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The Watercooler
Ch. 7 Bankruptcy...Anyone else have to do it?
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<blockquote data-quote="Mamaof5" data-source="post: 405456"><p>I and hubby did a canadian version of this. It was such a HUGE relief. No more phone calls from creditors, no more lawyers calling threatening to garnish wages or banking assets. No more stress. It's not as bad as it sounds and now we are so much more healthier financially. When he was released from bankruptcy it only took 2 years before he had his credit built back up.We got a van financed at a pretty decent rate, a line of credit, credit card and even looking into buying our own home again.</p><p></p><p>Our laws are a little bit different though, ours is not a chapter 7 or 13. We have either your version of Chapter 13 (full bankruptcy) or something called a consumer proposal (You version of Chapter 7). Our laws also allow us to keep our homes either way (mortgage), vehicles and any personal assets that are not gauranteed or securing a loan and personal assets 7000 or lower each plus an extra bit if you have kids. They can't touch governement benefits (can't even keep our - then gst - hst, and can only take one year of income tax returns).</p></blockquote><p></p>
[QUOTE="Mamaof5, post: 405456"] I and hubby did a canadian version of this. It was such a HUGE relief. No more phone calls from creditors, no more lawyers calling threatening to garnish wages or banking assets. No more stress. It's not as bad as it sounds and now we are so much more healthier financially. When he was released from bankruptcy it only took 2 years before he had his credit built back up.We got a van financed at a pretty decent rate, a line of credit, credit card and even looking into buying our own home again. Our laws are a little bit different though, ours is not a chapter 7 or 13. We have either your version of Chapter 13 (full bankruptcy) or something called a consumer proposal (You version of Chapter 7). Our laws also allow us to keep our homes either way (mortgage), vehicles and any personal assets that are not gauranteed or securing a loan and personal assets 7000 or lower each plus an extra bit if you have kids. They can't touch governement benefits (can't even keep our - then gst - hst, and can only take one year of income tax returns). [/QUOTE]
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Ch. 7 Bankruptcy...Anyone else have to do it?
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