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Thread: Where to go to file for bankruptcy?

  1. #1
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    Default Where to go to file for bankruptcy?

    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?

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    Suggest he contact a local Trustee in Backruptcy for advice

    http://www.bankruptcycanada.com/

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    if he files for bankruptcy will they take his car away?

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    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.

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    Default Re: Where to go to file for bankruptcy?

    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.

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    Default Re: Re: Where to go to file for bankruptcy?

    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.


    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??

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    ^^ isnt it like 7 years or somthing??? thats a long time!

    definatly rather work anywhere instead of filing for bankruptcy

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    Default Re: Re: Re: Where to go to file for bankruptcy?

    Originally posted by jcrules99




    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.

    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.

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    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

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    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.

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    .
    Last edited by kaput; 01-05-2017 at 02:39 AM.

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    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!

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    pm'd
    seadootrip.com

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    Default Re: Re: Re: Re: Where to go to file for bankruptcy?

    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.

    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.

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    I will direct him to this thread and he can decide! Thanks for the advise guys.

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    Tell him to read everything here first.

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

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    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.


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    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

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    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.

    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...

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    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

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