Alberta Bankruptcy
sponsored by
Alberta Bankruptcy Trustees
Alger & Associates Inc.
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Call the Alberta bankruptcy professionals at Alger & Associates Inc. TOLL FREE from anywhere in Alberta at 310-8888.
We're here until 8 PM weekdays and 9 AM to 3 PM on Saturday to take your call. FREE initial consultation.
FREE initial consultation to discuss bankruptcy, financial proposals, and other options.
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We'll discuss personal bankruptcy and other options that may be available to you. After hour appointments at our Alberta bankruptcy offices are available. Our conversation with you will be private and confidential.
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Please begin your Alberta bankruptcy application by applying online. Fill out our secure online Alberta Personal Bankruptcy Form. The information you give us will help us to assess your financial situation and determine your best course of action.
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We are an Alberta Bankruptcy Trustee with over 25 years experience.
Personal bankruptcy in Alberta is a complex legal process. If you live in Alberta and are considering bankruptcy we suggest you contact an Alberta Bankruptcy Trustee to fully review your situation. Licensed by the federal government, these Bankruptcy Trustees offer free initial consultations to answer any of your questions regarding bankruptcy or other financial options that may be available to you.
Our qualified Alberta bankruptcy trustees are familiar with all aspects of Canadian bankruptcy law. Call us or come into any one of our 8 Alberta bankruptcy locations for a free consultation about personal bankruptcy and bankruptcy proposals for Alberta residents. Our Alberta bankruptcy trustees will help solve your money problems and address any debts or other concerns that might lead to personal bankruptcy. We'll discuss all your options, not just bankruptcy.
This site provides free information about personal bankruptcy in Alberta, including answers to common personal bankruptcy questions.
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Bankruptcy News
January 21, 2010
The number of individuals and businesses claiming bankruptcy appears to be levelling off in Alberta, the latest national insolvency data indicates.
Read the article ...
November 21, 2009
The number of consumer bankruptcies in Alberta jumped again in September, as household finances bore the brunt of the economic downturn.
There were 1,163 bankruptcy filings in September, up nearly one-third from the previous month, according to figures released Friday by the Office of the Superintendent of Bankruptcy Canada. Read the article ...
November 20, 2009
The number of bankruptcies across the country was 43 per cent higher in September than at the same point a year ago, government data shows.
The latest figures provided by the Office of the Superintendent of Bankruptcy Canada show the increase is disproportionately slanted towards consumer bankruptcies over business insolvencies. The September figure for the former was up by 45.5 per cent in the last year; the latter by only 1.6 per cent. Read the article ...
September 25, 2009
Bankruptcy-laws changes kick in
Filing for personal bankruptcy is going to cost some Canadians a lot more - and take much longer - at a time when consumers are going broke in increasing numbers and unemployment is expected to keep rising.
Read the article ...
September 15, 2009
Living on the financial edge
Government bean counters and financial experts have boasted about a rebounding economy in recent weeks, but Canadians continue to struggle as bankruptcy rates increase and unemployment numbers inch higher.
Read the article ...
September 11, 2009
Alberta's bankruptcy filings slowing, report says
After peaking at a nearly two-decade high in June, the number of consumer bankruptcies fell about 15 per cent to 872 in July, the Federal Office of the Superintendent of Bankruptcy said.
Read the article
August 11, 2009
Alberta's personal bankruptcy numbers rise again, double '08 figures
CALGARY - The number of Albertans filing for personal bankruptcy rose again in June and is more than double year-ago levels.
Read the article ...
August 6, 2009
'Darkest hour' passed: Economists
Construction surge counters an increase in new bankruptcies
The number of Canadians tossed into bankruptcy by the economic downturn rose sharply in May, yet a strong rebound in construction and higher levels of business spending suggest that the "darkest hour" of the recession has passed, economists say.
Read the article ...
July 19, 2009
Couples meet up after adoption agency declares bankruptcy
Groups of prospective parents trying to adopt overseas children through an Ontario adoption agency that declared bankruptcy last week met Sunday to figure out what to do.
Read the article ...
July 10, 2009
Bankruptcies rocking province
A new report released by the Office of the Superintendent of Bankruptcies has ranked Alberta No. 1 in personal bankruptcies — a trent some analysts warn that Fort McMurray is not isolated from.
