Bankruptcy - What are my options & who do I contact? - Canada

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RE: What are my options & who do I contact?

Postby teal1066 » Tue Aug 24, 2010 04:03:06 AM

For maintenance of your bankruptcy you can take loans.You can go with online payday loans.Even they do not care of bad credit.
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RE: What are my options & who do I contact?

Postby AruallaurA » Thu Aug 19, 2010 10:59:54 AM

Are you still looking for help with your situation? As I work for a debt consolidation firm whom deals with clients all over Canada, If you are still searching for some answers please do give us a call you have many options available too you! or even check out our website you can chat directly online with one of our advisers whom would be happy to help answer any of your questions and concerns.

www.debtend.ca

1.800.738.9530

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RE: What are my options & who do I contact?

Postby ihateusernames » Fri Apr 09, 2010 03:31:09 PM

Thanks average_joe I was looking at some of his posts just now.

You are right, it is 9 months min & 21 months is the maximum for first time bankruptcy, that is what the trustee told me.
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RE: What are my options & who do I contact?

Postby average_joe » Fri Apr 09, 2010 03:23:48 PM

I would talk to RichardC on here that owns total debt freedom for free advice before you decide to file for bankruptcy.

http://www.totaldebtfreedom.ca/

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RE: What are my options & who do I contact?

Postby average_joe » Fri Apr 09, 2010 03:21:19 PM

I believe the new bankruptcy laws that came out recently the discharge can be a min of nine months and a max of twenty one months the first time around.

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RE: What are my options & who do I contact?

Postby ihateusernames » Fri Apr 09, 2010 02:42:12 PM

Thanks for the reply.

The $20,000 was to fix structural issues that had arose with the building, that was my portion of the larger special assessment placed on the building. It has nothing to do with condo fees. I tried going through my condo insurance, which I have special assessment coverage, but was told that it had to be caused by severe weather (as in tornado, earthquake, etc.) or flooding, but not just years of poor maintenance which is what this issue resulted from. Just a word of advice - Allstate is not a good insurance company for condo insurance anyway. I have heard TD has a good policy which covers any kind of special assessment.

I talked to a bankruptcy trustee and was told me that I had no options other than to file for bankruptcy; because the amount owing on my mortgage would not be recouped by the bank when they sold the property because it dropped in value, the bank would come after me to pay the difference. If I cannot afford a $20,000 special assessment, not sure how I could afford to pay the bank $40,000+. She said a consumer proposal would not work me because with bankruptcy, the bank can't come after me, but with a proposal they can.

Anyway, I ended up getting a loan after all, can't really afford to pay it but it's better than going bankrupt for 7 years. A 2nd job is probably what I will need to get and then should be okay. And/or a better paying job than what I have now would also help, looking for that now too.

The trustee told me that my situation was unique,at least from what she had experienced. She said that if the bank foreclosed they could probably force me out within 15 days, not like with regular mortgage foreclosures where they have to wait until you are 3 months in arrears, simply because it was such a high amount for the special assessment.
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RE: What are my options & who do I contact?

Postby myluck » Thu Apr 08, 2010 06:13:22 PM

what is the maintenance thing for anyways? Is that for condo fees? Im not understanding that part?

Bankruptcy if your first time stays for 9 months..but still in background on your credit...second time is seven years........
Same thing with proposal its seven years......either way you get nothing for 7 years and then you start over

Filing for bankruptcy has pros & cons.......pro is they may not take your home........con (not that is bad thing) is that you are still responsible for your debt even if bankrupt.....
how much is owing on your condo.......can you manage it...from the CC debt you are showing you are progressing at a 5k/yr average....
personal opinion would be to allow foreclosure (depends on how much is owing on mortgage of course) and if possible move home with parents to get your debt paid and start over.........sometimes need to eat some crow to enjoy steak later
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What are my options & who do I contact?

Postby ihateusernames » Thu Mar 18, 2010 09:05:15 PM

I don't know what to do and what my options are, any help or assistance in the right direction would be much appreciated. I am in Alberta.

Bought a condo in 2007 - had $5000 of cc debt at time. Overpaid, but it was my foot on the property ladder and the boom was in full swing.

2008 - CC debt climbs to about $15,000, market falls, condo loses value.

2009 - CC debt $20,000 Laid off from job for 3 months, now am working steady but less pay. Received special assessment of $20,000 for maintenance on condo. Can't pay due to not being accepted for line of credit or loan. Lien put on condo.

2010 - CC debt is $25,000, condo is worth about $50,000 less than purchased for and my condo board hired a lawyer to force me to pay. I explained my situation, the lawyer suggested I submit a monthly payment plan proposal, which I did, and this got rejected. Condo board contacts my bank to foreclose, bank calls me today.

Today - I have not missed or been late on a mortgage, property tax, condo fee, car loan, credit card, utility, etc. payment. Everything is being paid on time and at least the minimum amount. But I am now staring foreclosure in the face simply because of a special assessment. I want to pay it, but I can't borrow and the board won't let me stretch my payments out with high interest they want the money now.

Do I....

1) Have the bank foreclose on me and carry on with life as normal as it can be?

2) File for bankruptcy - does this mean that the bank won't pay my assessment and the whole building gets stuck with my debt?

3) Consumer Proposal - ? Not sure what this is and does it stay 7 years on your record like bankruptcy does?

4) Other options???

Thanks for reading and offering advice.

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