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View Full Version : Where to go to file for bankruptcy?



MIWYFSHOTTER
05-01-2006, 09:13 AM
My friend lost his job, owes a bunch of money to his CC hasn't made a payment in like 7 months, car loan, ect...

He wants to file for bankruptcy but he doesn't know where to go to do so. Where should I tell him to go? Bank or something?

Cword
05-01-2006, 09:27 AM
Suggest he contact a local Trustee in Backruptcy for advice

http://www.bankruptcycanada.com/

Bill Cosby
05-01-2006, 09:52 AM
if he files for bankruptcy will they take his car away?

Cword
05-01-2006, 10:01 AM
The Trustees job is to negotiate with his creditors and assist him with going through, or avoiding the process.

They make proposals to his creditors, based on his resources. I suppose the fate of the car would be based on how deep a hole he's dug.

This site http://www.managingdebtwithdignity.info/ has some forms that will provide an idea of what they look into.

Xtrema
05-01-2006, 10:56 AM
Originally posted by MIWYFSHOTTER
My friend lost his job, owes a bunch of money to his CC hasn't made a payment in like 7 months, car loan, ect...

He wants to file for bankruptcy but he doesn't know where to go to do so. Where should I tell him to go? Bank or something?

Can't he do something in interim to at least pay a few of those? How about EI?

I can't see how this could be a problem when there are abundunt amout of $8-$10/hr jobs for the taking. Unless he has been living over his means.

If he does file for bankrupcy, he won't be able to own anything for years to come. I would rather swallow my pride and do any job than declare bankrupcy.

jcrules99
05-01-2006, 11:03 AM
Originally posted by Xtrema


Can't he do something in interim to at least pay a few of those? How about EI?

I can't see how this could be a problem when there are abundunt amout of $8-$10/hr jobs for the taking. Unless he has been living over his means.

If he does file for bankrupcy, he won't be able to own anything for years to come. I would rather swallow my pride and do any job than declare bankrupcy.

:werd:

i would rather try to pay it back slowly workin 8-10 hour wage than declare bankruptcy, how come he hasnt made a payment in over 7 months??

shawtie
05-01-2006, 11:04 AM
^^ isnt it like 7 years or somthing??? thats a long time!

definatly rather work anywhere instead of filing for bankruptcy

MIWYFSHOTTER
05-01-2006, 11:08 AM
Originally posted by jcrules99


:werd:

i would rather try to pay it back slowly workin 8-10 hour wage than declare bankruptcy, how come he hasnt made a payment in over 7 months??

Put it this way, he spends his money on tattoos and crap like going out instead of paying his VISA and MC. :rolleyes:

His credit is really shitty now and he ruining his dad's aswell for a car loan. I doubt not filing for bankruptcy will help him since the job he has now will probably only last ohh so long.

Hes making 9 bucks an hour and works at Mcdonalds.

aram1000
05-01-2006, 11:15 AM
Filing for bankruptcy should be a last resort, once you do it there is no going back, he should seriously consider selling off some of his assests (car for example) to pay back his creditors before declaring bankruptcy, usually if you talk to your bank they can find some solutions for you, like consolidating for example, those are avenue's he should pursue first, because once you decalre bankruptcy it takes you 7 years before u can even consider applying for any type of credit product, and even then its gonna be hard to get and u get stuck with high interest rates

benyl
05-01-2006, 11:19 AM
He would be better off consolidating his debt into one payment and working with a creditor to repay it with his $9/hour job. Bankruptcy never goes away... after the 7 years, you have to rebuild your credit again and that could take years.

If he declares bandkruptcy again after that, it will follow him for the rest of his life.

kaput
05-01-2006, 11:44 AM
.

Bill Cosby
05-01-2006, 11:58 AM
you cant consolidate if your liabilities are more than your assets, thats what i was told anyways

if your in the hole, its hard to get out, trust me i know!

harley11
05-01-2006, 11:58 AM
pm'd

Xtrema
05-01-2006, 12:07 PM
Originally posted by MIWYFSHOTTER
Put it this way, he spends his money on tattoos and crap like going out instead of paying his VISA and MC. :rolleyes:

His credit is really shitty now and he ruining his dad's aswell for a car loan. I doubt not filing for bankruptcy will help him since the job he has now will probably only last ohh so long.

Hes making 9 bucks an hour and works at Mcdonalds.

Sound like he need counselling bad.

MIWYFSHOTTER
05-01-2006, 12:08 PM
I will direct him to this thread and he can decide! Thanks for the advise guys.

89coupe
05-01-2006, 12:43 PM
Tell him to read everything here first.

http://www.bankruptcycanada.com/question1.htm

creeper
05-14-2006, 05:47 PM
Why the fuck doesn't he just get a higher paying job? One of the hottest economies in the entire world and he's fucking in debt, working at McDonald's. Apply to landscapers. My buddy just got a job, $20 an hour, truck provided. Employer says he can work up to 60 hours a week if he wants. They are fucking begging for people. He's 18.

No sympathy.

:thumbsdow

theken
05-14-2006, 06:03 PM
www.moster.ca last time i checked there was 8 pages in the herald for job classifieds, if u cant have a job within 2 days you dont deserve to live in calgary

tsi_neal
05-14-2006, 06:05 PM
Originally posted by creeper
Why the fuck doesn't he just get a higher paying job? One of the hottest economies in the entire world and he's fucking in debt, working at McDonald's. Apply to landscapers. My buddy just got a job, $20 an hour, truck provided. Employer says he can work up to 60 hours a week if he wants. They are fucking begging for people. He's 18.

No sympathy.

:thumbsdow

:werd: Take a drive through the industrial park, on every block there is at least one sign for business that want people. many of the posted wages are 15-18/hr... Its not huge money, but it beats 9/hr and will easily be enough to pay things off a little at a time. To me it sounds like he thinks bankruptcy is the easy way out...

dragonone
05-20-2006, 05:03 AM
my frnd told me it'd cost him 1300 to file for bankruptcy
htf would he have that money if he needed to file for bankruptcy

on the other hand, if that was true, it is a gd deterent to ppl that think bankruptcy is a way out of owing money that they should pay back

asuth077
05-20-2006, 06:57 AM
Originally posted by MIWYFSHOTTER

and he ruining his dad's aswell for a car loan.

If his dad co-signed then he will still be on the hook for that loan I believe.

JDMAE86
05-20-2006, 09:00 AM
Bankruptcy is really not that bad I specialize in auto loans with people that have gone through bankruptcy.
If he decides to claim bankruptcy please advise him to see a trustee ASAP then get discharged ASAP. The longer he lets it sit the worse it gets anyday now the creditors will be writing him off then he is even more screwed.

Multilple write offs = No possible chance for credit for a long time
Bankrupt and Discharged ASAP = Approved Credit after 1 year high interest rates.

Greg

MIWYFSHOTTER
05-21-2006, 10:46 AM
Originally posted by JDMAE86

Multilple write offs = No possible chance for credit for a long time
Bankrupt and Discharged ASAP = Approved Credit after 1 year high interest rates.

What is a discharge? Also what is a write off?

R!zz0
05-22-2006, 05:21 PM
He's credit is pretty much fucked whether he files for bankruptcy or not.

Alex_FORD
05-26-2006, 08:20 AM
Originally posted by R!zz0
He's credit is pretty much fucked whether he files for bankruptcy or not.

:werd: Why should he waste his time filing for bankruptsy when he's not making payments anyway? Sounds like a lot of effort for someone that doesn't give a fuck.