Answer: If a creditor holds a mortgage or has the right of ownership over an property or asset until such times as the debt is repaid in full, then the debt is considered secured. For example a bank mortgage as in a home loan over a property or family home. […]
Answer: You will need to complete a Debtors Petition and a Statement of Affairs form in which you will need to declare all your creditors, their details (including name, address and monies outstanding). You will also have to declare all your asests and any monies owed to you. The return is […]
Answer: Yes you can, there are however limitations on how much income you can generate prior to having to declare with your Trustee. In some instances income earned over a certain amount can be redirected to the Creditors if they have not been satisfied in full.
Answer: The usual period of bankruptcy is 3 years and one day, this is also known as the undischarged bankruptcy period in which there are certain restrictions placed on a person as outined in the Bankruptcy Act being applied, however, if you have not adhered to the terms of the bankruptcy, it can […]
Answer: Yes!, if you owe someone (known as a Creditor) more than $5,000, the Creditor can apply to the courts to have you declared bankrupt. If they are successful in proving the debt, you will be served with a Bankruptcy notice in which you will have 21 days to repay […]