Bankruptcy Questions??
03-Oct-2005, 01:42 PM
#21
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Location: Toronto
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Originally posted by CyniKal.Mindset
its not too hard when u go to school 2 times, live away from home for a year and have to support yourself and have an addiction to black crack...
its not too hard when u go to school 2 times, live away from home for a year and have to support yourself and have an addiction to black crack...
you must think of your welfare and future, not looking cool in front of fake friends and the present day only.
03-Oct-2005, 01:49 PM
#22
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Join Date: Aug 2005
Location: Windsor
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Originally posted by t_dot_porkchop
you must think of your welfare and future, not looking cool in front of fake friends and the present day only.
you must think of your welfare and future, not looking cool in front of fake friends and the present day only.
Everyone has their reasons, and its not really anyones business why they do.
03-Oct-2005, 01:52 PM
#23
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Originally posted by ReD-eF
I dont think that is what its all about.. but whatever...
Everyone has their reasons, and its not really anyones business why they do.
I dont think that is what its all about.. but whatever...
Everyone has their reasons, and its not really anyones business why they do.
Correct me if I am wrong but do they not provide a service to show how to handle your affairs when you do file for bankruptcy?
03-Oct-2005, 02:05 PM
#24
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I go for budgeting and councelling sessions 2 of them are mandatory as part of your bankruptcy. Linda my trustee is helping me invest in RRSP's and showing me how to spend money and how to save money.
I would never do it again, I would of never done it in the first place if I didn't have to...
I would never do it again, I would of never done it in the first place if I didn't have to...
03-Oct-2005, 02:12 PM
#25
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Originally posted by ReD-eF
I go for budgeting and councelling sessions 2 of them are mandatory as part of your bankruptcy. Linda my trustee is helping me invest in RRSP's and showing me how to spend money and how to save money.
I would never do it again, I would of never done it in the first place if I didn't have to...
I go for budgeting and councelling sessions 2 of them are mandatory as part of your bankruptcy. Linda my trustee is helping me invest in RRSP's and showing me how to spend money and how to save money.
I would never do it again, I would of never done it in the first place if I didn't have to...
That is what I thought, so that should answer the question about repeating and taking steps in how to budget.
03-Oct-2005, 07:31 PM
#28
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Originally posted by t_dot_porkchop
after going though the bankruptcy steps....be sure to take some money management/ financial planning education to avoid doing it all again.
how an early 20-something person racks up so much debt, i will never know.
after going though the bankruptcy steps....be sure to take some money management/ financial planning education to avoid doing it all again.
how an early 20-something person racks up so much debt, i will never know.
I am to loaded to be backrupt.
and how do you know the person is in his early 20's?
But i will be sure to pass on the money management courses to him eventhough it had nothing to do with the way he manages money it was caused thru a business that he owned.
03-Oct-2005, 07:51 PM
#29
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^
Did he incorporate his business? Because if so then the bankruptcy is quite different and less of a hassle because the business will go bankrupt as a separate entity from the individual. Meaning that if an incorporated business goes bankrupt then all unsecured ceditors lose out, the individual doesnt have to pay them anything and it doesnt affect his individual credit rating. Its just like being the CEO/manager/shareholder of a business that went bankrupt, doesnt look too good on a resume but doesnt effect individual credit. If not though then he is out of luck because if he incorporates now and then goes bankrupt it wont take care of the current debt, only further debt from the time of incorporation.
Did he incorporate his business? Because if so then the bankruptcy is quite different and less of a hassle because the business will go bankrupt as a separate entity from the individual. Meaning that if an incorporated business goes bankrupt then all unsecured ceditors lose out, the individual doesnt have to pay them anything and it doesnt affect his individual credit rating. Its just like being the CEO/manager/shareholder of a business that went bankrupt, doesnt look too good on a resume but doesnt effect individual credit. If not though then he is out of luck because if he incorporates now and then goes bankrupt it wont take care of the current debt, only further debt from the time of incorporation.
