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We’re understanding, respectful... and here to help.     Contact Us Alternatives to Bankruptcy in Alberta Credit Repair Debt Consolidation Consumer Proposals Debt Management Dealing with CCRA All About Bankruptcy Danger Signals - What Are They? Possible Solutions Filing Bankruptcy or Making a Proposal in Alberta How to file Bankruptcy in Alberta Debts Not Discharged What is bankruptcy? What is a Proposal? FAQ about Bankruptcy FAQ about Proposals Exempt Assets - Will I Lose Everything? My Spouse/Partner - How are They Affected? Student Loans (Canada) Credit Ratings Rebuilding Credit Opening a Bank Account Secured Creditors Income Tax Debt Farmers in Financial Difficulty Excerpts from the Bankruptcy and Insolvency Act Alberta Bankruptcy Laws Who else can help? Bankruptcy by Province BC Alberta Saskatchewan Manitoba Ontario Quebec Newfoundland & Labrador Nova Scotia New Brunswick PEI Northwest Territories Yukon Nunavut       Bankruptcy Alberta This Bankruptcy Alberta site is sponsored by Grant Thornton Alger Inc. - Alberta Bankruptcy Trustee - 10 Alberta locations. We’re the same Alger & Associates team that you’ve come to know over the years, just with a different name — Grant Thornton Alger Inc. Respectful and understanding of your situation, our insolvency professionals are available to assist you through this difficult time. Call the Alberta bankruptcy professionals at Grant Thornton Alger Inc. TOLL FREE from anywhere in Alberta at 310-8888. We're here 7 AM to 9 PM weekdays and 9 AM to 6 PM on Saturday and Sunday to take your call. FREE initial consultation. FREE initial consultation to discuss bankruptcy, consumer proposals to creditors, debt consolidation, and other options. 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.   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. We are an Alberta Bankruptcy Trustee with over 25 years experience.     Meet our Bankruptcy Alberta Trustees 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 10 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. You may be able to avoid bankruptcy by filing a Consumer Proposal in Alberta. This site provides free information about personal bankruptcy in Alberta, including answers to common personal bankruptcy questions. Alberta Bankrtuptcy Trustees Airdrie Bankruptcy Athabasca Bankruptcy Banff Bankruptcy Bonnyville Bankruptcy Brooks Bankruptcy Calgary Bankruptcy Canmore Bankruptcy Chestermere Bankruptcy Cochrane Bankruptcy Cold Lake Bankruptcy Drumheller Bankruptcy Edmonton Bankruptcy Fort Macleod Bankruptcy High Level Bankruptcy Hinton Bankruptcy Fort McMurray Bankruptcy Fort Saskatchewan Bankruptcy Grande Prairie Bankruptcy High River Bankruptcy Leduc Bankruptcy Lethbridge Bankruptcy Lloydminster Bankruptcy Medicine Hat Bankruptcy Okotoks Bankruptcy Olds Bankruptcy Peace River Bankruptcy Rocky Mountain House Bankruptcy Sherwood Park Bankruptcy St. Albert Bankruptcy Vermillion Bankruptcy Whitecourt Bankruptcy   Bankruptcy Alberta News April 12, 2012 Canadians continued to heap on debt in first quarter "Canadians are continuing to heap on non-mortgage debt, despite warnings about the perils of cheap borrowing from top officials, according to a consumer credit study released Thursday." Read more ... March 20, 2012 Canada's economy poised for another year of solid growth in 2012: RBC Economics "At this point, the low interest rate environment is keeping the cost of servicing debt manageable. We haven't seen any significant increase in consumer bankruptcies or a surge in mortgage delinquencies," explained Wright. Read more ... Feb. 25, 2012 How to protect your retirement funds from creditor claims Canadians who own registered retirement savings plans recognize the critical importance of building and maintaining value within their RRSPs. But comparatively few think about the need to protect their RRSP against potential creditors, or understand the degree to which they are covered could depend on the jurisdiction in which they reside. Read more ... February 23, 2012 The Bank of Canada is warning the financial security of many Canadians is built on a house of cards. The Bank of Canada also notes that increasing debt levels have made Canadians more vulnerable to bankruptcies and insolvencies. Since 2000, about 100,000 Canadians a year have filed for insolvency or bankruptcy, triple the number in the 1980s. Read more ... October 12, 2010 Slightly more Canadians filed for personal bankruptcy or consumer proposal in August than in July, but there were dramatically fewer insolvencies compared with the same month last year. The Office of the Superintendent of Bankruptcy says the total number of bankruptcies and the consumer proposal form of creditor protection in Canada rose 1.9 per cent in August from July. Read more ... September 21, 2010 Bankruptcies - The total number of insolvencies (bankruptcies and proposals) in Alberta decreased more than 20 per cent in July compared with a year ago, and by nearly 18 per cent from the previous month, according to the Office of the Superintendent of Bankruptcy Canada. Read more ... March 3, 2010 Personal bankruptcies reach record high in 2009 Personal bankruptcies and proposals hit a record high in Canada in 2009 as incomes fell and debt rose, government figures showed, creating a “ticking time bomb” for the economy. Read the article ... March 3, 2010 A sharp increase in bankruptcy filings across the country, especially in Alberta last year, has raised concern about the debt level of Canadians. Read the article ... January 21, 2010 Alberta leads country in bankruptcies The number of individuals and businesses claiming bankruptcy appears to be levelling off in Alberta, the latest national insolvency data indicates. Read the article ... Common Questions and Answers about Alberta Bankruptcy Who can file bankruptcy or make a proposal in Alberta? Will bankruptcy in Alberta 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 in Alberta? 