Has anyone ever declared bankrupcy

[seaking420]

At what point did you decide to declare and did you ever recover from it

 

[heavy_duty]

it is a tool of the wealthy

 

[Raptorex]

you missed the glory days, sorry.

 

[seaking420]

I dont understand either of your responses...........why is it a tool of the wealthy...........and what glory days?

 

[calveless wonder]

I dont understand either of your responses...........why is it a tool of the wealthy...........and what glory days?

when you can pretty much declare chapter 7 like it was nothing.

chapter 13 sucks. you have to reassign your debts and pay a trustee till your debts are paid.

bankruptcy law changed considerably a few years back.

it WAS a tool of the wealthy. you could basically accumulate all this debt based on bad investments and such and then completely get out of all your liabilities.

start fresh. use wife's credit etc

 

[heavy_duty]

over here you walk away from all debt including taxes and any other monies owing Revenue Canada
pay the trustee about $1500
9 months later you get a full discharge and can get what ever you want but you'll pay a higher interest rate.

you just have to set yourself up properly before you file.

 

[Raptorex]

over here you walk away from all debt including taxes and any other monies owing Revenue Canada
pay the trustee about $1500
9 months later you get a full discharge and can get what ever you want but you'll pay a higher interest rate.

you just have to set yourself up properly before you file.

bro Canada is a disaster in the making, your immigration policy is foolish...most who want handouts are on their way up ther.

 

[heavy_duty]

they are sending them to Manitoba and Sask...2 places none of us have ever been or will ever go to.

we have a ton of room in Canada for all gods children.

a 24 hour drive north and I'm still in Ontario.

 

[Raptorex]

they are sending them to Manitoba and Sask...2 places none of us have ever been or will ever go to.

we have a ton of room in Canada for all gods children.

a 24 hour drive north and I'm still in Ontario.

your tax base is not that large, but I think its nice you take them in.

 

[Smurfy]

I dont understand either of your responses...........why is it a tool of the wealthy...........and what glory days?

they'll pass you by

 

[bigmann245]

yea they changed the laws bigtime so now you cant just rack up debt, file bankruptcy and do it again in 10 years. now its all jacked up to the point its not worth it....

 

[Dial_tone]

The glory days of bankruptcy ended decades ago when you could write off student loans. Then they figured out why so many young doctors and lawyers were filing.

 

[bigmann245]

they'll pass you by

ok bruce

 

[eddymerckx]

At what point did you decide to declare and did you ever recover from it

make sure you talk to a real bankruptcy atty--not someone that is a bankruptcy factory--get a ref from the local bar assoc--not the yellow pages or tv commercials. they should give you a real appraisal of the upside and downside.

 

[Razorguns]

If you dont' care about credit - change your # and tell creditors to f.off.

If you do - you can still do chapter 7. What's hillarious -- is that the more you owe vs the less you have, the better your chances.

So spend like crazy, wait 2 years, than file. If you file with $5k in debt, no go. File with $50k in debt - you're golden.

Your credit is f'd no matter what - so don't believe all the credit industry brainwashing shit against filing. And once you file, guess what - they want you to get credit again (to rebuild! whatever). Don't.

My friends filed, and 1 year later - were buying homes and cars.

bkforums.com i think ?

r

 

[MichaelScott]

"i Declare Bankruptcy"

 

[heavy_duty]

If you dont' care about credit - change your # and tell creditors to f.off.

If you do - you can still do chapter 7. What's hillarious -- is that the more you owe vs the less you have, the better your chances.

So spend like crazy, wait 2 years, than file. If you file with $5k in debt, no go. File with $50k in debt - you're golden.

Your credit is f'd no matter what - so don't believe all the credit industry brainwashing shit against filing. And once you file, guess what - they want you to get credit again (to rebuild! whatever). Don't.

My friends filed, and 1 year later - were buying homes and cars.

bkforums.com i think ?

r

Yes very true & good advice!

 

[seaking420]

If you dont' care about credit - change your # and tell creditors to f.off.

If you do - you can still do chapter 7. What's hillarious -- is that the more you owe vs the less you have, the better your chances.

So spend like crazy, wait 2 years, than file. If you file with $5k in debt, no go. File with $50k in debt - you're golden.

Your credit is f'd no matter what - so don't believe all the credit industry brainwashing shit against filing. And once you file, guess what - they want you to get credit again (to rebuild! whatever). Don't.

My friends filed, and 1 year later - were buying homes and cars.

bkforums.com i think ?

I dont know what to believe.......I dont think im going to file it seems like it might not be worth it......i have to look into it more.........I build up so much debt from my early 20's that I cant seem to recover right now since I have a high mortgage. From what I heard is if you file for it that its much harder to get a loan for a car or house.....how did your friend buy a house a year afterwards?