Bankruptcy questions

Cdnfireman · Mar 28, 2020

Call a credit counselling agency. They're free, and can set up arrangements with you lenders to reduce payments or hold them in abeyance until you can make other arrangements to pay them down. Most creditors would rather do this than force liquidation on you, particularly if you have a good payment history with them. Its no better for them right now selling your stuff. They'd rather wait a bit and get full payment from you than pay a percentage to some contractor to sell your stuff.

rsmorin1 · Mar 28, 2020

kingcat162 said:
I've got soooo much money into everything tho - just don't wanna lose everything but f*k she's starting to get tight here - I did major Reno's to my house but they aren't complete - got a camper I owe 20 grand on was 54 grand new - really don't want to do bankruptcy - how long can a guy realistically avoid the bank and collections and doni take the tires off the f350 to slow down the repo lol I dunno - never been in this situation b4 - sorry for all the people reading this that think it may be twisted - trying to see what every option in the world is

one of my brothers was looking into consumer proposal. It doesn’t impact the credit rating as bad , I think you can keep a bit more of your assets but need to come to an agreement on monthly payment for a couple or few years. Might be a better compromise?

kingcat162 · Mar 28, 2020

Cdnfireman said:
Call a credit counselling agency. They're free, and can set up arrangements with you lenders to reduce payments or hold them in abeyance until you can make other arrangements to pay them down. Most creditors would rather do this than force liquidation on you, particularly if you have a good payment history with them. Its no better for them right now selling your stuff. They'd rather wait a bit and get full payment from you than pay a percentage to some contractor to sell your stuff.

That's good to know - I'll give that a go on Monday - 13 yrs of not missing a payment on anything till now

drew562 · Mar 28, 2020

kingcat162 said:
I've got soooo much money into everything tho - just don't wanna lose everything but f*k she's starting to get tight here - I did major Reno's to my house but they aren't complete - got a camper I owe 20 grand on was 54 grand new - really don't want to do bankruptcy - how long can a guy realistically avoid the bank and collections and doni take the tires off the f350 to slow down the repo lol I dunno - never been in this situation b4 - sorry for all the people reading this that think it may be twisted - trying to see what every option in the world is

Somehow get all your money out of the bank so it can’t be seized. Then send everyone 10 bucks. Each month on time. Now technically you still met your payment schedule just a little bit off on the amounts. Then in six months when 30% of the country isn’t paying you look like a champion and the rest of the people look like dicks. Trust me repo mans not coming anytime soon. Real tough times are ahead good luck kingcat.

kingcat162 · Mar 28, 2020

drew562 said:
Somehow get all your money out of the bank so it can’t be seized. Then send everyone 10 bucks. Each month on time. Now technically you still met your payment schedule just a little bit off on the amounts. Then in six months when 30% of the country isn’t paying you look like a champion and the rest of the people look like dicks. Trust me repo mans not coming anytime soon. Real tough times are ahead good luck kingcat.

That's actually a good idea - sh*t I might try that

DRD · Mar 28, 2020

Keep your favorite bike for mental health, sell the rest. Should be able to get enough to cover the amount owing at least?

Cdnfireman · Mar 28, 2020

Don't do anything rash or stupid.....you'll get through this, you're not the first guy to go through this....ignore unprofessional free advice, like most free advice its worth what you pay for it. Talk to a credit professional credit counsellor and go from there. They deal with people in your position all the time.

pfi572 · Mar 28, 2020

Also if you have good equity in your house and it’s paid down you could consolidate loans and have one payment at lower interest.
And quit buying chit you can’t afford .lol

Stompin Tom · Mar 28, 2020

Be proactive, talk to the creditor, explain situation, work out a plan. Hiding only prolongs things. Be direct, right now you have more options to help out than at any time. A credit counsellor is a solid start, but keep in contact, you will be amazed at the help you can get if your strait up.

snopro · Mar 28, 2020

Yep communication and honesty are always the best recourse. Also don't make promises you can't keep. If you say I can afford this much monthly then pay that. If the creditor knows you are a man of your word there won't be any problems.

freeflorider · Mar 28, 2020

some good advice on post 27,28,29,30 here. Must be hard but try to keep your sanity. I would look at getting a few monkeys off your back, list things like the camper, truck things you can live without even if they don’t sell. get enough out of them to pay that loan off or consolidate finances to lower payment. (Lots of good suggestions in the mentioned posts) It hurts letting things go that you worked so hard for but it’s better then losing it all, it’s just a truck after all.
take care of your health and your family.

