We'll Help Wipe Your Slate Clean.
Personalized Service, the Fox-Miles way. Family-friendly, non-judgmental Insolvency, Bankruptcy, and Credit Counselling services to help you through difficult times.
licensed Bankruptcy trustee in Alberta
Fox-Miles and associates
Are you considering Bankruptcy in Edmonton due to financial distress? Fox-Miles & Associates has been a Licensed Bankruptcy Trustee in Edmonton and Alberta since 1999. During your free initial consultation, we will work with you to explore your spending habits, budgeting and thoroughly consider your debt relief options. Additionally, we will ensure you understand the warning signs of financial difficulties, the role credit plays in your life, and how to obtain and use credit in the future.
With over 35 years of experience as a Bankruptcy Trustee in Edmonton, Rhonda Fox-Miles has seen it all. She is a Licensed Insolvency Trustee and a Registered Social Worker. Her social work background gives a unique approach to helping individuals with financial crises.
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We dedicate ourselves to supporting our clients as they go through the process of wiping their financial slates clean. Fox-Miles brings a vast network of resources so our clients can achieve the peace of mind necessary for making a fresh start. We have helped clients navigate their way through Bankruptcy in Edmonton and Alberta since 1999.
Professional Affiliations
Alberta Bankruptcy Trustee
ARE YOU CONSIDERING AN EDMONTON BANKRUPTCY TRUSTEE?
It is time to find a solution if you are drowning in debt and getting overwhelmed by calls from creditors and collections agencies. If you are considering declaring bankruptcy, the first question you must ask yourself is, “Is bankruptcy the right choice for me?”. Before declaring bankruptcy, knowing how it works, the long-term effects, and all potential pros and cons is essential. Our job is to ensure that you are presented with all the necessary information to make an educated decision on how to proceed during your financial difficulty. Declaring bankruptcy is a significant choice and life event. Make sure to speak with an experienced Trustee before deciding how to proceed.
WHAT ARE THE PROS & CONS OF DECLARING BANKRUPTCY?
Positives:
- Fresh financial start
- Stop collections calls
- Gain control over your finances
- Reduce daily stress
Negatives:
- Certain debts are exempt from bankruptcy
- The potential loss of some assets
- Impact on credit score reporting
HOW TO CLAIM BANKRUPTCY
To file for Bankruptcy in Edmonton, you must meet with a Licensed Insolvency Trustee. Our Trustees will help guide you along each step of the bankruptcy process.
WHAT WILL HAPPEN TO MY ASSETS IF I DECLARE BANKRUPTCY?
One of the most frequently asked questions about declaring bankruptcy relates to personal assets and what will happen to them if you choose to declare bankruptcy. Each bankruptcy case is unique and presents many variables. Remember, claiming bankruptcy does not necessarily mean losing all your assets.
It is a common misconception that you will lose all your assets during bankruptcy. Declaring bankruptcy aims to give you a fresh financial start and protection from creditors. During the bankruptcy process, you will have to surrender certain assets to help discharge you of your debts. But government regulations also stipulate that you must be able to keep certain assets to cover living expenses.
In general, the assets you get to keep during the bankruptcy process include:
- Personal items
- Clothing
- Furniture and food in your permanent residence
- Vehicle (limits are depending on value)
- Contributions to RRSPs, RESPs, and Pensions. Contributions made in the 12 months before declaring bankruptcy can be used to pay off debt during the bankruptcy process
BANKRUPTCY ASSET EXEMPTIONS
The Alberta Civil Enforcement Act exempts some specific property from seizure during bankruptcy proceedings. Exemptions are generally related to the equity value of certain items. Equity is calculated as the value of an asset minus the amount owing on said asset.
Below is a list of bankruptcy exemptions in Alberta:
- Finances are secured to provide you and your dependants with food for 12 months
- $4,000 exemption on clothing for you and your dependents
- $4,000 exemption on furniture and appliances
- $5,000 exemption on your vehicle
- $10,000 limit for tools required for your work
- Medical and dental are exempt
- $40,000 exemption limit on your primary residence
- Investment such as RRSPs, RESPs, and pensions
- Life insurance policies (limitations apply)