Zaki Alam, senior insolvency president with Meyers Norris Penny in Edmonton, said that while the number of bankruptcies in the last twelve-month period has remained relatively static, the recent past is less encouraging.
Read the article ...
July 7, 2009
Personal bankruptcies soar in Alberta
EDMONTON — Albertans continue to file for personal bankruptcy at an alarming rate as the recession affects their ability to pay their bills.
Read the article ...
June 4, 2009
Alberta's bankruptcy filings easing, report shows
The level of bankruptcy filings in Alberta is rising compared with a year ago but data released today also show it is falling on a monthly basis, according to the Office of the Superintendent of Bankruptcy Canada.
Read the article ...
May 13, 2009
Business bankruptcies fall in Canada
Business failures have declined in Canada, defying the pattern of past recessions, as companies spooked early by the U.S. slump moved quickly to cut their costs.
Read the article ...
May 13, 2009
Consumer bankruptcies soar by 57%
Consumer bankruptcies soared in March as the economic downturn eliminated the financial options available to thousands of Canadians.
Read the article ...
May 12, 2009
Personal bankruptcies soar in Canada in Q1
Personal bankruptcy filings in Canada rose by more than one-third in the first quarter of this year, showing the pressure the recession is putting on individuals.
Read the article ...
Common Questions and Answers about Alberta Bankruptcy
Who can file bankruptcy or make a proposal in Alberta?
Will bankruptcy get rid of all debts?
What is the bankruptcy fee in Alberta?
Do I have to pay the bankruptcy fee up front?
Can my creditors continue to harass me after I file bankruptcy?
Will I be able to keep my vehicle?
If I file bankruptcy in Alberta, can I still pay my family and friends?
Will you tell my employer that I filed bankruptcy?
Do I still handle my own money?
What happens to my credit cards?
Will I be able to get credit in the future?
Do I have to be living in Alberta, or in Canada, to file bankruptcy?
What if I win a lottery or receive an inheritance while in bankruptcy?
Can I file bankruptcy more than once?
What happens to my R.R.S.P. and/or pension plan if I declare bankruptcy?
Will I lose everything if I file bankruptcy in Alberta?
Are there different types of proposals?
Who can make a consumer proposal in Alberta?
What is the cost of filing a consumer proposal in Alberta?
How is my consumer proposal accepted by the creditors?
What happens if my proposal is not accepted?
What if I owe more than $75,000?
Do I require a lawyer if I go bankrupt or make a proposal?
What about my secured creditors if I go bankrupt in Alberta?
Who can file bankruptcy or make a proposal in Alberta?
You can file bankruptcy or make a proposal if:
you are not presently in bankruptcy and;
you owe at least $1,000 and;
you are not able to meet your regular payments as they become due; or
you would not be able to pay all of your debts if all of the assets you are not allowed to keep are sold.
Your company, partnership, or business may also file bankruptcy or make a proposal if it meets the above requirements.
You should be aware that any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. This is called a petition in bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if the petition is allowed, issues a receiving order which places you in bankruptcy with a trustee selected by the petitioning creditor.
Will bankruptcy get rid of all debts?
Most debts, but not:
secured debts (eg. mortgage or car loan);
child support, maintenance, alimony
Court fines, penalties and traffic offences
debts obtained by fraud or fraudulent misrepresentation
student loans, for bankruptcy filings after July 7 2008, if less than seven years since leaving university or college
civil claims arising from personal or sexual assualt
What is the bankruptcy fee in Alberta?
The bankruptcy fee in Alberta is dependant on your particular circumstances. It will be explained to you by a trustee once your situation has been reviewed. All fees are set by the government and are the same for all trustees across Canada.
Do I have to pay the bankruptcy fee up front?
No, there are a number of ways to pay the fee, such as monthly payments or by having a third party pay the fee for you.
Can my creditors continue to harass me after I file bankruptcy?
No, they may call you, but you should direct their questions to us.
Will I be able to keep my vehicle?
Alberta Provincial law allows a person filing bankruptcy to keep the equity in a motor vehicle not exceeding $5,000.
Can my wages be garnished or my assets seized after I file bankruptcy in Alberta?
Normally, all legal proceedings against you stop at the date of bankruptcy.
