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i have a car loan that is in default. i am a co signer with my ex common law partner. he kept the car after our seperation. the car was repoed from him .the collection agency wants money from me. am i responsible for a portion of this debt? and what happens if i just refuse to pay at all?
Posted from: Prince Edward Island
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can I apply for a morgage after the bankrupcy with in the seven years ?
What is the seven year thing?
Posted from: Alberta
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A Chapter 13 bankruptcy will last between 3 to 5 years. And a lot can change during that time, including finding Mr. Right or Ms. Right. For individuals who are still in a Chapter 13 case, the question becomes: “Does marriage during Chapter 13 bankruptcy affect the bankruptcy”? And “if it does, how”?
Bankruptcy is still a frightening and embarrassing situation for many people. The dictionary doesn’t help when it gives definitions like: “utter ruin, failure, depletion”. No wonder so many people won’t consider bankruptcy until it’s the last resort.
What is bankruptcy?
Simply put it’s “being legally insolvent” or an “inability to discharge all your debts as they come due”. Bankruptcy isn’t the cause of debt, it’s the result.
What causes bankruptcy?
Is it simply living beyond your means, or spending indiscriminately more than you make? No. Though that may be true with some - such as celebrity lifestyles - for many, it’s much simpler and beyond their control. There are many outside factors which contribute to bankruptcy.
Common causes of consumer bankruptcy are:
• Medical expenses
• Unemployment
• Accidents
• Business failure
• Divorce
• Ballooning interest rates
The foreclosure crisis has lead more and more people to file bankruptcy as finance and credit card companies lure consumers in with attractive interest rates and low or no down payments. What many didn’t realize was how much payments would rise when the interest rate adjusted after the introductory offer. These types of lending strategies are prevalent enough to be given a name, “predatory lending”.
With such tactics, and other involuntary circumstances, you may find yourself with no other options. Bankruptcy offers hope and help. Bankruptcy is a way to get out of that overwhelming debt. Not all debt disappears with bankruptcy, though; it’s not a cure all. Depending on the type of debt and the type of bankruptcy you file, bankruptcy can eliminate much of your debt and get you back on financial track.
It is vitally important to speak with an experienced bankruptcy attorney about your options if you’re considering bankruptcy. With the changes in bankruptcy laws, you need to have professional advice. Most bankruptcy lawyers will evaluate your case for free. If you’re facing bankruptcy, you have nothing to lose in consulting a bankruptcy attorney.
Arlington Bankruptcy Attorneys
Birmingham Bankruptcy Attorneys
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If you are more than $10,000 in debt, visit Debt Assistance Today
Hi there. I have recently lost my job in the local paper mill here in my little town. I now have to leave the province to find work but I won`t be making anywhere near the amount of money I had made previously. I think bankruptcy is inevitable. We would like to make an attempt at keeping our house here in town. If I protect my home in the Bankruptcy and find that I cannot make the mortgage payments later on down the road during the 9 month period, can I remove the house from the protected list?
Posted from: British Columbia
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I have gone bankrupt twice before and need to again (all for good reasons, divorce, business failure, bad advice) will I be able to reestablish credit again, how long will it take and what are the consequences of a thrid bankrupt.
Posted from: Ontario
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Hi,
I would like ask a question that if someone has filled for consumer proposal, and want to rent an apartment , Is his credit report will effect his rental application ?
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A bankruptcy attorney really is necessary if you want to protect as much of your assets as you possibly can. The money and assets you can save will typically more than offset the cost of the fees. This article explains why this is the case.
Debtor audits have reappeared in bankruptcy cases. Debtors should be aware of what documentation they need to successfully pass an audit.
Are you protected from U.S. creditors in a Canadian banruptcy? What about civil penalties and fines imposed by the federal government?
Posted from: Manitoba
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You do not want to attempt bankruptcy on a do-it-yourself basis, because you could end up losing much more than you would pay in a bankruptcy lawyer’s fees. This article explains why that is the case.
Nevada Senator John Ensign (R) has raised a fuss that may be delaying the housing bill being considered in the Senate currently. The bill is Congress’ most comprehensive and ambitious response to the housing crisis, offering the chance for nearly 400,000 homeowners to trade mortgages with skyrocketing interest rates for fixed-rate packages with government-backed loans.
Ensign, however, wants none of the bill if it doesn’t include a proposed amendment to add $6 billion in tax breaks encouraging renewable energy renovations and implementations for homes. While many Democrats approve of measures to increase use of renewable energy, they oppose Ensign’s bill, which does not pay for itself. His proposal would likely languish in the House of Representatives, where a majority of Democratic representatives have pledged not to vote for bills that would increase the deficit.
It remains to be seen whether Ensign’s one-man battle can last long. Senate Majority Leader Harry Reid, Ensign’s counterpart from Nevada, expects the housing bill to be voted on early next month.
If you’re ready to put your debt behind you, take a look at Total Bankruptcy’s latest pages on eliminating debt, which outline basic steps anyone can take to pay off debt and establish financial security.
There is no doubt that filing bankruptcy is detrimental to your credit rating and that most counselors will tell you that you should wait about three years after filing before you attempt to rebuild your credit. However, there are some different things you can try to start improving your credit rating.
If I receive Social Security payments from the United States, are they considered income when filing bankruptcy. In the USA Social Security is exempt from income.
Posted from: Ontario
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Not every transfer of property is valid. In fact, many are fraudulent transfers to avoid paying creditors.
It may come as a surprise that credit is readily available after a bankruptcy. In fact, lender are often contacting bankruptcy individuals prior to the case completing.
Is it possible to file bankruptcy outside of Canada if all the debts are Canadian?
Posted from: British Columbia
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how do i start a claim of bankruptcy? i have no credit rating and it is old debts and student loans where do i start?
Posted from: Saskatchewan
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i am recently seperated…in fiancial disaster, i wa about to claim bankruptcy and found i was left a sum of money. do i get to keep the money?…is inheritance exempt?/
Posted from: New Brunswick
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I just declared bankruptcy due to an impending divorce and significant financial costs associated with it. My question is what would happen if I won the lottery during my period of bankruptcy. I understand any winnings would be held as part of my assets. However, once all of the debts are paid in full would the remainder of the monies be returned to me. Silly question I know but as an avid lottery player it would be the one time I finally win.
Posted from: Alberta
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Bankruptcy cases have a language all their own. Bankruptcy becomes understandable once the terms are defined and explained.
Sometimes things go too far, and we are trapped in a well without a ladder. If your financial situation is so far out of hand that you are about to break, bankruptcy may be your only option.
What is your policy for consumer proposal payments?
Do you require the first payment upon filing the papers, or do payments start when the propsal has been accepted?
Posted from: Alberta
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