Need a Funder or Vendor? START HERE

Results 1 to 8 of 8
  1. #1

    Need to file bankruptcy, help with details!

    Hey,

    My current situation is really unexplainable. I'm going through the darkest phase of my life. I have never faced such a terrible and unfortunate situation earlier. I'm not really able to handle all of my credit card debts. Also, I have two mortgages, a home purchase mortgage secured five years back and an auto loan in 2015.

    I have heard that consumer proposals or bankruptcy are the best ways to deal with debts. The problem is that I don't know anything about both. I have read that bankruptcy is an extremely complex process. But it could help consumers and businesses eliminate the debts or repay them under the protection of the bankruptcy court. I think it's a better solution for me.

    I'm planning to file bankruptcy after consulting a licensed insolvency trustee in North York. They have the authority to administer consumer proposals and bankruptcies. Could you please help with suggestions? Thank you in advance!

  2. #2
    Senior Member Reputation points: 15507
    Join Date
    Dec 2016
    Location
    Brooklyn N.Y.
    Posts
    428

    Quote Originally Posted by stevenhaugh View Post
    Hey,

    My current situation is really unexplainable. I'm going through the darkest phase of my life. I have never faced such a terrible and unfortunate situation earlier. I'm not really able to handle all of my credit card debts. Also, I have two mortgages, a home purchase mortgage secured five years back and an auto loan in 2015.

    I have heard that consumer proposals or bankruptcy are the best ways to deal with debts. The problem is that I don't know anything about both. I have read that bankruptcy is an extremely complex process. But it could help consumers and businesses eliminate the debts or repay them under the protection of the bankruptcy court. I think it's a better solution for me.

    I'm planning to file bankruptcy after consulting a licensed insolvency trustee in North York. They have the authority to administer consumer proposals and bankruptcies. Could you please help with suggestions? Thank you in advance!
    Whats the purpose of Bankruptcy? If you can't pay how will they collect their judgements anyways?
    Last edited by MidnightAdvance; 03-19-2018 at 03:40 PM.
    High risk paper

  3. #3
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,319

    Quote Originally Posted by MidnightAdvance View Post
    You need to close a few deals, not file for BK.
    This is cold.

  4. #4
    Senior Member Reputation points: 69645
    Join Date
    Mar 2016
    Posts
    897

    Quote Originally Posted by MidnightAdvance View Post
    You need to close a few deals, not file for BK.
    Dick.

  5. #5
    Senior Member Reputation points: 216519
    Join Date
    Feb 2017
    Posts
    3,334

    When it comes to credit card debt, I once spoke with Barbie at contact@restoremyscore.com (her website is no longer around)about some clients of mine, she really knows her stuff. However - you're in Canada, so things might be different.

    What I learned is is exactly how credit card debt works. It takes them YEARS for them to get through a court system.
    Until then, you can work as normal. You just need to be smart enough not to avoid their calls so they can't scare you. Barbie can even write them letters to get them to stop making collections calls. Her motto is "NEVER pay a collections company!" It's unsecured debt, and after about a year of you not paying, they'll start begging you to settle with them for less. But you have to be defaulted long enough to get to the collections agencies that understand settling. Barbie told me that many states don't even have lawyers who can sue you!

    Credit card collections companies have very little power, even though they make themselves out to be the scariest people on earth.

    As for the mortgages, that's more serious. You need to take care of those first. They are secured, and they are probably able to come after you (and their collateral) in-person, in your state, as opposed to the Indian collection agencies who bought the debt for $.30 on the dollar, hoping to get $.50.

    At least that might give you some leeway to try to find some breathing space and make a buck or two through selling a good advance with sources you already have, or getting a good job with a cash advance company quickly, or whatever else it might be to make up for lost time.

    I hope this was helpful. Your journey is a rough one that nobody wishes to be on.
    Last edited by abfunders; 03-22-2018 at 06:29 AM.

  6. #6
    Quote Originally Posted by MidnightAdvance View Post
    Whats the purpose of Bankruptcy? If you can't pay how will they collect their judgements anyways?
    I own a condo in the city. I could produce it as a guarantee.

  7. #7
    Quote Originally Posted by abfunders View Post
    When it comes to credit card debt, I once spoke with Barbie at contact@restoremyscore.com (her website is no longer around)about some clients of mine, she really knows her stuff. However - you're in Canada, so things might be different.

    What I learned is is exactly how credit card debt works. It takes them YEARS for them to get through a court system.
    Until then, you can work as normal. You just need to be smart enough not to avoid their calls so they can't scare you. Barbie can even write them letters to get them to stop making collections calls. Her motto is "NEVER pay a collections company!" It's unsecured debt, and after about a year of you not paying, they'll start begging you to settle with them for less. But you have to be defaulted long enough to get to the collections agencies that understand settling. Barbie told me that many states don't even have lawyers who can sue you!

    Credit card collections companies have very little power, even though they make themselves out to be the scariest people on earth.

    As for the mortgages, that's more serious. You need to take care of those first. They are secured, and they are probably able to after you in-person, in your state, as opposed to the Indian collection agencies who bought the debt for $.30 on the dollar, hoping to get $.50.

    At least that might give you some leeway to try to find some breathing space and make a buck or two through selling a good advance with sources you already have, or getting a good job with a cash advance company quickly, or whatever else it might be to make up for lost time.

    I hope this was helpful. Your journey is a rough one that nobody wishes to be on.
    Thank you so much for the helpful comments.

  8. #8
    Banned Reputation points: 1609
    Join Date
    Feb 2018
    Location
    San Diego, CA
    Posts
    103

    Before filing, explore all the options. Try to settle. Talk to your debtors and have them help you come up with a solution. It's better for them and for you. Think of BK as the last option.
    juan

    Juan Pasalagua
    www.alternacashadvance.com
    (855) 262-2996

Similar Threads

  1. Replies: 5
    Last Post: 01-25-2018, 09:30 AM
  2. Name your price LEADS! Details below
    By cashadvancedata in forum Promotions
    Replies: 0
    Last Post: 01-03-2018, 03:15 PM
  3. Make an additional income from your Merchants Hands Free!!! Contact me for details!
    By Concierge Processing Davi in forum Payment Processing
    Replies: 0
    Last Post: 03-28-2016, 02:18 PM
  4. Open Bankruptcy
    By Funder Mark in forum Merchant Cash Advance
    Replies: 16
    Last Post: 02-01-2016, 06:18 PM
  5. cashcall info/details
    By MTY MSI in forum Merchant Cash Advance
    Replies: 0
    Last Post: 03-24-2014, 03:01 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY