I have just lost my job and own 2 homes with mortgages. I can manage the mortgage payments on the house I live in. I cannot manage to keep making the second mortgage payment, which is currently paid to date. I have had the second house on the market for over a year, reduced the price twice, and still hasn\’t sold. The mortgage comes up for renewal in May 2012, and due to no income will certainly not be renewed. What will the bank do? How should we deal with this? Could they come after the home where I live, which is mortgaged by a different bank? HELP! My current credit rating is excellent.
Free Information About Bankruptcy in Ottawa Ontario
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Bankruptcy Ottawa provides free information about personal bankruptcy in Ottawa and bankruptcy alternatives available to residents of Ottawa and the surrounding areas of Ontario.
The sponsors of www.bankruptcy-ottawa.com, Surgeson Carson Associates Inc. - bankruptcy trustees in Ottawa, are licensed by the federal government of Canada to provide personal bankruptcy and consumer proposal information and services to residents in the Ottawa, Ontario area.
Recent Bankruptcy Questions:
Lost Job & Income – 2 mortgages
I have just lost my job and own 2 homes with mortgages. I can manage the mortgage payments on the house I live in. I cannot manage to keep making the second mortgage payment, which is currently paid to date. I have had the second house on the market for over a year, reduced the price twice, and still hasn\’t sold. The mortgage comes up for renewal in May 2012, and due to no income will certainly not be renewed. What will the bank do? How should we deal with this? Could they come after the home where I live, which is mortgaged by a different bank? HELP! My current credit rating is excellent.
Lost Job & Income – 2 mortgages
I have just lost my job and own 2 homes with mortgages. I can manage the mortgage payments on the house I live in. I cannot manage to keep making the second mortgage payment, which is currently paid to date. I have had the second house on the market for over a year, reduced the price twice, and still hasn\’t sold. The mortgage comes up for renewal in May 2012, and due to no income will certainly not be renewed. What will the bank do? How should we deal with this? Could they come after the home where I live, which is mortgaged by a different bank? HELP! My current credit rating is excellent.
PsEKntmVMybrzyz
That\’s a mold-breaker. Great thinnkig!
Common law Spouse Dies
Question: My Sisters Husband died and left no will, no insurance.She has nothing to her name and He owed $12,000 in back taxes to Revenue Canada. My sister lives in Ontario, does not work as she is physically incapable of performing a job and the only money she brings in is her Widows pension which Revenue Canada has taken upon themselves to take half of.
She got her taxes done today only to find out they are keeping her refund, half her monthly CPP and they want her to pay an additional $800.00 by May 2nd on top of that.
Is this even legal? Can they leave her with nothing to live on?
I think they leave her no alternative but to declare bankruptcy in Ontario.
Answer: Whether or not it is legal is beyond the scope of this website; for that answer you would need to consult a lawyer. However, to answer your underlying question, yes, CRA does have the ability to garnish CPP if taxes are owing. Your sister has two options.
First, she could call CRA and attempt to work out a payment arrangement with them, so that perhaps they will agree to take less of her pension each month. It should be noted that if her late husband owed taxes, CRA should not be garnisheeing her pension; they can only garnishee her for taxes she owes, so that would be an issue to clarify with CRA.
Second, if she cannot work out a deal with CRA, she could consider filing bankruptcy in Ottawa. Bankruptcy does discharge tax debts, so it may be an option. She should consult with an Ottawa bankruptcy trustee for further information.
Bankruptcy Information
My ex common law spouse has 2 loans for a van and fifth wheel trailer which I co-signed on. He is filing personal bankruptcy in the new year. I am getting a pension which I am paying my living expenses with. If he doesn\’t pay for these debts, can the bank go into my bank account and take money from my pension? If they do, I won\’t be able to pay my rent, food, hydro, etc. Please let me know regarding this matter.
Can creditors take assets from someone’s spouse when they go bankrupt?
Question: Someone in the family is considering filing personal bankruptcy. This family member is married and the house/property and car are in his wife’s name. After he files bankruptcy can the creditors still come and take things from the house even though it is signed under the wife’s name?
Also, what if this husband declares non-residence before or after filing personal bankruptcy? What will happen to his assets if they are in the house that is signed under the wife’s name, can they creditors still touch them?
Answer: Only the bankrupt’s assets are involved in the bankrupt’s bankruptcy. A spouse’s assets can’t be seized for the other spouse’s debts. The only exceptions would be if the non-bankrupt spouse has co-signed for the bankrupt spouse, or if the bankrupt had transferred assets to his spouse prior to filing bankruptcy. Your trustee can explain in more detail.
CRA Personal Tax Due
If someone were to receive a certificate of registration from the Canada Revenue Agency informing that they have registered a certificate in the federal court for the amount due. Would filing for bankruptcy protect the individual from this debt? Could assets be seized that are paid for by the spouse in debt, but that are in the name of the other spouse who does not hold the debt? Thank you.
Being on Social Assistance
I have been unemployed for the last 3 years due to illness. Within the last year or soI was not able to make full payment on my credit line (only partial) also not making the minimum on my visa. I have exhausted any savings and RRSP to live on while being unemployed. In the last year I was able to received assistance and I am working part time 2-3shifts/week due to my health. Working minimum wage and not the wage I was making in the medical field. Do I claim personal bankruptcy? and if so, how do I make payments to creditors and trustee on the limited amount that I am making?
Bankruptcy in Ottawa Canada for a second time
Question: If you have filed bankruptcy in Canada in the past,can you do it again? and how long is the wait period before you can do it?
Answer: You can file bankruptcy in Ottawa for a second time provided you are discharged from your first bankruptcy. There is no waiting period.
However, a second bankruptcy is more costly and lasts longer than the first bankruptcy, so you should consult an Ottawa bankruptcy trustee to arrange a free initial consultation before making your decision.
