Bankruptcy questions

kingcat162 · Mar 28, 2020

If I claim bankruptcy do I gotta hide all my stuff that I own outright at somebody's quanzet? Is that legal? Like sleds and a boat and streetbike etc. Or is best to send that stuff to an auction and lose your shirt and have the bank take the works of it -@ start fresh living in a rental somewhere - just trying to figure out what to do here

skegpro · Mar 28, 2020

kingcat162 said:
If I claim bankruptcy do I gotta hide all my stuff that I own outright at somebody's quanzet? Is that legal? Like sleds and a boat and streetbike etc. Or is best to send that stuff to an auction and lose your shirt and have the bank take the works of it -@ start fresh living in a rental somewhere - just trying to figure out what to do here

You should start selling them to someone you trust and hide them at their property.

pfi572 · Mar 28, 2020

I think I would be selling toys and things off for cash that are paid for .
Putting that away and everything else would go back if owing to much . Lol

Pedaling pete · Mar 28, 2020

why claim bankruptcy? just don't pay your bills. it will **** your credit for a while but probably would be better in the long run

kingcat162 · Mar 28, 2020

skegpro said:
You should start selling them to someone you trust and hide them at their property.

Who is buying f*k all besides toilet paper right now? Might just just sell em to a buddy for $1 and at least have some toys when the apocalypse is over

kingcat162 · Mar 28, 2020

Brownstar said:
why claim bankruptcy? just don't pay your bills. it will **** your credit for a while but probably would be better in the long run

Just ride it out? Not sure how much longer I can ride it out

kingcat162 · Mar 28, 2020

pfi572 said:
I think I would be selling toys and things off for cash that are paid for .
Putting that away and everything else would go back if owing to much . Lol

Who's buying f*k all besides toilet paper right now?

Caper11 · Mar 28, 2020

Lots of people are still going about their business.

kingcat162 · Mar 28, 2020

I've got a 2014 f350 that I bought new for 83 grand paid it down to 20 grand left owing but can't make the payments anymore and worried that I won't even be able to sell it for FA right now

Pedaling pete · Mar 28, 2020

kingcat162 said:
Just ride it out? Not sure how much longer I can ride it out

what's the difference? if you claim bankruptcy is that going to pay all your bills?

even if u r **** isn't paid for, hide it and keep it. posesion is 9 tenths of the law. they probably aren't going to kick you out of your house right now with all the stuff that's going on. just don't answer the phone for a year or 3 lol

pfi572 · Mar 28, 2020

kingcat162 said:
Who's buying f*k all besides toilet paper right now?

You are correct but selling bigger assets for way below market value doesn’t work either .
Banks and lien holders aren’t completely stupid .

Lund · Mar 28, 2020

kingcat162 said:
If I claim bankruptcy do I gotta hide all my stuff that I own outright at somebody's quanzet? Is that legal? Like sleds and a boat and streetbike etc. Or is best to send that stuff to an auction and lose your shirt and have the bank take the works of it -@ start fresh living in a rental somewhere - just trying to figure out what to do here

Is it maybe you have your priorities twisted that you come on social media for more twisted advice?
Maybe you need to ask, how can I budget my circumstances better?

https://www.snowandmud.com/snowmobile-chat/122743-tried-conquer-280-a.html

skegpro · Mar 28, 2020

Brownstar said:
what's the difference? if you claim bankruptcy is that going to pay all your bills?

even if u r **** isn't paid for, hide it and keep it. posesion is 9 tenths of the law. they probably aren't going to kick you out of your house right now with all the stuff that's going on. just don't answer the phone for a year or 3 lol

Very true, gonna be such a backlog, I think if a guy stopped making payments it wouldn't hurt anything and may even be forgiven on your credit score.

skegpro · Mar 28, 2020

kingcat162 said:
I've got a 2014 f350 that I bought new for 83 grand paid it down to 20 grand left owing but can't make the payments anymore and worried that I won't even be able to sell it for FA right now

Ford credit is giving 6 months grace on payments right now.
They don't want these trucks back.

kingcat162 · Mar 28, 2020

Lund said:
Is it maybe you have your priorities twisted that you come on social media for more twisted advice?
Maybe you need to ask, how can I budget my circumstances better?

https://www.snowandmud.com/snowmobile-chat/122743-tried-conquer-280-a.html

Everything is twisted right now - not sure what to do - budget ya lol that's funny - it's a rock and a hard place - need to sell stuff to stay alive but nobody's buying anything and if they are they want it for next to free - there is no work - the border is closed - it has been closed for work Visa's forever now - I'm grasping for anything right now

Caper11 · Mar 28, 2020

Lund said:
Is it maybe you have your priorities twisted that you come on social media for more twisted advice?
Maybe you need to ask, how can I budget my circumstances better?

https://www.snowandmud.com/snowmobile-chat/122743-tried-conquer-280-a.html

Well said.

zal · Mar 28, 2020

If you sell the assets for below what’s owing, you are still liable to pay the remaining that owed.
Best bet, call your accountant and ask. If you don’t have an accountant, call MNP. They have a division that deals with situation like yours.

kingcat162 · Mar 28, 2020

skegpro said:
Ford credit is giving 6 months grace on payments right now.
They don't want these trucks back.

My truck loan is through rbc - they will push back payments ya - still owe the 20 grand regardless - there was no work before corona probably the same after it's over

kingcat162 · Mar 28, 2020

zal said:
If you sell the assets for below what’s owing, you are still liable to pay the remaining that owed.
Best bet, call your accountant and ask. If you don’t have an accountant, call MNP. They have a division that deals with situation like yours.

If you claim bankruptcy then you don't have to pay it right? Can't get blood out of a stone

kingcat162 · Mar 28, 2020

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

Bankruptcy questions

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