Edmonton Bankruptcy What You Need to Know about Provincial Law
For most residents having troubles keeping up with their bills, the thought of an Edmonton bankruptcy is frightening. There is a great deal of confusion across Canada as to exactly what happens in a declaration of personal bankruptcy.
One of the principal reasons for this is the fact the federal law governing personal bankruptcy – the Bankruptcy and Insolvency Act of Canada (BIA) – establishes broad guidelines, but much of the specifics of how the guidelines are implemented is left up to the provinces.
There is considerable variation from Province to Province in terms of the personal assets you are allowed to keep when declaring personal bankruptcy. Consequently, if you live in Ontario and have a friend who lost no assets at all in an Alberta bankruptcy, you may be in for a nasty surprise when you finally get around to meeting with a licensed bankruptcy trustee in Ontario.
Alberta allows its citizens to keep their homes if they have less than $40,000 in equity. Ontario has no such allowance. Where can you go to learn what you need to know about Alberta provincial law that will affect your own Edmonton bankruptcy, should you decide to file?
Today the Internet has become the vehicle of choice for seeking out and learning information we need in our daily lives. However, when it comes to declaring personal bankruptcy, relying strictly on Internet searches to learn what you need to know can be risky.
For one thing, many Internet sites are not current. As an example, you may have found a site informing you that you cannot include student loans less than 10 years old in a declaration of personal bankruptcy. Another site tells you cannot include student loans less than 7 years.
The Bankruptcy and Insolvency Act was amended in 2009 and not all sites have been updated to reflect the changes.
In addition, changes in provincial legislation can take awhile to appear on the Internet. In November of 2010, a British Columbia Court handed down a ruling that has a major impact on exemption allowances in that province. As of the spring of 2011, there is still not much specific information on the Internet regarding the impact of that ruling.
Some people resist the thought of seeking professional advice. When it comes to declaring an Edmonton bankruptcy, they may wait until they have made the decision to file. The fact is the best time to seek professional help is the first moment you realize your financial difficulties are beginning to pile up.
Licensed bankruptcy trustees offer free initial consultations where we assess your financial circumstances. Based on that assessment we can recommend solutions and explain exactly how each might help you. If personal bankruptcy is right for you, only a trustee can review with you the specific information you need to know.
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