If I file bankruptcy in Alberta, can I still pay my family and friends?
No, while you are in bankruptcy you are only responsible for paying your ongoing living expenses. All payments to any of your unsecured creditors stop.
Will you tell my employer that I filed bankruptcy?
No, that is your business.
Do I still handle my own money?
Yes, you continue to receive your income and you can have a bank account if you wish.
What happens to my credit cards?
Your credit cards must be given to the Trustee, except in certain, extremely rare cases.
Will I be able to get credit in the future?
That will depend on your earning and repayment ability and will be between the lender and you.
Do I have to be living in Alberta, or in Canada, to file bankruptcy?
No, as long as you lived or carried on business in Canada in the last 12 months you may file bankruptcy.
What if I win a lottery or receive an inheritance while in bankruptcy?
Any "windfall" must be given to the Trustee to distribute to your creditors. If there is any money left over, it will be returned to you.
Can I file bankruptcy more than once?
Yes, but it may be harder to get out of bankruptcy after the first time.
What happens to my R.R.S.P. and/or pension plan if I declare bankruptcy?
Depending on the type of plan you have, it may be protected from seizure by Provincial law. If not, it must be paid over to the Trustee to distribute to your creditors.
Will I lose everything if I file bankruptcy in Alberta?
In Alberta, what you are entitled to keep is determined by the Civil Enforcement Act. In summary, you are generally able to keep the following property:
Food required by you and your dependents during the next 12 months.
Necessary clothing up to a value of $4,000
Household furnishings and appliances to a value of
$4, 000
One motor vehicle not exceeding a value of $5, 000
Medical and dental aids required by you and your dependents.
Where you are a bona fide farmer and your principal source of livelihood is farming:
160 acres if your principal residence is located on that 160 acres and the 160 acres is part of your farm.
The equity in your principal residence, including a mobile home, up to a value of $40,000. If you are a co-owner of the residence, the amount of the exemption is reduced to an amount that is proportionate to your ownership interest.
Personal property (i.e., tools, equipment, books) that you require to earn income from your occupation up to a value of $10,000.
Where your primary income is from farming operations, personal property that you require for the proper and efficient conduct of your farming operations for the next 12 months.
Federal Legislation also allows you to keep:
cash surrender value of life insurance policies (including some R.R.S.P.'s) where the beneficiary named is the spouse, child, parent or grandchild.
generally, pension plans.
Are there different types of proposals?
Yes, there are two types: consumer proposals and proposals under Division 1 of the Bankruptcy and Insolvency Act.
Who can make a consumer proposal in Alberta?
An insolvent person whose debts are less than $75,000, not including their home mortgage.
What is the cost of filing a consumer proposal?
The fees are set by the government and are the same across Canada.
How is my consumer proposal accepted by the creditors?
Your creditors have 45 days in which to respond to your proposal. If no creditors respond or your creditors vote yes, your proposal is approved pending Court approval. However, if more than 25% of your creditors vote no a meeting must be held in which your creditors vote whether or not to accept your proposal.
What happens if my proposal is not accepted?
You will no longer be protected by the Bankruptcy and Insolvency Act and your creditors will be able to take legal steps to recover their debts from you. The option of filing an Assignment in Bankruptcy is still available.
What if I owe more than $75,000?
You may file a proposal under Division 1. If this proposal is rejected by your creditors, automatic bankruptcy results. The fees are based on the Trustee's time charges as opposed to a fee set by the Government.
Are my spouse's assets or debts included in my bankruptcy or proposal?
No. Only assets owned by you are included. If assets are jointly owned, then your portion may have to be sold. If most of your assets and debts are joint with your spouse, then it may be appropriate for a joint bankruptcy or consumer proposal to be made.
Do I need a lawyer if I go bankrupt or make a proposal?
Generally, you do not require a lawyer to go bankrupt. If you feel the need for legal advice and cannot afford a lawyer, legal aid may be available.
What about my secured creditors if I go bankrupt in Alberta?
In most cases, bankruptcies and consumer proposals do not affect the rights of secured creditors. If a creditor has a valid security against your property (i.e., car or house), and if you can afford monthly payments, financial arrangements may be made with the secured creditor to keep the property and continue paying for it.
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