“Top 10 Bankruptcy Myths Exposed” - Get the Free Report Today!
In your recent detailing of questions a former gambler will be asked during a bankruptcy discharge hearing, you said that depending on the answers given, `the Court may look for additional information…`. Can you please explain what this information could entail?
Thanks.
Posted from: Ontario
Hi there,
I have NO assets whasoever. I pay an insultingly low amount to my several debts, although on a fequent basis and they are now calling me at work demanding I pay my mimimums and catch up. I have no real address, car, RRSPs, no bank accounts, no more credit cards - just my full time job. They know where I work, so is it likely they can garnish my wages? If they do, can`t I just quit my job and go elsewhere? I`m almost off the grid basically except for coming to work - are they likely to serve me at work and take me to court? Can I tell them to stop calling my work?
Posted from: Ontario
While living abroad I incurred credit card and line of credit debt. I am living back in BC now and considering bankruptcy for debts here and overseas. can I claim bankruptcy for debt in another country or if i file in Canada will that include foreign debt?
Posted from: British Columbia
What should owners of homes know about dealing with today’s economy? The new words of “Short Sale” or “Loan Mortgage Modification” are new terms that homeowners never thought they would need to hear or understand what they mean in order to possibly save their homes or their credit. No one planned for such a drop in home values and such a rise in costs.With all the new terms and with all the sever changes in this economy, it is no wonder that homeowners fear doing anything when they are faced with financial hardship. Homeowners need not longer fear these terms and more importantly understand why loan modifications and short sale refinancing may make the difference between a homeowner keeping their home, avoiding bankruptcy and saving their credit.
We all heard about the great “bailout” of 2008. We heard both the pros and the cons with our government bailing out several banks, insurance companies, financial institutions and etc. However, the biggest pro for homeowners will come from this bailout. The pro is that mortgage companies are now starting to stop foreclosure sales, short sales and going back to the owners to modify their loans so to allow them to keep their home irrespective of their failure to pay their mortgage payments. Therefore, debtors will begin to see an order of process for homeowners to fight to keep their homes in these unprecedented times of financial suffering.
A loan modification will be likely the first step for homeowners to consider. A loan modification is simply a homeowner asking the mortgage company to modify the current terms of their mortgage. Homeowners will ask a mortgage company to modify their mortgage because of being late on payments, variable interest rates, too high of monthly mortgage payments and etc. Homeowners can seek this relief on their own directly with the mortgage company. However, the process is very time consuming and often frustrating for a homeowner. It recommended that you hire a law firm to help get you through the process.
One final point is that mortgage companies today are requiring that loan modifications be conducted first and attempted by the homeowner before they will even consider a Short Sale.
How much does voluntarily banning or excluding oneself from casinos in the province of residence come into play when a discharge hearing is held in court?
Posted from: Ontario
If you have to be present in court for your discharge hearing and you listed gambling as one of your reasons for bankruptcy, should you be prepared to answer questions put forth to you by the judge?
If so what kinds of questions relating to gambling will the judge ask?
Posted from: Ontario
Additional Resources: Commercial litigationYesterday a client asked me whether he should start defaulting on his mortgage payment. He got word from his lender that his payments might be substantially reduced in the future, but only if he was at least three months behind when he applied for the modification program. More than anything, the idea that you have to miss payments to get help with your mortgage defines the trouble we are in.
On November 11, Secretary of the Treasury Henry Paulson announced just such a plan for mortgages owned by federal housing agencies Freddie Mac and Fannie Mae. Unfortunately, these entities own only a small percentage of the outstanding sub-prime mortgages -- the type that give rise to most of the foreclosures. According to Sheila Bair, head of the Federal Deposit Insurance Corporation (the regulator of most of the nation's banks), this policy only addresses the tip of the foreclosure iceberg. The FDIC is pushing its own program that may prove to be the centerpiece of the Obama plan.
