Alberta Bankruptcy Information;
Alberta Bankruptcy Trustees.
When you locate a trustee in your area you can request a confidential evaluation by phone or set up a FREE confidential consultation at the trustee's office.
We have Alberta Bankruptcy Trustees serving the following areas:
Medicine Hat, Okotoks, Olds, Peace River,
Red Deer, Sherwood Park, Stettler, Taber and Wetaskiwin,
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Our Alberta Bankruptcy Trustees Can Help!
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Our website's purpose is to provide Alberta bankruptcy information and other options that will help people in Calgary and Edmonton and other areas of Alberta get a fresh financial start, and to provide resources to assist in building a secure financial future!
We are available to assist you in identifying your options and forming a plan to get you a fresh financial start. In many cases there are options other than bankruptcy, including proposals, credit counselling, third party settlements with creditors, and refinancing.
Our people are knowledgeable, helpful and friendly. We'll start by scheduling a meeting with you to discuss the solutions best suited to your situation. This meeting is free, and it's confidential. We'll help you make the right decision so you can regain control of your life. The cost of a Alberta bankruptcy is set by the Government. Our Trustees have payment terms available.
If a Alberta bankruptcy or a Alberta proposal is your best option for getting a fresh financial start you are allowed to keep the following assets:
- Food required by the debtor and his/her dependants during the next 12 months;
- Necessary clothing of the debtor and his/her dependants up to a value of $4,000;
- Household furniture and appliances up to a value of $4,000;
- One motor vehicle not exceeding a value of $5,000.00;
- Medical and dental aids required by the debtor and his/her dependants;
- Where the debtor is a bona fide farmer and whose principal source of livelihood is farming:
- 160 acres if the debtor's principal residence is located on that 160 acres and that the 160 acres is part of the debtor's farm;
- The equity in the debtor's principal residence, including a mobile home, up to a value of $40,000.00;
- 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;
- Personal property (i.e. tools, equipment, books) required by the debtor to earn income from the debtor's occupation up to a value of $10,000;
- 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.
- 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.
Filing an Alberta bankruptcy or an Alberta proposal will stop actions by creditors such as:
- Collection Calls;
- CRA, income tax collections;
- Garnishee of your pay;
- Creditors seizing your assets.
Please note that this is general information and does not replace the specific details that need to be discussed in a meeting with one of our Alberta bankruptcy trustees. Some other issues may include being judgement proof, co-signers, the effect on your spouse, separation between spouses, surplus income guidelines, stay of proceedings and how it works in your situation, and income tax consequences.
Most of the people who file an Alberta bankruptcy or an Alberta proposal are good, honest, hard-working people who file as a last resort after months or years struggling to pay the bills left over from some catastrophic event or set of circumstances. It can be because of a divorce, the loss of a job, a failed business venture, a serious illness, or some family emergency, or because the person honestly and mistakenly fell into debt at a young age before they knew better, and before they knew anything about budgeting or how to manage money.
Alberta's bankruptcy laws are designed to permit an honest but unfortunate debtor to obtain a discharge from his or her debts while treating creditors equally and fairly.
In 2012 more than 125,000 individuals in Canada filed for personal bankruptcy or filed a bankruptcy proposal.