Everything You Need to Know About Filing Bankruptcy in Canada
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- Опубликовано: 27 июл 2024
- Chances are if you've reached the stage where you are considering filing for bankruptcy, stress has already made things feel busy and convoluted. You want to arm yourself with the right knowledge and ensure you are in the right hands, and on a better path. We feel many people may feel a bit better after watching this brief primer on what happens to a person who files. We're sorry if you've found yourself here, and know that we wish you the best.
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0:00-2:25- Intro
2:25-3:11- Why file?
3:11-6:55- What will I lose?
6:55-7:41- What about my spouse?
7:41-8:49- How much does it cost?
8:49-9:30- Intro to Consumer Proposals Their Costs
9:30-12:54- How are consumer proposals calculated?
12:54-14:15- How long will I be in bankruptcy?
14:15-16:15- How long will it take to recover?
16:15-16:57- Quick tip for those filing
16:57-18:12- What do I have to do?
18:12-20:22- More on Consumer Proposals
20:22-23:30- Final thoughts/advice + outro
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The content on this channel is provided solely for informative and educational purposes and does not represent investment advice.
The hosts are not liable for the viewers' financial decisions, and their content shouldn't be used as a foundation for investing transactions.
Thank you for that information
you are very professional and your channel and tips very beneficial.
Thank you. We try our best to be helpful
You need to mention that the CRA is a special creditor. They can pretty much do anything. Freeze your bank accounts, take your pension, take you RRSP, take your tax refund, etc. Any other creditor would have to sue you and win a judgement against you. Then they would have to win another judgement to enforce it. Even though you can include your tax debt as part of your bankruptcy, CRA has the power to mess it up.
CERB debt is dischargeable though right? I read it is
@@somethingsomething404 It is dischargeable if CRA decides it is. If the CRA decides your CERB was fraudulent (or for some other reason), then it isn't dischargeable. They thing to remember is that the CRA can do what other creditors cannot. If you decide to go bankrupt, try to not owe CRA anything.
Many Thanks for this step-by-step guide. Very well done Video.
Thanks 😊
late, but nice. exited last year. now have a question for an ombudsman, when they get back to me.
thanks
what if you transfer money into an rsp and a week later file for bankrupcy? still protected?
also what if you buy a car for under 5k . then file? also what if you have nfts? do you have to claim nfts?
@K4Financial what is the total net income you can earn to remain in the 9 month Bankruptcy term now in 2024?
Question: would you know if being retired on very small pension, can I stop paying off my credit cards without declaring bankruptcy?
You could do a consumer proposal to stop the interest at least.
What if you have no income and your mortgage provider is trying to sell your place
Nice video, I was wondering if someone files bankruptcy and is just going to pay lets say 1800 to the trustee office i the span of 9 months, then who is actually paying to the lenders (like credit card companies)? Is it the government of Canada or is it the lenders waving off the loan amount?
Taxpayers end up paying it for the most part, because big banks get government handouts. But banks also have lots of people on billions of dollars of debt ranging from 6-30% so who knows. These banks are evil.. Im 60k in debt with line of credits and credit cards right now and i think im going to file bankruptcy. Obviously it was my fault and made horrible choices but fuck them for giving me this much credit. It was evil. I make really good money every year, like 160k+ but i developed a really bad online gambling problem. It was tough for me to even type this honestly.
Just to confirm, CERB debt is dischargeable right?
I qualified but they’re saying I must have had expenses as a dog walker, poop bags don’t cost much lol. I made just over 10k, they’re saying I probably had expenses of 50+% so I made less than 5k
Wow 1800$ seems pricy. all I have is credit card debt and cerb. Seems like I should be able to file on my own, no?
What is the name of the LIT you recomend in alberta???
I don’t have one. It’s not something that is common for us, not that we don’t want to help, we just don’t get people in that situation, so I apologize, but I don’t know of one.
That said. It is the only financial professional that can’t steer you wrong due to their limitations, so they should all be the same
Bro do I need to file bankruptcy I am moving out of canada to USA?
I’m not sure. Can’t hurt to talk to a licensed insolvency trustee
@@K4Financialwe cant trust them because if I declare my belongings to them they will initiate to give to collections agency and if I ask them do I need to do it they will definitely say yes. Cause then only they will get money.
How many people declare bankruptcy because they fall afoul with Revenue Canada and are unable to resolve the issue?
I have no idea. It’s not something that we have a lot of experience with, I just know more and more people are going to have to explore it as an option.
Those might be my reasons. They commited crime but can I survive the battle as they try to squirm out of guilt?