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 in Alberta 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 in Alberta? 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.   Bankruptcy Lawyers Bankruptcy lawyers can play a role in many areas of your bankruptcy. A good bankruptcy lawyer can help you work through the details, the alternatives to bankruptcy and help you understand how your choices will affect you.   Request a Callback Our Alberta Bankruptcy Trustees can call you at your convenience to discuss your situation. Click here to get a confidential callback from one of our Alberta Bankruptcy Trustees!   How to File Bankruptcy in Alberta Briefly, the steps are: Choose an Alberta Bankruptcy Trustee such as Grant Thornton Alger Inc. - Alberta Bankruptcy Trustee The Alberta Bankruptcy Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses, and other pertinent information After you file bankruptcy in Alberta, most creditors are no longer able to pursue you for collection of their accounts. You may be requested to attend a bankruptcy interview in Alberta with the Official Receiver who is a government official. You will be required to attend two financial counselling sessions in Alberta. If you have any assets which you will not be allowed to keep (see http://www.albertabankruptcy.org/assets-you-can-keep-bankruptcy-alberta.htm">Will I Lose Everything?), you will be expected to help the Trustee sell them. You will report your income and expenses on a monthly basis to your Alberta Bankruptcy Trustee. You may also be required to pay some money to the Alberta Bankruptcy Trustee each month depending upon how much you earn, the size of your family and your circumstances. You will be automatically discharged from bankruptcy in Alberta in 9 months if this is your first bankruptcy and there are no objections. You will have no further obligations for the debts covered in your bankruptcy. 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. If you are in Alberta and considering bankruptcy, we will be pleased to arrange a FREE consultation to talk about how you can start picking up the pieces.   Alberta Bankruptcy Questions Online Post a question to our Alberta Bankruptcy Q&A Forum and a Bankruptcy Trustee from your area will provide an answer on this web site. You may click here to ask a question in the Alberta Bankruptcy Question & Answer Forum Sample Questions & Answers from our Bankruptcy Alberta Forum Bankruptcy and Divorce I am currently going through a divorce. My ex is responsible for paying the debt on our holiday trailer(-26000.00)our quad(-12000.00) and our home ( -150000.00). The home is for sale, but no takers. My name is still on all of these loans.He has not been working and has not been making the payments for the last 5 months. I was just laid off of my job as well and have no hope of taking over the pyts. Would it be advisable to look into bankruptcy. And if so what are the steps to do so? Answer from our Bankruptcy Alberta Trustee ... Proposal or Bankruptcy? i owe about 33.000 in credit card debt. my income is cpp- oap- guaranteed income supplement and alberta supplement. I am 67 years old no assetts a 1995 van paid for my name is on a home morgage with a relative, and it is a secured morgage we each pay half the morgage payments my share is 300.00.I have a copy from a trustees site that says if you are retired it is impossible for a creditor to garnishee a pension. I would like to do a proposal or should I go bankrupt? my payments are still up to date but very difficult for me thanksfor any advise. Answer from our Bankruptcy Alberta Trustee ... Credit Card Debt and Bankruptcy I currently have 20K in debt from 2 creditors (Mastercard & CIBC Line of Credit) which were incurred during my former marriage. My ex-spouse who is the primary borrower on the Line of Credit (I am the cosigner) has refused to pay anything towards this outstanding debt. I have continued to pay for the last 3 yrs without getting ahead on the balances. I am considering going bankrupt as I do not forsee myself being able to pay off these balances as I will be on maternity leave next year & my salary will be reduced by more than 50%. Am I candidate for bankruptcy & will the creditors seek to go after my former spouse to recoup any monies? What are the steps I need to take to initiate a bankruptcy? Answer from our Bankruptcy Alberta Trustee ... Bankruptcy and GST I live in Alberta and i used to own a limited corporation, it was sold 2 months ago. I know for a fact that i am personally responsible for the corporate GST owing for the company up to the time i sold the company. If i file for personal bankruptcy, will the corporate GST that i owe be included in the bankruptcy? Thank You. Read the answer ... How Long Does It Take to Declare Bankruptcy? Hi! Quick question... once I come into your office, how long until it is in effect ... ie: how long until I am officially declared bankrupt from the time of the bankruptcy application? Thanks very much. Answer from our Bankruptcy Alberta Trustee .../a> Foreclosure and Bankruptcy I am in a foreclosure. I have gone to the court