2025-08-01
How does filing for Bankruptcy affect your employment and salary?
If you are considering filing for Bankruptcy, it is important to understand the impact on your employment and salary.
2009-02-02
The first question I would have is whether or not the bank can pursue you for this shortfall in the first place. If the mortgage was an insured mortgage....the insurer (CMHC, Genworth) can pursue you for the shortfall. If the mortgage was not insured.....the bank (assuming this was a conventional mortgage) can not pursue you for the shortfall. Assuming that this was an insured mortgage, and you therefore have some exposure for the shortfall, the insurer has to sue you first and obtain judgment before they could garnishee your bank account. If you are thinking that bankruptcy or a proposal may ultimately be an option for you, anything you do with your assets in the period prior to bankruptcy could be reviewed. If you are just moving a "bit" of money in order to live on, there would usually be no problem. Although there is no specific exemption for cash on hand at the date of bankruptcy, reasonable living expenses must be covered. But if you are talking about moving "substantial" funds, you may want to seek further advice before you move them. You may wish to contact one of our Trustees in your area to discuss the specifics of your mortgage and how much savings you are talking about. Donna Carson, CGA, CIRP, Trustee Calgary, Airdrie, Drumheller regions 1.877.500.0792 [email protected]
2025-08-01
If you are considering filing for Bankruptcy, it is important to understand the impact on your employment and salary.
2025-08-01
Lifestyle Debt
Household debt ratios continue to break records across the country. And as more and more people are working to service that debt, many are unable to set aside savings for unexpected expenses.
2025-08-01
Bankruptcy
If you’re struggling with your finances and heading toward bankruptcy, you may think it makes sense to sell or transfer some of your assets.