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AB Bankruptcy Information;
Alberta Licensed Insolvency Trustees.
We have Alberta Licensed Insolvency Trustees serving the following areas:
Airdrie, Brooks, Calgary, Camrose, Cold Lake, Drumheller, Edmonton, Fort McMurray, Grande Prairie, High River, Hinton, Leduc, Lethbridge , Medicine Hat, Okotoks, Olds, Peace River, Red Deer, Sherwood Park, Stettler, St. Albert, St. Paul , Taber, Wetaskiwin, Whitecourt.
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
How Bankruptcy Works.
Struggling with bills and unpaid debt can be one of the hardest challenges a person can face. Fortunately, the insolvency laws, set by the Federal Government, give those unfortunate debtors who are hopelessly stuck in a cycle of debt a chance to start fresh with their past debts wiped out!
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.
Filing an Alberta bankruptcy or a consumer proposal will stop all collection actions by your unsecured creditors:
- Collection calls stop;
- Interest stops accruing;
- Collections by CRA are stopped;
- Wage garnishees in place or contemplated are stopped;
- Unsecured creditors are stopped from all collection actions.
Cost of a bankruptcy.
In the vast majority of cases the cost of a bankruptcy is $1,800.00, which can be paid over nine months at the rate of $200.00 a month.
The fees our trustees charge for a bankruptcy or consumer proposal are regulated by the government so all trustees charge the same fee. You can view this page to find out how the bankruptcy payments are set by the office of the Superintendent of Bankruptcy and how long the bankruptcy will last.
If you decide to go bankrupt or make a consumer proposal the law allows you to keep certain property as listed here:
- Motor vehicle 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.
This information is provided by a local trustee in bankruptcy. However, this is general information only. For a complete evaluation of your financial situation Please 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.
Individuals that file for bankruptcy or a consumer proposal 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.