Filing Bankruptcy in Canada

[Cos]

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[CompletelyNumb]

I'd be curious to know how many of the people giving advice here have actually been through bankruptcy, or have seen it first hand...

If you plan on being a credit card baller like half of this forum, then yes, bankruptcy is not the best option for you. It is not, however, the financial suicide some would have you believe.

It's very easy to research the good and bad side effects this will have on your life. But your best bet is to consult a professional, not an anonymous poster on an internet forum.

There are many cases where bankruptcy is your best option. In my opinion yours is not one of those. But since it's already crossing your mind, professional advice would do you some good.

[nickyh]

If you plan on being a member of a professional association it could be a problem.
I am a CGA, and every year with my annual dues payment i am asked if i filed for bankruptcy.... now i'm not sure what issues this could bring if i ever did.

[codetrap]

Originally posted by nickyh
If you plan on being a member of a professional association it could be a problem.
I am a CGA, and every year with my annual dues payment i am asked if i filed for bankruptcy.... now i'm not sure what issues this could bring if i ever did.

They take away your CGA status because if you have to file then it's obvious you suck too much with financial matters to be a CGA.

In reality, it sounds like they simply want to monitor the proceedings in order to decide whether or not to investigate any violations in the code of ethics.

[ramminghard]

Originally posted by codetrap
They take away your CGA status because if you have to file then it's obvious you suck too much with financial matters to be a CGA.

In reality, it sounds like they simply want to monitor the proceedings in order to decide whether or not to investigate any violations in the code of ethics.

This applies to many professional associations, not just the CGA. P.Eng for example which has little to do with "sucking at financial matters".

[Toma]

Originally posted by ramminghard
This applies to many professional associations, not just the CGA. P.Eng for example which has little to do with "sucking at financial matters".

Not true. I know a Lawyer and a Engineer that both went through bankruptcy and did not lose their professional standing.

[codetrap]

Originally posted by ramminghard
This applies to many professional associations, not just the CGA. P.Eng for example which has little to do with "sucking at financial matters".

Hopefully, it was clear to you that I was kidding about the first part.

[silvercivicsir]

I wouldn't trust a Engineer or a Lawyer who has filled Bankruptcy, they should be able to handle their own finances as a minimum..

[rizfarmer]

Originally posted by silvercivicsir
I wouldn't trust a Engineer or a Lawyer who has filled Bankruptcy, they should be able to handle their own finances as a minimum..

Why not? bankruptcy may have been part of how they planned to handle their finances. there is nothing illegal or immoral about bankruptcy; posting in threads like this without having a clue about what you are talking about should be illegal.

[silvercivicsir]

wow really? part of how they planned to handle their finances?? To me, it shows they are incompetent to handle their own finances, and most likely would be incompetent in handling their professional duties.. but that's just me.

Originally posted by rizfarmer


Why not? bankruptcy may have been part of how they planned to handle their finances. there is nothing illegal or immoral about bankruptcy; posting in threads like this without having a clue about what you are talking about should be illegal.

[alloroc]

There are some other options. I would avoid bankruptcy but I would consult an insolvency firm.

The counseling admins at those firms can help you a lot.

[C_Dave45]

Originally posted by CompletelyNumb
I'd be curious to know how many of the people giving advice here have actually been through bankruptcy, or have seen it first hand...

If you plan on being a credit card baller like half of this forum, then yes, bankruptcy is not the best option for you. It is not, however, the financial suicide some would have you believe.

It's very easy to research the good and bad side effects this will have on your life. But your best bet is to consult a professional, not an anonymous poster on an internet forum.

There are many cases where bankruptcy is your best option. In my opinion yours is not one of those. But since it's already crossing your mind, professional advice would do you some good.

Thought I'd pop in here for a laugh and lo and behold I see the most intelligent post above. Nothing more needs to be said.

/thread.

Originally posted by silvercivicsir
wow really? part of how they planned to handle their finances?? To me, it shows they are incompetent to handle their own finances, and most likely would be incompetent in handling their professional duties.. but that's just me.

Perfect example of someone who jumps to conclusions and opens their yap without probably any experience in the topic at all.

Bankruptcies can be the result of OTHER companies who don't pay their bills. I've seen many a small business get burned by others, which in turn bankrupts them.

