Archive for September, 2008
Tuesday, September 30th, 2008
I own a business for just over 10 years but is not profitable. My income tax records show a loss each year. I am trying to sell the business but since it is a loss each year, no one is interested in buying it. I had to remortgage my house to buy this business initially 10 years ago. I also had to use a shared personal line of credit with my wife in order to pay off some debts, including a court case that I won (but still had to incur costs for defense). My question is if I am in debt with this line of credit and also mortgage payments (which is really payments for the business), can bankruptcy be an option for me? If so, will my wife be affected for the business/mortgage payments and the line of credit?
Posted from: British Columbia
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Tuesday, September 30th, 2008
I have personally gauranteed for my business to a line of credit, a few company credit cards as well as a private business loan. My company is going unders and I have no personal assets left. Would these creditors sue me personally for recovery? Can they put me into personal bankruptcy? I also have some personal credit card debts on which I plan to make minimum payments from a proposed employment.
Posted from: Ontario
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Tuesday, September 30th, 2008
I have a motorcycle as my only vehicle. It was purchased through financing in 2006 with my mother as the co-signer. Will I be able to keep this as long as I continue to make my payments? Will my mother find out I have filed for bankruptcy?
Posted from: Ontario
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Tuesday, September 30th, 2008
The first personal bankruptcy laws began in Great Britain more than four hundred and fifty years ago - of course, those statutes forced the bankrupt to infamous debtor’s prisons (could’ve been worse; the Roman Empire forced insolvent debtors to be slaves of their creditors). Throughout most of western civilization, inability to repay bills was considered the same as fraud and debtors were absolutely considered criminals - often sentenced to death. Things really didn’t start to change until the English economy began a period of expansion in the 1600’s.
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Tuesday, September 30th, 2008
This article contains information on filing bankruptcy and seeking the alternatives. By investigating exactly what bankruptcy is one can gain a better perspective on all possible solutions to their debt problems.
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Tuesday, September 30th, 2008
Information on bankruptcy and ways to avoid it. Detailed how to on avoiding bankruptcy.
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Tuesday, September 30th, 2008
Earlier today, I was watching the Senate Banking Committee debate the administration’s proposal to have Congress write the Secretary of the Treasury a blank $700 billion check to fix the bad mortgage debt problem and other financial market woes. As Secretary Paulson was explaining the need for such awesome power, a sidebar appeared on the screen stating that Paulson’s net personal worth is $500 million.
That got me to thinking: It would be very helpful for TV public affairs shows to always put sidebars or bubbles showing the net personal worth and annual income of their various talking heads. The same would go for TV appearances by public officials, politicians, and political shills of all stripes. I found myself wondering about the Fed chairman’s net worth, and then the members of the Committee and the other “experts” assembled to support the administration’s request. From there, my thoughts jumped to the TV commentators and pundits who are either super rich themselves or operate in those circles.
Why should we care about someone’s wealth? Every time one of these well-heeled folks says something being proposed is in “our” interest, you have to wonder whose interest they are talking about. Surely Secretary Paulson’s interest is not the same as mine, as my net worth is slim to none. So, when Henry Paulson — or Donald Trump, for that matter — advise that a course of action would be in “all our interests,” I’m pretty sure they’re thinking of a relatively small circle of family, friends, and associates whose net worths are way up there in the many millions.
So here’s what I think about the proposed bailout. It’s crystal-clear that the people who have made out big time under the current credit-debt system desperately want it to continue. And for them, the bailout is a necessity. It may be that it’s a necessity for the rest of us as well, but I’m unwilling to take it on trust from the people who are pushing that line.
If I had knowledge of who had most benefited from the housing and credit bubbles, I would be better positioned to assess whose interests were being served. For now, it appears to me that the “titans of Wall Street” and the government that serves them are using the same shock-and-awe approach to this power grab as has worked so well with the American people in the past — scare the hell out of them, and then take what you like.
This, of course, implies that this was and is an engineered crisis. And why not? Everyone in a position of responsibility repeats the mantra that these high-flying finance types are very smart people. If so, they must have seen it coming. A lot of us said-to-be less brilliant people saw the handwriting on the wall a long time ago.
Of course, a possible alternative explanation is that the Masters of the Universe (to paraphrase Tom Wolfe’s Bonfire of the Vanities) are far too arrogant and completely lacking in common sense. In that case, we really ought to ignore what they say and let events take their course. I do believe that “the market” will likely produce a better outcome.
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Tuesday, September 30th, 2008
The affects of personal bankruptcy after it is declared. How consumers rebuild themselves after bankruptcy.
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Tuesday, September 30th, 2008
Technically, the term bankruptcy comes from the old Italian banco rotta or busted bench - most likely a metaphor for flat broke though, for merchants unable to pay their debts in olden days, more than a few benches (or countertops) were destroyed alongside. The overall notion’s rather older and refers to the official distinction of debts that a court agrees could not reasonably expect to be repaid. As a matter of fact, the earliest legal definition of bankruptcy protection appeared in Roman statutes during Caesar’s reign.
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Tuesday, September 30th, 2008
There’s any number of reasons that the number of personal bankruptcy continue to go up exponentially every year - spinning ever close to two million per annum according to government statistics. Credit lines and credit cards are more available than ever to people of all sorts of qualifications, the adjustable rate and negative amortization loans that inspired our current mortgage lender crisis has led to many homeowners’ mortgage bills increasing monthly, national unemployment continues to rise - even the spiraling divorce rate, as partners wish to discharge mutual debt-loads, has helped send bankruptcies to historic levels of acceptance. …
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Tuesday, September 30th, 2008
I am in a 3-year consumer proposal and I am in the end of the first year, no problem of paying to my trustee monthly according to the consumer proposal.
My question is: if you want to apply to lease a car in car dealership, will they accept my application or just refuse it?
Posted from: Ontario
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Tuesday, September 30th, 2008
For borrowers suffering the many humiliations large and small of debts increasing beyond their control, there are actually several different forms of debt relief available to average consumers. What may surprise most Americans, actually, is the extent to which bankruptcy will no longer be considered among the debt relief alternatives that seasoned financial advisors recommend to most clients. Three years ago, while the economy was still relatively robust and the media was distracted by Iraq war coverage, the congress slipped in a few seemingly minor alterations to the United States bankruptcy code that went on to weaken tremendously the protection…
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Tuesday, September 30th, 2008
I`m joint owner in a home, the mortgage is joint with my spouse which I became separated in Oct/06. He`s living in the home and has been paying the mortgage. I cannot financially continue paying on the debts I have in my name only as I`m on CPP medical diasbility-$1054 mthly, and considering filing bankrupcty. Is it possible to change title on the property to our daughter (she`s 20) and then file so the home won`t be affected? I have no other assets, but the debt is joint and he can`t qualify on paper to assume my portion of the mortgage. We both would like to hold on to the home until our daughter is finished university and out living on her own. Your reply would be appreciated.
Posted from: Ontario
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Tuesday, September 30th, 2008
If I declare bankruptucy and I have a ski-doo with an approximate value of $3000 what will happen? Do I lose the ski-doo?
Posted from: Newfoundland and Labrador
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Tuesday, September 30th, 2008
Chapter 13 Bankruptcy is a legal process that differs from traditional debt consolidation in certain important ways. This article details some of the most significant differences.
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Monday, September 29th, 2008
I guarantor a person to a leased car, he returned it voluntarily and he filed bankruptcy. How does this affect me? Can the leasing company chase after me?
Posted from: Ontario
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Monday, September 29th, 2008
My husband and brother are both on title and mortgage of our home. We were told that if there was no equity in the home and we kept up the payments that bank would probably let us keep it. Based on the appraisal the trustee said they would not be selling the home because there would be nothing left for creditors. Now, we get a call out of the blue saying that my brother, the co-signor, has paid to have my husband`s name removed from the title so he can sell it. What law allows him to do this? Can we stop him? We have made all of our payments and my husband has done all of his duties as a bankrupt. My brother does not live in the house and we paid him out his entire investment plus interest when he moved out. PLEASE respond. My trustee is not returning my calls.
Posted from: Nova Scotia
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Monday, September 29th, 2008
What does it take to be discharged from a student loan that survived bankruptcy?
How do I find a free lawyer help to file for a discharge from a student loan that survived my bankruptcy?
Beata
Posted from: British Columbia
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Monday, September 29th, 2008
If I have a Recreational Vehicle which is in storage in Florida because of a serious mechanical breakdown which I do not have the money to fix,does it have to be turned over and do I get to remove personal belongings which are still stored in it? The vehicle is registered in Canada,and carries insurance.
Posted from: Nova Scotia
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Monday, September 29th, 2008
Hi There…I owe a considerable amount to CRA. I do have 2 locked in accounts and see that Alberta allows unlocking to pay Rev Canada debts. My LIRA`s are NS and Federally admininstered which do not allow unlocking for tax debt. Bankruptcy is an option but is there any way since bankruptcy is looming to unlock these funds?
Posted from: Alberta
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Monday, September 29th, 2008
We financed our business (incorporated) inventory purchases using our credit cards over the last 5 years. We are now realizing that the business isn`t viable and have a large amount of credit card debt. We want declare personal bankruptcy and start a new sole proprietorship and use the inventory from the existing business. The corporation has been paying the credit card minimum payments to pay back the `loan`.
Question: Who owns the inventory that was purchased by credit card? Would the inventory be considered an asset of the person (and attached to the bankruptcy) or would it be considered to be like a secured loan to the company, meaning that we could take it back in repayment
There is $80,000 in credit card debt and $50,000 in inventory.
Posted from: British Columbia
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Monday, September 29th, 2008
Millions of people have been shut out of the bankruptcy courts since the laws were changed in 2005. Bankruptcy filings in 2006 were one-third of the number filed in 2005. Filings have been on the rise again in 2008 because of the horrible economic conditions we are seeing, but if not for the law change, we would probably approach twice the number that filed in 2005.
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Monday, September 29th, 2008
If you are considering going bankrupt, then you are obviously in a very serious debt situation. Bankruptcy may not be the best solution for you, so it is very important to consider the alternatives and get qualified debt advice. What are the Consequences of Going Bankrupt In the UK, the consequences for bankrupts are quite severe.
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Monday, September 29th, 2008
They say that the average US Citizen only has enough money in savings for an average of 4-5 weeks with no income. If the money stops coming in they are financially bankrupt. That includes the balances on their credit cards and any home equity lines of credit, which these days are almost non-existent. Just imagine losing your job at a time like this, and many Americans are due to hard economic times and large corporations trimming jobs and announcing huge lay-offs.
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Monday, September 29th, 2008
Today more than ever the citizens are in dire straights, as the mortgage crisis continues folks are worried about losing their homes, of course, they have also been charging their lifestyle via their credit cards at 22%. The price of food and gasoline have skyrocketed and with the economy on a negative growth to zero growth space on the charts business is slow, meaning more lay-offs and job losses.
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