Got back from a meeting with my Bankrupsy Trustee today and guess what!!!!!
 

So I'm almost 4 months in now.

going over a few files from people who added themselves to the creditor list fraudulently. Seems there's a lot of people who try and illegally take advantage of the situation to write off taxes. One supplier (North American Lumber) tried to add about $14,000 to MY bill from an employee of mine for material he put on his account BEFORE he worked for me. Another lawyer billed me $9K for 3 meetings....unreal

Anyway, the trustee told me that in Sept they changed the law here and new people filing have to stay in bankruptcy now for 21 months on their first bankruptcy instead of 9 on the recommendation of the trustee.

seems I just missed that one.... ;)

funny how these changed happen SUDDENLY too without warning....

when you file for bankruptcy in the u.s. what do you get to keep that the creditors can't try to get from you? house? car? etc? or is it all fair game?

Sleazy is in Canada.
Whole different ball game.

Was Jman on the creditor list?

Really varies by state.
Some states the house is off limits no matter how much it is worth nor how large it is. Other states your house and often car is for the most part safe.

Not like they strip you of everything, sell it to the highest bidder, and then you are done. Very often your basic assets are safe. Like a car, your house if reasonable, your basic furnishings, etc.

actually, it depends on the trustee and his/her interpretation of the state and federal law and whether your particular state is a judgment state or a non judgment state..and a whole bunch of other factors.

i've heard horror stories about people being forced to move because the trustee thought the rent was too high and the person would have to live off less....

taxes can be attached and bonuses, money trails are searched....what can't be touched are 401k and other retirement deferred tax programs.....but if you have money in the bank and they can find it, it can be included....it's all about the money and the assets.

since the laws changed for chapter seven in the US, many can only file chapter thirteen, which is the restructuring type of bankruptcy....you have a trustee up your anal cavity for three to five years.....as with anything else, get a good lawyer....

generally, people who are filing chapter thirteen can do this one of two ways...they are either giving back assets or keeping them....and paying them off in a restructuring of debt, non secured and secured...

there is also the type of chapter thirteen where the debtor simply cannot afford and i forget what it's called, but i think it's called a hardship chapter 13, whereby the home is turned back to the bank...and the other creditors take a lesser amount.

either way, you're fucked for the five on the payback and another five for the credit reporting agencies....

no idea - in canada every province is different.

here you get (if I remember right without looking it up again)

$3000 equity in a car (you can have a $90,000 car just no more than $3k equity in it)
$7000 biz equipment (used auction value)
$4500 household furniture (used auction value)
all your pets
all your RRSPs/pension
6 months food
6 months fuel
family hearlooms

plus $1870 a month after tax and biz expensis till you are released from bankrupsy.

first time it was 9 months to 21 months depending on how you handle the 9 months which means most were released at 9 months - just changed to 21 for everyone.

you have to file an expense report of all income in and out every month while in bankrupsy

I included his contract and everything pertaining to it (ie the missed payments and money owed for other things and such) and told him he could file a claim but it would have to be legal and to make sure he included everything and see what the trustee said- he spoke to the trustee on the phone many months ago but hasn't claimed yet.

Good Luck getting out of it. I guess its like finacial bootcamp for now.

it's exactly like that

Best of luck pulling through all that Sleazy! :)

Who cares about your lame little life?

you do. you keep clicking on my threads!!!! :1orglaugh:1orglaugh:1orglaugh:1orglaugh

Cool thats funny, GFY allways has the trolls :winkwink:

I care and I do not even know sleazy.
He always seemed pretty cool and very caring to his friends even to a fault. Would see no reason to not have him as a friend or to back you up on something. Just always had the feeling that he would give what he could to a friend in need even if he needed it himself.

I do not know as if I would post this on here. Your main domain is worth a lot more then 7k even if you closed the site for a year.

WOW that sucks.... good luck :)