hearing. I am required to get a appraisal as theres came in $40000 below market. What are my rights and what should I do? If I let it go I will lose some equity but due to the soft market it has been 90 days and have not sold it yet. We are trying to get things squared. This is all due to no employment. Answer from our Bankruptcy Alberta Trustee ... Truck Payments and Bankruptcy I financed a truck two years ago...I just can't keep up the payments now that I am a single mother once again. I tried to negotiate lower payments/interest to no avail back in November. I couldn't make this month's payment and now they are threatening to garnish my wages. Would bankruptcy be my best solution? Answer from our Bankruptcy Alberta Trustee ... Determining Value of My Assets I am thinking of filing for bankruptcy in Alberta. Who ascertains the value of my house? The trustee? A realtor? Is equity defined as the value of the house minus the mortgage remaining on the house AND realtors' fees associated with selling the house? If the trustee sells the house is it likely to sell for less than if one were to sell it on their own? I mean, is it sold for a "fire sale" price? I suspect I may have about $50,000 equity in my house. What happens in my case -- does the trustee sell the house and turn all the money over to the creditors? Many thanks for your info.Answer from our Bankruptcy Alberta Trustee ... I am looking into the process of filing for bankruptcy and need to know if my first payment would be due on application or the following month. Thank you for your time. Answer from our Bankruptcy Alberta Trustee .... Impact of Selling Home Hello, thanks for your help. I am wondering if I file bankruptcy, and then I later am forced to sell my home. Do I have to give them a portion of the sell? Also, after everything is final, say we get a good job and make a little extra money, will I have to give them more than the amount we have arranged to pay to them? Answer from our Bankruptcy Alberta Trustee ... RESP and Bankruptcy Are funds in my childrens RESP safe during my bankruptcy? Read the answer ... Divorce. Bankruptcy or Proposal? More than 2 years ago, I was separated due to marriage breakdown. As part of marriage settlement, my ex-husband paid out 1/2 of the house equity and removed my name from title. At that I had a huge personal debt and I used that money almost $60K to paid off all of my credit cards debts. After that in the last 2 years I accumulated again debts since I purchased stocks and most of the values went down and some of the companies even went bankrupt like Nortel. I am about to do either bankruptcy or proposal. I have $600 surplus income after considering govt threshold but have 3 kids under my custody. which options is good for me? Total debt is $72K. Thanks. Answer from our Bankruptcy Alberta Trustee ... Divorce and Bankruptcy Me and my wife are going through a nasty divorce and there are kids involved. spent a year trying to settle out of court - agreeing to give her full custody, the home, everything in it - except for a few items and my car. That wasn't enough - so we wind up going to trial and the judge asked me to get my car appraised - so my wife could get her equity out of it and I did - the judge determined her equity in my car and made a judgment of 25.00 dollars a month paid to her until paid off - QUESTION: My wife is the primary on both of our vehicle's and i am the co signer - before the final judgment was written - my wife filed bankruptcy and included my car - can she legally do this when the judge already granted my car to me or is she in contempt? Answer from our Bankruptcy Alberta Trustee ... Alberta Health and Other Debts Hi There; I owe Alberta Health & Wellness and Revenue Canada and other debts after a bad marriage. I am considering Bankruptcy, would I be able to include Alberta Health & Wellness in that debt? Rev. Can. I will pay once IM back on my feet. Any assistance in this matter will be greatly appreciated. Samantha. Answer from our Bankruptcy Alberta Trustee ... Consumer Proposal I completed a consumer proposal in 2004 and was discharged from all debts execpt Student Loan debts. I have made arragments to pay my Student Loan debts and have been paying them faithfully but they contiuue to ask for more money each month and I am afraid of wage garnishments. I still owe about 30,000. Can I declare bankruptcy on the student loan debts even though they were included in the consumer proposal? If so, my 10 year are up in July. Do I have to wait until then? Read more on bankruptcy and consumer proposal in Alberta ... House and Bankruptcy Can one go bankrupt and keep the house? What if the mortgage is in the arrears? If the mortgage is in both the husband and wife name, do both have to go bankrupt to avoid collections? Can you declare just unsecured creditors, and not secured, i.e car loans? Read more on bankruptcy and mortgage in Alberta ... More questions and answers from our Bankruptcy Alberta Q&A Forum Click here to ask a question in the Alberta Bankruptcy Q&A Forum This site is sponsored by Grant Thornton Alger Inc. - Calgary Bankruptcy, Edmonton Bankruptcy, Red Deer Bankruptcy, Sherwood Park Bankruptcy, Canada Bankruptcy. Contact our Alberta bankruptcy trustees for a free initial consultation This site provides free information about personal bankruptcy and alternatives in Alberta. Calgary Bankruptcy, Edmonton Bankruptcy, Alberta Bankruptcy, Canada Bankruptcy Privacy Policy     Legal Disclaimer    Home Sponsored by Alberta Bankruptcy Trustee - Grant Thornton Alger Inc.