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 insolvency trustee in Edmonton
Fox-Miles and associates
Are you considering Bankruptcy in Edmonton due to financial distress? Fox-Miles & Associates has a Licensed Insolvency Trustee in Edmonton and Alberta since 1999. During your free initial consultation, we will work with you to explore your spending habits, budgeting skills, and a thorough consideration of the debt relief options available to you. 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 34 years of experience in the field of Bankruptcy in Edmonton, Rhonda Fox-Miles is a Licensed Insolvency Trustee, in addition to being a Registered Social Worker. Her social work background provides us with a unique approach to helping individuals faced with a financial crisis. Read more about Rhonda Fox-Miles here.
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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.
EDMONTON Licenced insolvency Trustee
ARE YOU CONSIDERING AN EDMONTON BANKRUPTCY TRUSTEE?
If you are drowning in debt and getting overwhelmed by calls from creditors and collections agencies, it is time to find a solution. If you are considering declaring bankruptcy, the first question you need to ask yourself is, “Is bankruptcy the right choice for me?”. Before declaring bankruptcy, it is essential to know how it works, the long-term effects, and all potential pros and cons. Our job is to make sure that you are presented with all the necessary information to make an educated decision on how to proceed during your time of financial difficulty. Declaring bankruptcy is a significant choice and life event. Make sure to speak with an experienced Trustee before deciding on how to proceed.
WHAT ARE THE PROS & CONS OF DECLARING BANKRUPTCY?
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.
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We can walk you through every step of the process.
CRA Service Options
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WHAT WILL HAPPEN TO MY ASSETS IF I DECLARE BANKRUPTCY?
One of the most frequently asked questions we received about declaring bankruptcy is related to personal assets and what will happen to them if you choose to declare bankruptcy. Each bankruptcy case is unique and presents many variables. Keeping this in mind, rest assured that declaring bankruptcy does not necessarily mean you will lose all your assets.
It is a common bankruptcy misconception that you will lose all your assets during bankruptcy. The goal of declaring bankruptcy is 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
- 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)