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bumbo1983
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Joined: 03/February/2009
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Topic: bankruptcy Q - please help Posted: 03/February/2009 at 5:43am |
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Hello,
Approx 4 mos ago i did two balance transfers from a credit card to a student line of credit (i did this b/c my co-signer couldnt get financed for a car w the debt). The 2 transfers total just over 9k. once he got his car, i was going to transfer the debt back to the credit line, but he went into the bank, paid the remaing 200dollar balance, said he didnt want to be co-signer anymore. The bank froze acct, and said i needed a new co-signer to use the credit line. i couldnt find one, so acct got closed.
My monthly payments are now too much on my cc. i have about 23k unsecured debt, not to mention 30k in school loans. my income is social assistance bc i am a single mother of twins.
If i file for bankruptcy will those transfers be preferential payments? What if 160days has passed? Could my ex-friend get into trouble? or be responsible for those balance transfers? How often do creditors object? is my case likely to lead to objections or further headache?
thank you
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administrator
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Joined: 25/January/2003
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Posted: 03/February/2009 at 2:01pm |
Sounds like you need legal advice which you can not get here. You would need to speak to a bankruptcy trustee or lawyer to get that answered.
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Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024
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illafigga
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Joined: 12/February/2009
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Posted: 12/February/2009 at 5:03am |
Hi there. I have great sympathy for your dilemma. I am putting together a radio series on Canadians facing bankruptcy for the CBC.
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SolveStudentDebt
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Joined: 05/November/2003
Location: Canada
Points: 5996
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Posted: 12/February/2009 at 12:34pm |
bumbo,
Why go bankrupt? Demonstrate to the student loan system what you cited and they will set them aside because of your hardship and extenuating circumstances. As for your consumtion debt, do the same with the financial community you owe. If they do not listen, then there is advocacy here for you if you need it. Bankruptcy is a last option. The problem here is that people think it is the only option. Fear, stress, and anxieties about debt and the crisis it can bring about cause people to immediately think bankruptcy. Unless you can see into the future through some crystal ball that you will never be able to recover, then bankruptcy is the solution.
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Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. solvestudentdebt.com
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DB1972
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Joined: 22/November/2006
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Posted: 24/February/2009 at 11:43am |
i would never chose bk as the best option.
especially over nine thousand.
it was the best thing i ever did financially, but I was forced into it from an american student loan company that came after me for 100+k.
you do pay for it though, six years on your credit report is a long time......for example...my mortgage rate is 6.65% when there 'regular' folks getting them for around 4%. hefty on a 200k mortgage.
creditor will work with you for some extent. if it is that stressful...call Johnny. i have not worked with him, but from what i've read...one of the biggest benefits of working with him is the REDUCTION OF STRESS! THAT IS HUGE.
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MartinDenesse
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Joined: 06/April/2009
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Posted: 09/April/2009 at 11:52pm |
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very useful post thanks for share with us Johnny
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broke_2_da_max
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Joined: 14/April/2009
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Posted: 14/April/2009 at 5:37pm |
I have a very sad story thanks to student debt, my greed and the economy.
In 2007 i was a happy engineer, making 65k, no debt, excellent credit and happy with my life. Then one day I had a dream, 'I am smart, i could be making more' so I quit my job and started my MBA, took out a student line of credit and osap. In 2008, the market crushed, jobs were lost and had unexpected family obligations.
In a nutshell, I am an unemployed engineer with an MBA, 70k in line of credit, 16k in osap and 25k in credit cards. i asked about bankruptcy but they say that loans taken out for professional designations cannot be ommited with bankruptcy (i never knew that an MBA was a professional designation and not just a graduate degree). I think same situation is if i want to do a proposal. I cannot even do Debt consolidation using incharge since I need at least $2100 a month to pay it. I am on social assistance, have family obligations and cannot even get a job at mcdonalds with two degrees from the best school in Canada.
I do not have anyone to help me and do not know what to do.
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administrator
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Joined: 25/January/2003
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Posted: 15/April/2009 at 3:49am |
I'm not sure if an MBA is a professional designation....I'd get a second opinion on that. A CGA or CMA is a professional designation, but I dont think MBA is a professional designation. Its only a masters degree.
Get in touch with Johnny.... he can send you in the right direction. 1-902-835-1210 or toll free 866-239-7889
Let us know what happens...
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Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024
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paulaffleck
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Joined: 26/September/2007
Location: Canada
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Posted: 15/April/2009 at 8:15am |
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If you were debt-free in 2007, that means that within two years you amassed $111,000 in debt. This equals $4,625 per month. What am I missing here?
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administrator
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Posted: 15/April/2009 at 11:27am |
Paul,
I think its the cost of education that got him. Most MBA's run at $35K and above now - plus texts and other seminar fees ... add 2 years of living expenses plus
I was pricing an MBA and was shocked by the cost. Osap has a maximum per week allowance so he maxed out on his osap and probably did the rest on a line of credit.
Good to ask these questions though, but I think his debt is likely all from school.
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Administrator Mark OMeara Author of Let Go and Heal: Recovery from Emotional Pain https://LaughSingWrite.com - http://bit.ly/heal2024
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broke_2_da_max
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Posted: 15/April/2009 at 12:56pm |
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it was mostly school and i was sending 1,000 to my parents.
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