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Bankruptcy law in Calgary, Canada is outlined under the Bankruptcy and Insolvency Act (BIA), which defines conditions and procedures about personal and corporate insolvency. The goal of the Act is to enable honest, but unfortunate debtors to obtain a discharge from their debts, subject to reasonable conditions. Bankruptcy is a legal process which provides a financially troubled individual or business a fresh start by clearing most debts.
If you're considering filing for bankruptcy, a lawyer can help guide you through the process in a more streamlined manner. They can provide the expertise and legal guidance needed to help you understand your options, your rights and responsibilities, and guide you through the complex process. A bankruptcy lawyer can also help you analyze your financial situation and determine if bankruptcy is the best solution for you or whether alternatives such as debt restructuring might be a more suited option. Resolving insolvency issues can be a complex process and having a legal expert by your side can make the difference.
In Calgary, Canada, bankruptcy is governed by federal law, but provincial laws also play an important role. For instance, each Canadian province has its own list of exemptions which refers to the assets that creditors cannot seize. For anyone declaring bankruptcy in Calgary, it’s crucial to know that certain assets are legally protected. The Bankruptcy Exemptions in Alberta include necessary clothing, household goods up to a certain value, a vehicle for personal use up to a certain value, certain types of insurance and retirement savings plans, among others.
No, bankruptcy laws are designed to give you a fresh start, not to put you in financial despair. You are allowed to keep certain exempt assets even in bankruptcy as stated in the provincial laws.
For first time bankrupts without surplus income, the process usually lasts for 9 months. If you have been bankrupt before, the bankruptcy may last for 24 months or more.
Your bankruptcy will not affect your spouse if they are not responsible for any of your debt. If they have co-signed a loan with you or have a credit card on the same account, they become responsible for the debt.
No. Debts associated with alimony, child support, most student loans, court fines or penalties, debts arising out of fraudulent activities are usually not dischargable.
Yes, you can, but it's challenging due to the complex nature of bankruptcy law. A bankruptcy lawyer would have the expertise to guide you through the procedures, help you retain as much property as possible and ensure that all unsecured debts are discharged.
The Office of the Superintendent of Bankruptcy Canada (OSB) can be a useful source of information for understanding bankruptcy and the processes involved. For local help, there are several legal clinics in Calgary, like Calgary Legal Guidance or the Central Alberta Community Legal Clinic, that provide free legal information and advice.
If you're considering bankruptcy, the first step is to have a consultation with a bankruptcy lawyer or a licensed insolvency trustee. They can guide you in understanding your financial situation, introduce you to the possible solutions and strategies, and steer you through the overall process. Remember, every bankruptcy situation is unique, and obtaining professional advice can be instrumental in helping you navigate through it properly.