S.W.A.T. · Mar 28, 2020

freeflorider said:
some good advice on post 27,28,29,30 here. Must be hard but try to keep your sanity. I would look at getting a few monkeys off your back, list things like the camper, truck things you can live without even if they don’t sell. get enough out of them to pay that loan off or consolidate finances to lower payment. (Lots of good suggestions in the mentioned posts) It hurts letting things go that you worked so hard for but it’s better then losing it all, it’s just a truck after all.
take care of your health and your family.

Ya, the rest is just stuff

I don't think your going to be the only one learning a lesson in over financing.

Read rich dad poor dad

Bogger · Mar 28, 2020

drew562 said:
Somehow get all your money out of the bank so it can’t be seized. Then send everyone 10 bucks. Each month on time. Now technically you still met your payment schedule just a little bit off on the amounts. Then in six months when 30% of the country isn’t paying you look like a champion and the rest of the people look like dicks. Trust me repo mans not coming anytime soon. Real tough times are ahead good luck kingcat.

He's been laid off too.....

catinthehat · Mar 28, 2020

I have a friend that declared bankruptcy last year.
You definitely want to consult professional advice before taking this step.
They go to great lengths looking into your past couple years seeing if you had toys/vehicles registered in your/wife's name and proof of where those items are.
Bankruptcy was his last resort, did all the credit counselling stuff for a couple years and still couldn't get out from under.
You don't get to walk away from your debt either, He has to make payments for 2 years and will have no credit rating for another 5 years.
Good luck and hope you don't have to go this route.

kingcat162 · Mar 28, 2020

catinthehat said:
I have a friend that declared bankruptcy last year.
You definitely want to consult professional advice before taking this step.
They go to great lengths looking into your past couple years seeing if you had toys/vehicles registered in your/wife's name and proof of where those items are.
Bankruptcy was his last resort, did all the credit counselling stuff for a couple years and still couldn't get out from under.
You don't get to walk away from your debt either, He has to make payments for 2 years and will have no credit rating for another 5 years.
Good luck and hope you don't have to go this route.

Ouch - that sounds terrible - definitely gonna be worst case Ontario - it was brutal before the Corona - I'm expecting the absolute worst when it's over - see what happens I guess

catmando · Mar 28, 2020

Call MNP and talk to them about a disclosure, it’s basically the same as a bankruptcy but you can keep your ****. Been there done that, saved my house and all my toys, keep in mind if you have a education fund for your kids they take that too with all your toys in a bankruptcy It’s not fun, did the proposal 8 years ago, things are finally back to normal!
Good Lu k !

kingcat162 · Mar 28, 2020

catmando said:
Call MNP and talk to them about a disclosure, it’s basically the same as a bankruptcy but you can keep your ****. Been there done that, saved my house and all my toys, keep in mind if you have a education fund for your kids they take that too with all your toys in a bankruptcy It’s not fun, did the proposal 8 years ago, things are finally back to normal!
Good Lu k !

Thanks for the info - I'll give that a try Monday - I'm a big fan of keeping my sh*t I've got alot of money sunk into my toys - it's honestly just my truck and camper and credit debt - that's dragging me down and the Corona sh*t is just the cherry on top

kingcat162 · Mar 28, 2020

And that's why I posted on here - got some good help and advice on which way to go - I love S&M lots of good people on here - & also some very not so good people

teamgreen · Mar 28, 2020

Bogger said:
He's been laid off too.....

One of the guys I work with has a small fleet of tow trucks. He's ramping up as he's predicting his repos will be through the roof, with it starting in six- eight weeks. Hes actually trying to hire a bailiff to make it easier.

skegpro · Mar 28, 2020

Serious question here.
What happens to your snowcheck $$$ if the dealer goes bankrupt?

Bankruptcy questions

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