According to the Treasury announcement, your Freddie or Fannie mortgage payments will be reduced to 38% of your pre-tax income by lowering your interest rate and extending the term of your mortgage. Oddly, this 38% figure is nearly 10% higher than the standard ratio previously used by lenders to determine affordability. In other words, your modified Fannie or Freddie mortgage will be technically unaffordable by a large margin. Huh!
In tandem with this new Fannie and Freddie mortgage program, the federal government continues to offer (under the HOPE for Homeowners Act) 30-year fixed rate FHA-insured mortgages for homeowners at risk of foreclosure. While you don't have to be behind on your payments to participate in this program, it does require your mortgage owner to voluntarily cash out the current loan at something short of your home's current appraised market value (just how short will likely range between 3% and 10%, due to amendments included in the bailout bill). So far, very few lenders have stepped up to the plate. And homeowners aren't all that thrilled either since they would have to share at least 50% of any future equity they develop with the federal government.
It's important to keep in mind that federal foreclosure mitigation policies are being fashioned by a few individuals who likely will not be around on January 20, 2009. Also, the Democrats' majorities in the House and Senate will be enhanced. As the economy continues to deteriorate and a new government takes hold, radical -- and unpredictable -- changes in the federal government's approach to the foreclosure epidemic are virtually guaranteed.
If you want to know about what modification opportunities are available for your mortgage right now, whether under the federal programs or under other programs operated by private mortgage owners, you'll need to find out who's calling the shots and what type of plan they offer. Consider using a free HUD-certified housing counselor to help you get this information. You can find a counselor in your area by calling 1-888-995-HOPE.
I am in the process of doing a consumer proposal joint with my wife. I understand that their are chagnings coming for the Consumer Proposal. Will it be better for me to start the proposal now and hope that I can still take part under the old provisions or should I wait and do it under the new provisions of the consumer proposal?
Posted from: Ontario
My total personal debt is $90000. Am I eligible to file a consumer proposal rather than filing for bankruptcy?
Posted from: British Columbia
I`m thinking of filing for bankruptcy but the only income I receive is tutoring children privately. My payments are in cash and I have no pay stubs. What would I need to show the trustee for proof of income?
Posted from: British Columbia
What kind of conditions apply to claiming bankruptcy a second time 2 years after the first?
I heard that there is a way of including my student loans into my past bankruptcy retroactively? Is this true and what conditions apply?
Posted from: Quebec
I was eligible for an orderly payment of debt in the province of Saskatchewan, this was over 10 years ago. I did not go through with it instead I paid up my debts in full and have about 4000 to go.
I have not seen this in my credit report. do I have to contact the OPD, office, to get released from here and will they again contact the credit bureau or is it now cleared up.
Thanks,
Saskatchewan debtor
Posted from: Saskatchewan
If a student loan can be included in bankruptcy after the 7yr time has elapsed, can it be included if you qualify for bankruptcy under the 5yr hardship rule or does 7yrs absolutely must have gone by? Thanks
Posted from: New Brunswick
I am entering into a consumer proposal… My student loans have not reached the point where they could be included… My consumer proposal is for 48 months… Do I have to keep paying for it when my current interest relief period is up or does it stay inactive until after my proposal is completed? I am concerned because this expense of monthly payments (due to start in January at this point) will make it REALLY hard to keep up with my CP payments. Thank you
Posted from: British Columbia
I am in the process of a consumer proposal (meeting on November17/08 to see if proposal accepted by creditors).
I have a leased vehicle with GMAC and I CANNOT afford the payments anymore. I have made one payment since I signed my consumer proposal. What happens if I stop making the payments NOW? Does the remaining monies owed to GMAC for the lease (approx $3000) get included in my proposal? Or will I owe this separately after all is said and done. I know that they will repossess the vehicle. I am okay with that… I just need to know if after all of this if I am going to be required to finish my obligation to GMAC or if it is automatically included in my proposal, and I do not have to worry about it.
Posted from: British Columbia
 |
 |
