In Edmonton & Northern Alberta
What Is Debt Settlement?
Debt Settlement may be used to describe one of several solutions designed to eliminate your unsecured debts through renegotiation or a legal process such as a consumer proposal or bankruptcy. There are a variety of informal settlement options including trying to negotiate directly with your creditors or having a debt counsellor propose a new repayment plan. As Licensed Insolvency Trustees we are the only professionals in Canada that are able to administer formal debt settlement solutions through the Bankruptcy and Insolvency Act. Filing for bankruptcy and filing a consumer proposal are the two formal options that are regulated by the federal government.
Find out what debt settlement options are available!
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Recent Posts About Debt Settlement
We continually publish new content based on questions and feedback from our clients and visitors.
Are There Ways To Negotiate With The Canada Revenue Agency About Paying Back The Taxes I Owe? You can try, and we wish you luck... ...but realistically it is very difficult or impossible to negotiate an INFORMAL payment plan with Canada Revenue Agency that would allow...
A Collector For The Bank Told Me... they were going to sue me I would be responsible for court costs the sherriff would show up at my door and seize all my furniture my pension would be garnished the police would arrest me etc... What Should I Do ? Have you had anyone...
A Collection Agent Has Been Calling Me Threatening To Seize My Furniture. Can They Do That? There are two general types of seizures when a debt is not paid; 1. Secured Debt Seizures A seizure by a secured creditor on the asset the creditor holds for security...
Frequently Asked Questions
Below are commonly asked questions about bankruptcy in Edmonton and in Alberta.
Who is Eligible to File for Bankruptcy in Edmonton/Alberta?
In Edmonton and Alberta, to be eligible to file for bankruptcy, you must:
- Owe at least $1,000; and
- Not be able to make your regular payments as they become due; or
- Not be able to pay all of your debts if all your non-exempt property was sold.
How Much Does it Cost to File for Bankruptcy in Edmonton/Alberta?
There is a cost to file a bankruptcy that is regulated by the Federal Government. The cost is dependent on the following factors: Income, Family Size, and Assets you own.
For more information on the cost, you are best to contact Goth & Company Inc. directly and we can explain how the cost is determined in much greater detail.
Does the Filing of Bankruptcy Clear Me From All of My Debts?
While filing for bankruptcy will clear you from most of your debts, are a few exceptions. These exceptions include:
- Secured creditors (eg. mortgage or car loan)
- Court fines and penalties (including traffic violations)
- Debts obtained by fraud or misrepresentation
- Civil lawsuits involving intentional bodily harm, sexual assault or wrongful death
- Student loans, if you have taken any classes in the 7 years prior to filing
Can My Creditors Continue to Harass me After I File for Bankruptcy?
No, upon the filing of a bankruptcy there is an automatic stay of proceedings. This is a legal procedure that revokes any of your unsecured creditors’ collection rights. If they call you, don’t panic. Just explain that a bankruptcy has been filed, and give them our name and phone number.