If he was at a job making 75k+ it must of been a damn good job, and Wouldn't they have understood if he needed to take 2 months off work.???

Hope it works Out.

Connie

 

he was an analyst at GE Canada.

they were custy apparently

 

I'd spend the 8k left in things I needed and then file bankruptcy cause it all gets included anyways... he will be alot less stressed as well. and have more energy and concentration to put towards his sick wife

 

thats what I'm talkin about!

 

he values my opinion, so i want to give him the best.
i was gonna loan him some money - [give it to him]..
just debating.

i think he should max out his cards/overdraft. it'll prolly get him 10K or so, I want him to get as much of it in liquid assests as possbile then do it.

After discharge, i heard capital one offers this semi-secured card and he can use that to re-build. 6 years after, he can start anew and be wiserr.

he's honestly a smart and reliable guy. he'd never borrow from other ppl and hence he used credit. i never even know of this mess until recently.

i don't know if any banks would be willing to give him a line of credit to consoldate the 45 K at a decent interest rate and allow him to pay 2% minimum payments -- if he could do that then that could buy him enuff time until he gets mroe income.

anyone know? - his credit score has prolly taken a hit because of his high balance percentage.

 

lol well i did that with my bankruptcy i used my entire over draft in my bank accoutn and whatever was left on my cards, its all getting claimed anyways... right?!

 

I had a hard time finding someone to consolidate 13 grand. and i never did. So chances are with his income and such he probably wont find anyone with a good rate and low payments. Its understandable why it happens, and hey it does happen, mine was a similiar situation, and I just couldn't deal with it anymore.

Capital one does offer the secured credit card. That is what I am getting, I've already sent the money away just waiting for the card now.

CAPITAL ONE SECURED

Best of luck to your buddy, and honestly as much as you think it might help to lend money I wouldn't. Its a very nice thought but unless your making a TON of money and you have no bills yourself then I wouldn't. Your friend wouldn't want you to end up in the same situation.

BANKRUPTCY FACTS!

 

max out all overdraft and credit card cash advance all credit cards...make a new bank account at pc financial...deposit all funds there...file for bankruptcy...done deal...thats the best option I see

capital one offers a secured card like instantly after you file so he can start earning back credit right away

 

Hahaha thats EXACTLY what I did!

 

Be like me:

$100,000+ in my bank savings (earns 3% interest per year)
no debt
2 cars (crx + civic)
work 32 hours a week.

 

This is called reviewable transactions my friends, creditors can have all purchases reviewed for three months prior to the date of bankruptcy. Real Estate rule is transferred in the last 5 years, and other collateral assets is 1 year from transfer. He could be be held responsible to pay back a portion, if they find out he know he was insolvent and took the money anyway. Creditor's who suspect this sort of breach usually object to discharge as well. An objected discharge typically takes an additional year (post normal 9 months) to resolve. Sometimes people get away with it, sometimes they get caught.

The bank is not allowed to take money from your chequing account after you file for bankruptcy, so if such a thing were to happen inform the Trustee.

 

Michelle, your SO SMART!!!!!!!!!!

Luckily I only had a bit in my overdraft less than $300 and like less than $500 combined on credit cards, so I wasn't talking thousands... lol

But your right!!!

 

should i tell him to gradually take stuff out now and file in 4 months to escape the 3 month clause???

 

She is probably not going to answer that, because she probably doesn't want to be held legally responsible....tell him to use his smarts

 

point taken.

 

 

after 9 months of bankrupcy, you are legally allowed to apply for any type of loan. The problem is, "will any bank give you a loan?"

You get credit where you put down say $2000 and they give you a card specially for that amount of money.

Most people just tell the judge they have a gambling problem and all the money is gone.. Judge will ban you from all casinos for like 10 years and done.

Or you can R-9, try to settle with the credit card companies for a much lower debt amount.

 

If you were smart, you would use that 100K to purchase 2 + condos/homes, which would easily pay for themselves(rented out) and perhaps give you an extra $100-200 a month. Then in 2 years you sell each for $25K-50K profit.. Oh and did you know as a sole proprietor you can write off all mortgage interest and expenses(Utilities, renovations, car, gas).. Even expenses that do not really exist? That way you claim loses each year and get significant tax returns back. Significant as in $1500-$5000 depending on the quality of your claims and your personal income.

 

Consumer Proposal is another option, and a Trustee will advise you if this is a viable option after helping you assess your budget. This is done at NO CHARGE...

 

if he would be paying 1300 a month and 500 of the 1300 are interest, i think you should lend him the money and charge him only 1/10th of the interests...

or if your friend owns a house, tell him to sell it... or if he doesn't own a house, but its on mortgage, sell it off and clear the mortgage...

if he can full time again in about 6-7 months, there's really no point of declaring bankrupcy... if you're capable of helping him out for now... either he makes multiple payments back to you.. or sell the house, and then mortgage another house again later next year... he can rent a place to live for now with the money from the house he sold... what kind of assets does he possess?