IE: A small business (engineer, lawyer, etc) takes on a HUGE client. Biggest contract ever...takes up 6 months of manpower, etc. Huge firm goes tits up and can't pay the small business. Burns them for half a million dollars. Small business has no choice but to claim bankruptcy.
This somehow translates into "incompetent to handle their own finances"?

[rizfarmer]

Originally posted by silvercivicsir
wow really? part of how they planned to handle their finances?? To me, it shows they are incompetent to handle their own finances, and most likely would be incompetent in handling their professional duties.. but that's just me.

yea really, what's not to understand? again, bankruptcy is an option available to individuals as a means to deal with their finances. Of course it should usually be the last option, but the fact that you feel a professional is incompetent for claiming personal bankruptcy has fuck all to do with anything. How would you know if the engineer that designed the building you are sitting in isn't bankrupt??

I don't see the connection between personal finance and the ability to perform your duties as a lawyer or engineer.

Now, if a lawyer cheated the bar, or if an engineer was known to cut corners in design or construction, then what would probably be grounds to not trust said professional.

[codetrap]

Originally posted by rizfarmer
yea really, what's not to understand? again, bankruptcy is an option available to individuals as a means to deal with their finances. Of course it should usually be the last option, but the fact that you feel a professional is incompetent for claiming personal bankruptcy has fuck all to do with anything. How would you know if the engineer that designed the building you are sitting in isn't bankrupt??

I don't see the connection between personal finance and the ability to perform your duties as a lawyer or engineer.

Now, if a lawyer cheated the bar, or if an engineer was known to cut corners in design or construction, then what would probably be grounds to not trust said professional.

Bankruptcy is essentially cheating your creditors out of the money you owe them. I wouldn't trust anyone that planned to cheat someone else as part of a "sound financial strategy". Goes to showing the type of character they have, after all, if they're willing to cut corners in their personal finance..... what else are they willing to cut corners on. And if they went bankrupt due to incompetence at financial matters.. then well.... perhaps they're not so terribly competent at other things.

It really depends on the reason they had to declare, but I would expect a highly paid professional with years of training to keep their shit together in ALL aspects of their lives.

[ZenOps]

Its socially acceptable in the US. Donald Trump filed 4 times, so far.

Sometimes you have winner and sometimes you have losers, if you have creditors that are stupid enough to put money into a loser - then how is that your fault?

I'm very surprised the Donald did not run for presidency, he would be a perfect fit for the US - experiment like crazy, go into massive debts and then just print more money (and make a jar of peanut butter cost $20) It worked before, it will always work in the future right? Canada wouldn't dare call out the US on that.

[codetrap]

Originally posted by ZenOps
Its socially acceptable in the US. Donald Trump filed 4 times, so far.

Sometimes you have winner and sometimes you have losers, if you have creditors that are stupid enough to put money into a loser - then how is that your fault?

I'm very surprised the Donald did not run for presidency, he would be a perfect fit for the US - experiment like crazy, go into massive debts and then just print more money (and make a jar of peanut butter cost $20) It worked before, it will always work in the future right? Canada wouldn't dare call out the US on that.

He has never filed for personal bankruptcy.

[lasimmon]

Originally posted by codetrap
Bankruptcy is essentially cheating your creditors out of the money you owe them. I wouldn't trust anyone that planned to cheat someone else as part of a "sound financial strategy". Goes to showing the type of character they have, after all, if they're willing to cut corners in their personal finance..... what else are they willing to cut corners on. And if they went bankrupt due to incompetence at financial matters.. then well.... perhaps they're not so terribly competent at other things.

It really depends on the reason they had to declare, but I would expect a highly paid professional with years of training to keep their shit together in ALL aspects of their lives.

A lot of people go bankrupt due to companies they are consulting for don't or can't pay them.

[ZenOps]

Originally posted by codetrap
He has never filed for personal bankruptcy.

Doesn't matter, he did personally benefit from the bankruptcies.

Winner companies get to keep their money, loser companies go bankrupt and all of the monetary loss is placed upon the stupid ass creditors.

This does create a problem when "commodity houses" like MF global and PFG go bankrupt. When you order up a hundred thousand tons or so of corn for your business, and it doesn't show up - that is a problem. But if Facebook or a Trump company goes bankrupt its no big deal.