need bankrupcy advice

[nonlinear]

[Redlyne_mr2]

talk to your trustee

[89coupe]

Wrong place to be asking IMO.

http://www.albertabankruptcy.org/

[nonlinear]

[Masked Bandit]

So, you want to be able to walk away from all of your debt but keep some of your cash "hidden" so you can keep it for yourself instead of paying some of what you owe?

And you think someone is going to help you do this?

[nonlinear]

[Qeeb]

if its in YOUR NAME, regardless of location, and it can be traced to you; it is an ASSET

not declaring it and knowingly having it could set you up for huge troubles up ahead.

The only people who can hide assets are those with numbered swiss bank accounts.

[icecreamvan]

I'll hold your $3800 for you until your proceedings have cleared. Western Union it to me.

[codetrap]

Shouldn't you be talking to an actual accountant, rather than posting on a car forum?

[Weapon_R]

Originally posted by codetrap
Shouldn't you be talking to an actual accountant, rather than posting on a car forum?

Why do that when beyond is full of accountants, lawyers, doctors, and other professionals who all make 100k+ per year?

[Xtrema]

Originally posted by Weapon_R


Why do that when beyond is full of accountants, lawyers, doctors, and other professionals who all make 100k+ per year?

Damn right!

[syeve]

Unless it is in your RRSP, you will most likely have to declare it.

[nonlinear]

[5hift]

You might as well inform them

Unless committing fraud and possibly getting caught is worth $3800 to you.

If your filing bankruptcy, your financial situation is already fucked, I dont see how 3800 in US mutal funds will do shit either way, so you might as well not add fines/charges etc to already being labeled with bankruptcy,

[syeve]

Originally posted by nonlinear
it's a mutual fund

OK, is the mutal fund registered? I doubt it would be seeing as it would put you way over the allowable US holding, but unless it is in your registered account (rrsp is off limits for creditors), you are suppose to declare it.

[nonlinear]

[Maddog55]

Originally posted by syeve
Unless it is in your RRSP, you will most likely have to declare it.

You will lose your RRSP's as well. I went thru a bankruptcy 10 yrs ago and had to turn over any and all assets. I lost all my RRSP's.

Nonlinear....talk to your trustee. Contrary to what you feel, your trustee is lke your lawyer. They're hired to protect you. You can disclose everything to them and they will protect you.

I know how you feel, trust me. But a trustee will handle EVERYTHING to do with the whole process. You wont need to handle any more phone calls or hasseling letters. Its a huge load off your mind once a trustee takes you on.

In a nutshell: you contact a trustee. they'll tell you how much it will cost (at the time it was $1500.00) You DO however have to qualify to go bankrupt (ironic eh?) Not everyone can go bankrupt. Sometimes they may institue an "arrangement" with all your creditors. IE: if you owe $25,000, they may get ALL of your creditors to agree to get .20 cents on the dollar over a time period.

But if not, then on to bankruptcy and they file for you. Now you are protected from any and all creditors. You will have to show up for a "hearing" in which any creditors may attend..but very rarely any of them do. Basically they will just want to know "what happend". They may object, but again, very rare.

Once you're bankrupt, you stay that way for (laws may be different in Alberta) in BC it was 9 months. Then you apply for a "discharge". Your trustee will handle all of this. You basically sit back and let them do it all. Once you're discharged, then it stays on your credit rating for 7 yrs. But now you CAN apply for credit again. Secured credit card, vehicle loans etc. Its hard, but not impossible.

But phone them!! They are there for YOU and they can advise you on the best course of action.

Hope this helps and good luck. I feel for you...it is very hard on the nerves.

[syeve]

^^hmmm, well since you have been through the process I won't argue. Possible the rules have changed? I am 90% certain your RRSP is protected under a bankruptcy, but to aire of the safe side, just ask your trustee.

[alloroc]

Make an appointment with a trustee at Hudson and Company.

[Maddog55]

Originally posted by syeve
^^hmmm, well since you have been through the process I won't argue. Possible the rules have changed? I am 90% certain your RRSP is protected under a bankruptcy, but to aire of the safe side, just ask your trustee.

I thought the same thing. Pretty much brought me to my knees when my trustee (KPMG) informed me they weren't. Here's a good FAQ (<-- link) on what you're allowed to keep under a bankruptcy. Even your house...you're only allowed to keep up to $40,000 of its equity. So if you're house has $100,000 equity, $60,000 will have to be paid to your creditors.

As for RRSP's:

What happens to my R.R.S.P. and/or pension plan?

Pensions are protected under Federal legislation as are. RRSP’s that are not pension roll-overs, or are held by life insurance companies. All other RRSP's must be paid over to the Trustee to distribute to your creditors. If you have a non-life insurance funded RRSP, you should discuss your rights with your agent and with your family solicitor.