Home Archive by category 'Bankruptcy Q&A' (Page 2)

Category Archives: Bankruptcy Q&A

Real life debt questions answered by our experts. Our network of local Bankruptcy Trustees answer questions submitted by our readers about bankruptcy and bankruptcy related issues.

Collection Agency Threatens To Sue For Unsecured Credit Card Debt

03 Jun 2013

Question: My husband and I have gotten into trouble with credit. We have 4 unsecured credit cards (including department store credit cards) and they have been sent to collection. The problem is that some of them are threatening to sue. We pay a mortgage and have 2 car loans, all…

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Should I Consolidate My Student Loan and Credit Card Debt?

06 May 2013

Question: I have a pretty hefty student loan of $55,000, which I’ve recently started paying. I also owe about $12,000 in credit card debt. I’m wondering if I should apply for a consolidated debt loan of $67,000. My monthly payments would be roughly $700, half of which are monthly interest…

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My Consolidation Loan Is Not Working

18 Apr 2013

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: About 3-4 years ago I had applied for a consolidation loan. However since then I have gotten myself in over my head so to speak. I have over $10,000 in credit…

Collection Calls From A Debt Included In Bankruptcy

21 Mar 2013

Question: Hello. I have been receiving robo-calls from a bill collector off and on for about a year on a debt that was reported in a personal Ontario bankruptcy in November, 2008. I never bothered to reply as I assumed it was a blind attempt at collecting on a debt…

Bankruptcy and Common-Law Partner

20 Feb 2013

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: I understand that filing bankruptcy will not affect my common-law partner because no debts are in her name, however, will my payments for bankruptcy be increased because I am living with…

Should I do Debt Settlement on my own?

21 Nov 2012

Question: A collection agency sent me a letter advising the amount of total debt owing to a bank. Along with this letter the agency stated on the fax cover sheet they would settle for less than the full amount owing but I needed to submit a hardship letter, proof of…

Claiming Bankruptcy while in a Consumer Proposal

08 Nov 2012

Question: My husband and I are currently in a Consumer Proposal and have not missed a payment. I am able to pay the proposal on my own without anything from him. The problem we have now is he has had to shut down his company and may have to claim…

When are Student Loans Discharged in a Bankruptcy in Canada?

22 Oct 2012

Question: I went bankrupt in 2009 and listed my student loan as a debt. I got the loans back in 1998. Are my student loans eliminated in a bankruptcy? or am I still liable? Please help as I am trying to rebuild my credit. Thanks J Answer: A student loan…

Credit Card After Discharge from Bankruptcy in Canada

24 Sep 2012

Question: I filed bankruptcy in Canada and was discharged from debt after bankruptcy in 2008. How do I go about getting a credit card? How long do I need to wait before applying for a credit card after bankruptcy? Answer: There are a number of steps to take to repair your…

When a Debt Consolidation Loan is better than Filing Bankruptcy in Canada

03 Sep 2012

Question: How can I decide if it’s better to get a debt consolidation loan, or just consider filing for bankruptcy? Answer: If you qualify for a debt consolidation loan, and can afford to make the payments, a debt consolidation loan is better than bankruptcy. If you can’t, then bankruptcy may be necessary….