Anybody on this board gone through bankruptcy in Canada ? Friend advised me that this was an easy way to get out of debt if your salary is low and you don't have much money in Canada.
Nobody ????!!!! Not a single fellow!
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Originally posted by swarup_canada
Nobody ????!!!! Not a single fellow!
Even if some one had done it, there is little likely hood of any one accepting it on the open board.
However, what are your questions? If you post them here, may be some one will come up with some answers you are looking for. May be I can also answer some of the questions or can find out answers for you. If you do not feel comfortable posting it here, you can send me a pm and I will find answers for you or can give you names of people who deal in bankruptcies all the time and can give you answers.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
"Even if some one had done it, there is little likely hood of any one accepting it on the open board"
Why not? What's there to be ashamed of?? Unless we equate our self worth to the amount of money we have....
Thanks Pramod for the offer...And no PM , I do believe that the information is for everybody to share , I'd rather ask the questions on an open board.
I did read up on a lot of bankruptcy forums prior to posting here. The information is extensive but fails to allay concerns which are mainly 'Desi' in nature. These concerns are below...
1. Will wife be involved in the proceedings?
2. What level of publicity is there? will the bankrupt kid's friends know?
3. Will the gold jewelry be confiscated? What about mangalsutra?
4. What about items of devotional nature? Example a gold idol of Ganesha?
5. Will anybody enter the house to evaluate value of contents?
6. Do we have to liquidate ancestral property in India?
7. What about savings in India which are in NRO accounts (non-repatriable)?
Location: God's own country
Posted on: 11-04-07 13:02:24
Hello,
This is a Desi colleuge of mine's experience in filing of Bankruptcy and I spoke to him over the phone yesterday. I thought that i will give you his views (Please note that these are not my views or sayings):
0) $40K is the max. bankruptcy limit.
0) car less than $5K is yours to keep
0) There are some things that you can have such as laptop, Personal effects, jewels etc.. and there is a max. value for this ( I think he said around $1K)
0) Your spouse items / jewels/ money/ house etc.. will not be confisticated provided that she/he was not in joint account of any account that will be considered for bankruptcy. In other words, if you 2 maintain separate accounts in all aspects , then she/he will not be affected by your bankruptcy.
0) First of all you need to contact a Bankruptcy specialist who will determine if you are eligible for Bankruptcy and if you are , prepare a bankruptcy proposal to be submitted to the Bankruptcy judge. The cost will be borne by you.
0) if you have a regular payroll job, then the bankruptcy specialist may consider a debt proposal instead of Bankruptcy, in which you will continue to work but a part of your salary will be garnished to pay for your debt.
0) To file for Bankruptcy, if you were employed before, the bankruptcy specialist will want to see a "Fired" or "Laid off " symbol on your ROE for the last job that you held. You canot quit a recent job and then file for bankruptcy.
0) Also the Bankruptcy specialist would want to see all your bank records to determine if you are eligible for bankruptcy. (for eg. you cannot send your money to India and then file for Bankruptcy).
0) once the bankruptcy proposal if filed, a Bankruptcy judge has to look over your case, see you in person and the Discharge you from bankruptcy. Until you receive the Discharge notice from the Bankruptcy court you canot leave the country.
0) Assets in India which can or canot be verified are not included in the bankruptcy proceedings.
0) The bankruptcy specialist will prepare a proposal based on what you tell him and the facts/ papers given / shown to him. If the judge has doubts, he can ask police to enter you home and report as to what is in their home. This is a very remote posibility only.
0) Generally no public persons (friends / relatives etc..) will ever know of this bankruptcy proposal unless you tell them. However, this will be enterted in your credit report and will be shown for 7 years.
Hope this helps
TK A
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I am a Gents and not a Ladies.
how does this works, if you have a property and you are default.
Let say I do have a rented appartment. I can't make a payments, as I decide to leave canada, I am unable to sell it.
what options should I consider in that case?
Property is on my name only, does that effect my spouse's credit history as well?
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Regards,
Quote:
Originally posted by shyboy
Let say I do have a rented appartment. I can't make a payments, as I decide to leave canada, I am unable to sell it.
How can you sell a rented apartment??
Hiren
