About Bankruptcy Law in Edmonton, Canada
The Bankruptcy and Insolvency Act (BIA) governs bankruptcy law in Edmonton, Canada. When someone can't afford to pay their debts, bankruptcy provides a legal process to obtain financial relief. Bankruptcy isn't just about getting out of debt, but also involves surrendering a significant portion of your property to your creditors. Also, it's essential to note that there are certain debts that bankruptcy cannot erase such as child or spousal support arrears, student loans (if you stopped being a student less than seven years ago), and fines or penalties from the court.
Why You May Need a Lawyer
In many cases, declaring bankruptcy can be a complicated process that involves intricate laws and regulations. Therefore, people often require legal help to fill out paperwork, appear in court, navigate through your debts, and argue on your behalf if a dispute arises with your creditors. A lawyer can also help explain what debts can and cannot be discharged, and whether bankruptcy is the most suitable option for you based on your circumstances.
Local Laws Overview
In Edmonton, the Alberta provincial exemption laws dictate the assets you can keep when filing for bankruptcy. These assets usually include necessary clothing, certain household furniture, and appliances, some equity in a motor vehicle, and tools of your trade. Furthermore, the local laws require taking two financial counselling sessions and cooperating with the Trustee during the bankruptcy process. Failing to meet these obligations can result in legal penalties.
Frequently Asked Questions
1. Can I keep my house if I declare bankruptcy?
Whether you can keep your house depends on the equity in your home. If your home's equity exceeds the Alberta homestead exemption amount, your Trustee may sell the house to repay your debts.
2. How long does bankruptcy remain on my credit report?
In most cases, a first-time bankruptcy will remain on your credit report for six years after you've been discharged.
3. Can student loans be included in bankruptcy?
Student loans cannot be included in a bankruptcy discharge if you were a student less than seven years ago. If it's been seven or more years since you were a student, the loans can be included.
4. Does bankruptcy eliminate all my debts?
No. While bankruptcy can eliminate most of your debts, some debts, such as child or spousal support arrears, certain student loans, and court-imposed fines, cannot be discharged.
5. Can I file for bankruptcy on my own?
While you can technically file for bankruptcy on your own, the process is complicated and arduous. Having a lawyer can streamline the procedure and ensure you don't miss any crucial steps or details.
Additional Resources
The Office of the Superintendent of Bankruptcy Canada (OSB) is a helpful resource that provides valuable information about bankruptcy. You may also want to visit the official Alberta government website or the Edmonton Community Legal Centre for additional resources on bankruptcy.
Next Steps
If you need legal assistance in bankruptcy, the first step is to find and consult with a bankruptcy lawyer. They can help you understand the complex legal nature of bankruptcy, your options, and how best to proceed. The lawyer will also guide you through the paperwork and legal proceedings if you decide to declare bankruptcy.
Lawzana helps you find the best lawyers and law firms in Edmonton through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Bankruptcy, experience, and client feedback.
Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters.
Get a quote from top-rated law firms in Edmonton, Canada—quickly, securely, and without unnecessary hassle.
Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please
contact us, and we will review and update it where appropriate.
