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Hi,first of all thanks for the great website to helping people I have financial problems I am really desperate no way out other then bankruptcy .My Questions
1-Have no fixed address Living with Relatives/Friends
2-I dont have account numbers ,balances and statements not even any paper other than credit cards
3 How much bankruptcy costs How much do I need upfront?
Thanks For Input
Posted from: Ontario
What if my monthly expenses are more than the standards? For example, being a single person the standard is $1836 per month. At my current income I would have a surplus income each month, but my expenses are more than $1836.
Posted from: Prince Edward Island
My son perhaps has to file bankruptcy but I need to ask a few questions. He owes bank loans, credit cards and car loan. Do all of these go away with bankruptcy? Can he still work after filing for bankruptcy and does his employer have to know that he has filed for bankruptcy?
thank you
Posted from: Ontario
How do trustees or creditors determine whether or the applicant should be reviewed for 3 months or 1 year? Do the creditors themselves do this review or is it the applicant who must present this evidence? Can the applicant know if they will check 3 months or 1 year?
Posted from: Ontario
When applying for bankruptcy, do I have to show all the purchases and usage on my cards prior to filing or do I just bring a current balance print out from the bank teller or bank machine? Will my card usage be scrutinized by either the respondents (creditors) or the trustee?
Posted from: Ontario
I have a perfect track record of making all my payments; however, it leaves me without enough money to pay for rent and now I crash at different friend`s houses. Is this justification to file for bankrupcy or should I default on my loans first and then file?
Posted from: Ontario
Is it true that if a person owed money 1999, and the collectors were unsuccessful at collecting the money after 7 years they no longer can come after you,
Posted from: Ontario
I declared aug 1st and was wondering i have a my account at td with a balance still of a little less than 300 owing. i opened another account at another banking institution but was wondering should i call my trustee to put that in or is it not allowed be do declared….
Posted from: Ontario
A short sale, also called a distress sale, is when the homeowner’s property has been devalued below the mortgage leaving a shortage between the current market value of the property and the present mortgage on the property held by the lender. Homeowners owe the difference between the mortgage balance and the discounted amount as a result of the short sale, which is referred to as the debt shortage.A short sale would generally benefit the lender because the lender avoids the expenses and hassle of seizing a delinquent customer’s property. In addition, lenders realize that they could lose money if the borrower’s home is auctioned in a foreclosure proceeding.
To decide whether or not to do a short sale, lenders look at various factors. Those factors are:
Even when borrowers engage in a legitimate short sale, there is no guarantee of success. It’s difficult to have an agreement where the interests of all parties are satisfied. One has to take into account the interests of the lender, homeowner, agent, buyer and investor who held the mortgage. Also, if the husband and wife were divorcing, then both would have to agree to have a short sale.With regard to managing a short sale, it’s important that sellers review loan documents with an attorney to make an informed decision.
I have two more years to go on my consumer proposal and all my payments are up to date. I have no problem making payments and, in fact, have saved a little money. My only problem is I travel off and on in my job and having no credit card can be very inconvenient, troublesome and embarrassing. I received an application from a cc company (Capital One) who (somehow) must know of my financial situation because the application states I can receive a credit card even if I`m *bankrupt* or under *consumer proposal*. Is there any rule against my applying for this card while I still have two years left in my proposal? Thank you.
Posted from: Nova Scotia
Do I need to tell my employer if I file?
Does it become public knowledge if I file for bankruptcy?
Once discharged from a bankruptcy how long does it stay on my record ie how long does it affect my credit rating for applying for a mortage etc?
Once discharged do I have to tell future creditors I had previously filed?
Posted from: New Brunswick
i have a loan with citi financial, and the interest is allot, i was wondering if i would be able to Negotiate a pay out to them, or should i let it go into collection or wnat to do, and does citi financial Negotiate loan payment
Posted from: Ontario
Do pay day loan companies accept consumer proposals. Also, regarding wage garnishments, I was recently denied a pay day advance because my company`s head office was in Quebec and they could not garnishee my wages if I defaulted on payments. Is this legislation or possibly just a company policy?
Posted from: Ontario
Is it true that once you have claimed bankruptcy you are not allowed to relocate, In Canada or the United States or anywhere else… I was told that you could be denied entry.
Posted from: Manitoba
The Jefferson County Commission in Alabama has told its attorneys to prepare a bankruptcy filing in case it cannot reach an agreement on how to escape from the county’s over $3 billion of bond debt.
The county, which includes Alabama’s largest city, Birmingham, is prepared to file Chapter 9 Bankruptcy if it cannot reach an agreement with its creditors in order to seek relief from the debt it incurred to build a sewer system.
County officials issued the bonds with interest rates that reset frequently during a time when borrowing money was cheap. The strategy intended to keep costs down as interest rates were declining, but with the credit crunch, interest rates on Jefferson County’s debt has risen to as high as 10% in some cases.
The county has attempted, unsuccessfully, to refinance the debt, according to reports. It recently replaced bankers and advisors with a new law firm to handle the negotiations with its creditors led by JP Morgan Chase.
Bettye Fine Collins, Jefferson County Commission president, recently told reporters that Alabama Governor Bob Riley has also agreed to help the county negotiate with Wall Street on a deal to avert a bankruptcy filing.
No timetable was set for the filing, but an agreement with creditors that provided the county time to work toward a solution expires this week.
If the county reneges on the debt, it would be the largest municipal bond default ever in the United States. It would surpass the Washington Public Power Supply System’s $2.25 billion default in 1983 of revenue bonds sold for nuclear plants.
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