03-Oct-2005, 08:01 PM
#30
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it was incorporated
but he was told by a lawyer and accountant that because he is a board of director it will affect his own credit aswell and banks have the righ to come after him especially when its only owned by one person
but he was told by a lawyer and accountant that because he is a board of director it will affect his own credit aswell and banks have the righ to come after him especially when its only owned by one person
03-Oct-2005, 08:08 PM
#31
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^
Oh really? My economics professor said that the business can go bankrupt and not effect the person who incorporated, but obviously the lawyer would know better. I guess its different when you are the only person owning the incorporated business.
Either way it is different from personal bankruptcy, it seems most of the people who replied were talking about personal bankruptcy.
Oh really? My economics professor said that the business can go bankrupt and not effect the person who incorporated, but obviously the lawyer would know better. I guess its different when you are the only person owning the incorporated business.
Either way it is different from personal bankruptcy, it seems most of the people who replied were talking about personal bankruptcy.
03-Oct-2005, 08:25 PM
#32
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Location: Mississauga
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^ usually that's true, but there are special conditions where that isn't always the case.... if he took the credit cards out in his name and used them for the business then he can be in trouble, but if he had done everything in the business' name he would've been ok...
something to note here would be how important it is to set up a business properly, especially when you're incorporating, only costs a few grand to have it done so you're not held personally liable for debts/losses the company incurs... so long as you're not criminally negligent.
something to note here would be how important it is to set up a business properly, especially when you're incorporating, only costs a few grand to have it done so you're not held personally liable for debts/losses the company incurs... so long as you're not criminally negligent.
03-Oct-2005, 08:59 PM
#33
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Posts: 6,753
Originally posted by electronblue
I really feel the love in this room
haha...and Cynical...you have to be careful, I'm hitting cougar cub status soon...might be on the prowl
I really feel the love in this room
haha...and Cynical...you have to be careful, I'm hitting cougar cub status soon...might be on the prowl
03-Oct-2005, 09:02 PM
#34
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Originally posted by SilverSiG
^ usually that's true, but there are special conditions where that isn't always the case.... if he took the credit cards out in his name and used them for the business then he can be in trouble, but if he had done everything in the business' name he would've been ok...
something to note here would be how important it is to set up a business properly, especially when you're incorporating, only costs a few grand to have it done so you're not held personally liable for debts/losses the company incurs... so long as you're not criminally negligent.
^ usually that's true, but there are special conditions where that isn't always the case.... if he took the credit cards out in his name and used them for the business then he can be in trouble, but if he had done everything in the business' name he would've been ok...
something to note here would be how important it is to set up a business properly, especially when you're incorporating, only costs a few grand to have it done so you're not held personally liable for debts/losses the company incurs... so long as you're not criminally negligent.
and i have everything done and got everything too like share certificates, seal, box, incorporation papers etc... i dont know where people get thousands from when setting up an incorporation my partner paid like 2 or something grand aswell which I dont know where it went too.
03-Oct-2005, 09:43 PM
#36
Jay, have your friend call my office. We have extensive experience with Corporations/Personal bankruptcies. Again consultation is free, including assessment.
(416) 226-4631 ext. 233 for me. I will get him an appointment with the Trustee who is well versed in these situations.
On a side note, its only costing me $600 to incorporate including name search.
(416) 226-4631 ext. 233 for me. I will get him an appointment with the Trustee who is well versed in these situations.
On a side note, its only costing me $600 to incorporate including name search.
03-Oct-2005, 11:33 PM
#39
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Originally posted by electronblue
Jay, have your friend call my office. We have extensive experience with Corporations/Personal bankruptcies. Again consultation is free, including assessment.
(416) 226-4631 ext. 233 for me. I will get him an appointment with the Trustee who is well versed in these situations.
On a side note, its only costing me $600 to incorporate including name search.
Jay, have your friend call my office. We have extensive experience with Corporations/Personal bankruptcies. Again consultation is free, including assessment.
(416) 226-4631 ext. 233 for me. I will get him an appointment with the Trustee who is well versed in these situations.
On a side note, its only costing me $600 to incorporate including name search.
04-Oct-2005, 12:20 AM
#40
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Join Date: May 2004
Location: Peel Region
Posts: 683
And in bankruptcy you dont settle on an ammount.. you just pay what you can afford.. and the whole debt is completely gone... I pay the least 175 a month and that money is just for her service. the creditors get NOTHING!!!
