Locked: Bankruptcy gone after 7 years? I think not.

ssainani wrote: ↑the bankrupcy is totally gone

but the actual lender which you owe money to .... wont (and should not) give you money again

I was completely floored by the misinformation regarding filing Bankruptcy’ s on the blog yesterday that I have to correct the dozen or so sorely misguided soul’s .. I have worked directly with a Trustee in Bankruptcy and currently working in “articling” to become a licensed Trustee (I am not claiming to be an expert – but I must set the truth about some awful facts being noted yesterday).

Filing a 1st time bankruptcy – 9 months “BUT” any unsecured creditor can oppose there discharge. 2nd Time bankrupt (as someone said yesterday 2 / 3rd filings) – that’s an automatic date in Bankruptcy Court. The court may impose some serious conditions – (you are allowed to appeal, after 1 year and with the hired Bankruptcy Lawyer in toe). Some conditions can be so severe that it may take years before you are able to meet the conditions PLUS – 2nd time filing is 14 years on your credit report. 3rd time filing – the courts have the right to even refuse your discharge if they have evidence of blatant fraud – that means your credit is forever tarnished if you live in Canada! Period!

Someone noted that a friend filing and driving a Porsche after filing – in Ontario – the exemption is $5650… any value higher and they would have to repurchase for the creditors benefit. The Porsche guy probably has a secured loan against it – meaning the financing company technically owns it – no value.

Income / single person in Ontario is exempt from surplus payment is net is not over$1840 per month, not much to really live on (that’s approx. $12hr) –any additional income above that amount, 50% is calculated to be paid into estate + a 21 month term under bankruptcy.

Proposals (payments often over 5 years) – miss 3 payments – its annulled – you lose your protection under the Act – creditors can force legal action again – and all the money you paid – gone –

The biggest development – creditors are the ones who oppose discharges – before you get your discharge – you better hope no creditor has issues with your status. As the number of write-offs mount, look at job postings at banks – there building there back office in non-performing loans.

Transfer property even 5 years before filing – must be documented (forget to tell us) if that is ever presented by any creditor – FRAUD – good luck in convincing the Judge of that – Purchase shoes 5 days before you file (FRAUD) – creditor just needs to file an opposition to your discharge.

Lie about your status – get discharged – years go by – fact brought to light – the creditor can petition to have the discharge revoked (under making false statements under the Courts – do you think the Court take lying to them lightly – bend over is all I can say) – and watch the courts impose significant penalties that will take years to comply with.

It all comes down to creditors – they all share the same database on consumers – if they waive off a charge – you can count yourself lucky – if they pursue it – they will get the Office of Super indents to conduct an examination under oath. They can literally bury you with conditional orders / and with in-house legal teams – try fighting that.

Student loans – 7 years – or if you apply to the court to vary the order if 5 years+, but you have to convince the courts that the loan is directly benefited you today – that you must show hardship, that you have been making attempts to pay and ontop of that – you will need the legal assistance to vary the order –
People – stop providing inaccurate info if you don’t know the facts – I just gave a very brief account without any in depth detail – I am now questioning if most facts on housing by the blog dogs are very much misaligned – scary that people can talk out of the other hole in their body!!

Deal Grabber wrote: ↑As previous posters suggested, the Bankruptcy falls off the credit report, however the original lender included in that will never forget it and will always keep it on file, in most cases for life. I doubt TD will ever loan her money again, unless she hits a jackpot and TD wants to cash in big bucks.

vonster wrote: ↑well i think that makes sense...

i mean it's too bad because people make mistakes and sometimes it's even not their fault but what can you do
banks have policies

redflag5050 wrote: ↑. Her credit score is 740. Rbc has extended her $15,000 in various forms of credit in the last year alone. TD, where she has a savings account where she has deposited $1500 a month for last year and a half, has never offered her credit. Yesterday, she applied for an emerald credit card on the phone and everything was going smoothly until she was told to hold and a different person comes on the line to tell her “we can’t proceed with this application, please call the recovery dept. at this number”.

brunes wrote: ↑The course of action here is blatently clear to me. She should make an appointment with her branch rep or manager, walk in and demand a credit card, or else she will be transferring all of her assets to a bank which actually cares to have her business.

Apparently RBC is willing to let the past go, TD should as well, or they will lose a customer.

I don't see why she should show any loyalty to TD if they will treat her like trash. If I needed credit and TD would not give it to me but RBC would, well then bye-bye TD.

brunes wrote: ↑The course of action here is blatently clear to me. She should make an appointment with her branch rep or manager, walk in and demand a credit card, or else she will be transferring all of her assets to a bank which actually cares to have her business.

Apparently RBC is willing to let the past go, TD should as well, or they will lose a customer.

I don't see why she should show any loyalty to TD if they will treat her like trash. If I needed credit and TD would not give it to me but RBC would, well then bye-bye TD.

Thalo wrote: ↑If you lend some money to a friend, with the agreement that he pays you back within a certain time, and he reneges on the deal and doesn't pay you back, forcing you to take him to small claims court to get your money back. Let's say it's an amount substantial enough that you can't let this slide. Several years later:

a) is he still your friend? If yes, that's great, you didn't let money get in the way of your friendship
b) do you still lend him money? If yes, then you're damn stupid.

brunes wrote: ↑The course of action here is blatently clear to me. She should make an appointment with her branch rep or manager, walk in and demand a credit card, or else she will be transferring all of her assets to a bank which actually cares to have her business.

Apparently RBC is willing to let the past go, TD should as well, or they will lose a customer.

I don't see why she should show any loyalty to TD if they will treat her like trash. If I needed credit and TD would not give it to me but RBC would, well then bye-bye TD.

Mark77 wrote: ↑p.s. a very good blog post on bankruptcy I recently saw in Canada: