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Casual Articles - Edmonton Bankruptcy Series - Will I Lose Everything In Bankruptcy?
There are three primary reasons to use a corporation to own your business today: (1) Liability Protection, (2) Tax Savings and (3) Accelerated Retirement. To make the most of it, you need to understand how a corporation actually works, and how you can take advantage of what it has to offer you in the way of tax savings, lawsuit protection and retirement planning opportuni
If you should find your self in a position where you have property in excess of the allowable limits, this does not necessarily mean you will lose the asset in question. Arrangements can be made for you to repurchase assets directly from the bankruptcy estate (i.e. the trustee) or alternatively you may want to consider filing a consumer proposal. In a proposal there is no vesting of assets, no need to arrange any asset repurchase with your trustee, and you
Complex projects require sophisticated software and scheduling tools, however simpler and more straightforward projects involving only a few people over a relatively short period of time require a much simpler approach.Usually, a simple project will have a few steps which are dependent on other steps taking place first, and will be relatively straightforward to coordinate. An example might be creating and implementing a
In Alberta, the Civil Enforcement Act specifies what you may keep. According to this legislation each debtor is able to claim the following exemptions:
o Food required by you and your dependents during the next 12 months.
o Necessary clothing for you and your dependents of up to a value of $4,000
o Household furnishings and appliances to a value of $4, 000
o Equity in one motor vehicle not exceeding $5, 000
o Medical / dental aids required by you and your dependents.
o Where you are a bona fide farmer and your principal source of livelihood is farming you are permitted 160 acres if your principal residence is located on that 160 acres and that 160 acres is part of your farm.
o The equity in your principal residence, including a mobile home, up to a value of $40,000. However, if the property is co-owned, the amount of the exemption is reduced by your share of the ownership interest.
o Personal property (i.e. tools, equipment, supplies) required for due to your employment up to a value of $10,000.
o Where your principle income is from farming, any personal property that you require to effectively run the farming operations for the next 12 months.
There are also a variety of other exemptions that are permitted under various Federal statutes. Some of these include:
o The cash surrender value of life insurance policies (including some R.R.S.P.'s) where the beneficiary named is the spouse, child, parent or grandchild.
o Generally, pension plans, presuming they are locked in and not accessible until retirement.
However, there are a few things that are important to note:
o For an exemption to be valid you must claim the exemption at the time of filing, failure to expressly do so can result in the seizure of the property not claimed as exempt.
o If you have pledged any of your assets as security for a loan, this overrides the exemptions. The only way you are able to keep the secured property is to make arrangements that are acceptable to the secured lender.
o If your assets increase in value between the filing of a bankruptcy and your discharge, and this increase in value exceeds the amount of the allowable limits, it will likely for the excess amount to be realized upon and distributed among your creditors.
If you should find your self in a position where you have property in excess of the allowable limits, this does not necessarily mean you will lose the asset in question. Arrangements can be made for you to repurchase assets directly from the bankruptcy estate (i.e. the trustee) or alternatively you may want to consider filing a consumer proposal. In a proposal there is no vesting of assets, no need to arrange any asset repurchase with your trustee, and you h
"We're not going to that stupid meeting! They'll just feed us more BS." That was the overwhelming sentiment at a recent workshop I conducted for a worldwide company doing around $8 billion is sales. It was one colossal problem they had on their hands.You see about a year ago now the folks from the parent company came in and surprised even the VPGM of this division with the news they were moving the operation to Europe. Wh
o Household furnishings and appliances to a value of $4, 000
o Equity in one motor vehicle not exceeding $5, 000
o Medical / dental aids required by you and your dependents.
o Where you are a bona fide farmer and your principal source of livelihood is farming you are permitted 160 acres if your principal residence is located on that 160 acres and that 160 acres is part of your farm.
o The equity in your principal residence, including a mobile home, up to a value of $40,000. However, if the property is co-owned, the amount of the exemption is reduced by your share of the ownership interest.
o Personal property (i.e. tools, equipment, supplies) required for due to your employment up to a value of $10,000.
o Where your principle income is from farming, any personal property that you require to effectively run the farming operations for the next 12 months.
There are also a variety of other exemptions that are permitted under various Federal statutes. Some of these include:
o The cash surrender value of life insurance policies (including some R.R.S.P.'s) where the beneficiary named is the spouse, child, parent or grandchild.
o Generally, pension plans, presuming they are locked in and not accessible until retirement.
However, there are a few things that are important to note:
o For an exemption to be valid you must claim the exemption at the time of filing, failure to expressly do so can result in the seizure of the property not claimed as exempt.
o If you have pledged any of your assets as security for a loan, this overrides the exemptions. The only way you are able to keep the secured property is to make arrangements that are acceptable to the secured lender.
o If your assets increase in value between the filing of a bankruptcy and your discharge, and this increase in value exceeds the amount of the allowable limits, it will likely for the excess amount to be realized upon and distributed among your creditors.
If you should find your self in a position where you have property in excess of the allowable limits, this does not necessarily mean you will lose the asset in question. Arrangements can be made for you to repurchase assets directly from the bankruptcy estate (i.e. the trustee) or alternatively you may want to consider filing a consumer proposal. In a proposal there is no vesting of assets, no need to arrange any asset repurchase with your trustee, and you
Many of my clients share that one of their biggest marketing challenges is actually connecting to enough prospects. They are doing all of this great work in their businesses, but not very many people know about their work; or at least not enough for the flow of business to be moving smoothly and easily. Stop. Start. Stop. Start. Sound familiar? There isn't one perfect way to consistently connect with prospects, but there
o Personal property (i.e. tools, equipment, supplies) required for due to your employment up to a value of $10,000.
o Where your principle income is from farming, any personal property that you require to effectively run the farming operations for the next 12 months.
There are also a variety of other exemptions that are permitted under various Federal statutes. Some of these include:
o The cash surrender value of life insurance policies (including some R.R.S.P.'s) where the beneficiary named is the spouse, child, parent or grandchild.
o Generally, pension plans, presuming they are locked in and not accessible until retirement.
However, there are a few things that are important to note:
o For an exemption to be valid you must claim the exemption at the time of filing, failure to expressly do so can result in the seizure of the property not claimed as exempt.
o If you have pledged any of your assets as security for a loan, this overrides the exemptions. The only way you are able to keep the secured property is to make arrangements that are acceptable to the secured lender.
o If your assets increase in value between the filing of a bankruptcy and your discharge, and this increase in value exceeds the amount of the allowable limits, it will likely for the excess amount to be realized upon and distributed among your creditors.
If you should find your self in a position where you have property in excess of the allowable limits, this does not necessarily mean you will lose the asset in question. Arrangements can be made for you to repurchase assets directly from the bankruptcy estate (i.e. the trustee) or alternatively you may want to consider filing a consumer proposal. In a proposal there is no vesting of assets, no need to arrange any asset repurchase with your trustee, and you
You want customers. I want customers. We all want customers. And traffic alone is not enough. We need “interested” customers. Customers ready to listen, ready to buy. So you may find yourself asking, what do they want anyway?.... and how can I get them to buy?Instead of concentrating on the “getting”, why not try to “educate” them and sales will follow --- not once, but many times. Why is that? Credibility!
However, there are a few things that are important to note:
o For an exemption to be valid you must claim the exemption at the time of filing, failure to expressly do so can result in the seizure of the property not claimed as exempt.
o If you have pledged any of your assets as security for a loan, this overrides the exemptions. The only way you are able to keep the secured property is to make arrangements that are acceptable to the secured lender.
o If your assets increase in value between the filing of a bankruptcy and your discharge, and this increase in value exceeds the amount of the allowable limits, it will likely for the excess amount to be realized upon and distributed among your creditors.
If you should find your self in a position where you have property in excess of the allowable limits, this does not necessarily mean you will lose the asset in question. Arrangements can be made for you to repurchase assets directly from the bankruptcy estate (i.e. the trustee) or alternatively you may want to consider filing a consumer proposal. In a proposal there is no vesting of assets, no need to arrange any asset repurchase with your trustee, and you
There are some simple things you can do with your people to ensure that they start to trust you. As a letter from Mike Emmott of the Chartered Institute of Personnel and Development in the UK says, in April 2005's UK Management Today says:-"Our surveys show that only one in four employees trust senior management to look after their interests"Is that not appalling? How on earth ca
If you should find your self in a position where you have property in excess of the allowable limits, this does not necessarily mean you will lose the asset in question. Arrangements can be made for you to repurchase assets directly from the bankruptcy estate (i.e. the trustee) or alternatively you may want to consider filing a consumer proposal. In a proposal there is no vesting of assets, no need to arrange any asset repurchase with your trustee, and you have the added benefit of a reduced impact on your credit.
For more information on how your assets will be treated in a bankruptcy, how a consumer proposal will impact your credit, or any other issue relating to money problems feel free to contact us through our Edmonton Bankruptcy website or call us directly at 780-435-5110.
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