12 months over 100,000 Canadians have gone insolvent to seek protection from creditor harassment and an elimination of unpaid debt. Our local insolvency trustees will be happy to meet with you during a confidential and no obligation consultation meeting to discuss your finances and help you make a plan for getting out of debt based on your finances and assets. Our bankruptcy trustees are all members of the CAIRP, and must follow a strict code of ethics and professional standards. Trustees will answer all of your questions in an open and easy to understand manner and will present to you all of the possible debt relief strategies you can use. Our group of professional trustees will always present all of the options available to you, whether it means you will use our services or not. Our trustees can advise you on making a consumer proposal, making a settlement with your creditors, receiving counselling on credit and debt, refinancing your debts into a low interest loan or, if there is no other option to avoid bankruptcy, our trustees can assist you with going bankrupt. Our initial consultation is always free and there is no risk or obligation and the meeting is, of course, completely confidential. You can get your financial life back on track. The fees our trustee charges for a bankruptcy or proposal is regulated by the government so all trustees charge the same fee.
If you decide to go bankrupt or make a proposal the law allows you to keep certain property as listed here:
- Motorvehicle exemption = $5,000;
- Clothes for the debtor and their dependants up to $4,000;
- $4,000 of equity in Household furniture and appliances;
- Food for the debtor and his family for 12 months;
- The necessary Medical and dental aids of the debtor and his/her family;
- $10,000 of Personal property (i.e. tools, equipment, books) used by the debtor in his or her occupation to secure an income;
- $40,000 equity in a principal residence (including mobile home);
- If the debtor is a co-owner of the residence, the amount of the exemption is reduced to an amount that is proportionate to the debtor's ownership interest;
- Registered Retirement Savings Plans RRSPs, Registered Retirement Income Funds (RRIFs), Registered Disability Savings Plans (RDSP) and Deferred Profit Sharing Plans (DPSPs). NOTE: This went into force in Alberta on October 1, 2009.
- If the debtor makes his primary source of income as a farmer:
- 160 acres if the acreage is used as part of a farm and as the debtor's principal residence;
- Where the debtor's primary income is from farming operations, personal property required by the debtor for the proper and efficient conduct of the debtor's farming operations for the next 12 months.
Filing an Alberta bankruptcy or a proposal will stop all collection actions from your creditors by law. Such actions include:
- Making any collection call;
- Collections on your income tax;
- Garnishing your paycheck to repay creditors;
- Your property being seized by creditors.
This information was provided by a local trustee in bankruptcy. However, it is important to remember that this is general information only and for a complete evaluation of your financial situation you should contact one of our local trustees for a free and 100% confidential evaluation review meeting. Your trustee will patiently go over your debts, income and assets with you to explain all of your options. For example, the trustee may explain that you are judgement proof, meaning you are unable to afford to go bankrupt and you can get the same protections as a bankrupt without having to file bankruptcy, or that going bankrupt could effect your spouse. There are many important considerations when making a decision as serious as whether to go bankrupt or not.
Individuals that go insolvent in Alberta are generally hardworking, honest people who fell into debt at an early age or because of some major life event such as a serious injury or illness, getting divorced or the loss of a job.
Alberta's bankruptcy laws were designed to give a hardworking but unfortunate debtor a chance to obtain a discharge
from their debt while also treating creditors fairly.