Legal Forms for Bankruptcy

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Commonly Asked Questions about Legal Forms for Bankruptcy

How to obtain How to obtain bankruptcy documents?

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What is a Form 309F1?

Official Form 309F1 (For Corporations or Partnerships) Notice of Chapter 11 Bankruptcy Case.

What assets cannot be seized in bankruptcies?

Here is a list of Albertas bankruptcy exemptions: You are entitled to keep the necessary clothing for you and your dependents. You can keep enough food to support you and your dependents for up to 12 months. You can retain up to $4,000 in home furnishings and appliances. All medical and dental aids are exempt.

How long do bankruptcies last in Canada?

In Canada, a first-time bankruptcy typically lasts nine months but may extend to 21 months if you have surplus income. It will take longer if youre filing for bankruptcy a second time (or more). But regardless of the time frame, its important to remember that theres an end in sight.

What are the two most common forms of bankruptcy?

The most common types of bankruptcy are chapter 7, which are liquidating bankruptcy, and chapter 13 cases, often used by individuals who want to catch up on past due mortgage or car loan payments and keep their assets.

Are bankruptcies public record in Canada?

The official bankruptcy records in Canada are compiled by the Office of the Superintendent of Bankruptcy Canada (OSB) and are public records. This means that any member of the public can access them via an internet search tool on the OSB website, although there is a fee, and searches must be very specific.

What is the best form of bankruptcy to file?

Or somewhat more accurately, Chapter 13 can give you more power over and flexibility with certain kinds of creditors, and if you have non-exempt assets. However, if you do not have those kinds of debt or assets, or not much in terms of tangible assets, then Chapter 7 would likely be the faster and easier option.

Documents What are bankruptcy documents?

Bankruptcy Alternatives Debt Settlement. Debt Consolidation. Sell Assets. Credit Counseling. Borrow Money from Friends or Family. Find a Way to Earn Extra Income. Restructure or Refinance Your Mortgage. Lower Expenses Making Changes to Your Budget and Lifestyle. Alternatives to Filing Bankruptcy | InCharge Debt Solutions incharge.org bankruptcy alternatives incharge.org bankruptcy alternatives

What are options from filing for bankruptcies?

If you file for personal bankruptcy, you generally have two options: Chapter 7 or Chapter 13. A Chapter 7 bankruptcy will sell off many of your assets to pay your creditors. In a Chapter 13 bankruptcy, you keep the assets but must repay your debts over a specified period.