A trustee will calculate the equity and if it is less than the provincial exemption, a debtor would keep it in a bankruptcy. Most of the time there is no equity in a leased vehicle.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
What happens if I want to get my bankruptcy annulled?
Your bankruptcy can be annulled at any time during the bankruptcy period as long as your debts are paid in full.
The Trustee convenes the creditors or the creditors representatives for a meeting to vote on your offer of composition. You will be asked to attend the meeting and speak to your creditors because they may have financial questions for you. If at least 75% in value and 50% in number of all creditors represented in the meeting accept your offer, a resolution is passed to annul your bankruptcy. If the offer is rejected, the monies are refunded.
Bankruptcy can also be annulled by filing a proposal. Creditors either attend a meeting convened by the Trustee, appoint another person to attend on their behalf as their proxy vote on whether to accept or reject the offer of composition or send an Assent/Dissent form indicating whether they vote for or against the proposal. The bankrupt receives an annulment upon the resolution being passed and acceptance of the proposal.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
When Nick opened his first business he did not realize that he could get a small business loan from the bank. Instead he applied for and received a personal loan, and used his personal credit cards, to fund the start-up. Unfortunately, the business was not successful, and now he owes $70,000, all in his name. Collection letters became daily phone calls, and the threats were getting worse, and no offer of monthly payments would satisfy them. Nick’s wife is afraid that if he files for bankruptcy, they will lose their home, which is finally showing some equity, and that they will not be able to leave the country to visit her family overseas. Nick saw no other alternative..
After many sleepless nights Nick and his wife came to see us. We explained that their house was not in jeopardy, and that out-of-country travel is not restricted by bankruptcy. Fortunately, Nick and his wife were frugal, and their combined income was enough that bankruptcy could be avoided. We helped Nick propose a settlement to his creditors to repay less than half of what he owed, interest-free, over five years. Nick was surprised that there was an alternative to bankruptcy that allowed him to satisfy his creditors. He completed his payments two years early and is now debt-free.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
The Trustee takes any equity you might have in your family home when you go bankrupt. This means that your house may be sold and the proceeds given to your creditors. If you are a joint-owner, the Trustee may sell your interest to a non-bankrupt joint-owner. If there is equity in the house most people consider filling a proposal for an amount higher then the equity in the house that they would lose in the bankruptcy. Even in ther bankruptcy you can still pay the Trustee in bankruptcy your equity in the house and keep the house.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
What happens to my house when I go bankrupt?