Bankruptcy questions

[pfi572]

Haven’t seen a shortage of work since 1980 . Even I worked then.
Going to be slow now for 6 months but will bounce back .
Just can’t sit at home thinking it will land in your lap .
Might not be what a person wants to do or might have to go away from home and work in camps or miss sledding but always work somewhere if you are handy and not scared to get hands dirty .

 

[Caper11]

Haven’t seen a shortage of work since 1980 . Even I worked then.
Going to be slow now for 6 months but will bounce back .
Just can’t sit at home thinking it will land in your lap .
Might not be what a person wants to do or might have to go away from home and work in camps or miss sledding but always work somewhere if you are handy and not scared to get hands dirty .

Yep, have to keep the wolves off the front step somehow.

 

[skegpro]

Money saved today is worth less tomorrow

Bingo

 

[kingcat162]

 

[neilsleder]

Pretty much every developed nation has / will institute quantitative easing ...so it will likely be a zero sum game unlike a situation where only one or two countries print their way out of it. If at 75% of salary you cant make payments then you need to get rid of some $hit and reign in spending.
Still, too many people are over exposed and live beyond their means so this may be a needed wake up call when the dust settles.

Is that 75% happening? I got laid off do to this covid thing, so when I applied for unemployment is that automatically mean I am signed up for the 75% of my wage. Or do you need to apply for this separate.

Right now I am sure glad I don’t have any payments other than my mortgage. I got to thank my wife to make me smarter about purchases.

 

[kingcat162]

I bought my truck in 2014 and my camper in 2012 - was fine and dandy till about march of 2019 - she was slowly on the downward spiral before then and it seems like it's nearing the end of the world now

 

[S.W.A.T.]

I bought my truck in 2014 and my camper in 2012 - was fine and dandy till about march of 2019 - she was slowly on the downward spiral before then and it seems like it's nearing the end of the world now

Honestly I would look into consolidating

 

[deaner]

Oh ya spot on - cuz the unemployment rate has been just perfect up till the beginning of March 2020 right - so many people on here with just expert opinions

Yeah and the previous 20 years to that has been the richest in history. Guessing you work in the oil patch? It's a volatile industry. You had to have expected it to slow down at some point? Instead of planning for that you get financed to the tits and then act surprised when a bumpy patch comes along? Come on man

 

[kingcat162]

Yeah and the previous 20 years to that has been the richest in history. Guessing you work in the oil patch? It's a volatile industry. You had to have expected it to slow down at some point? Instead of planning for that you get financed to the tits and then act surprised when a bumpy patch comes along? Come on man

I'm not acting surprised at all - acting more angry than anything - and having a hate on for certain individuals - I'll figure something out - it's not the end of the world YET

 

[ABMax24]

Its a tough call on the government support and quantitative easing. Doesn't it just reinforce bad behavior? What happened to personal responsibility? I think it's absolutely ridiculous that they are already rolling out rent and mortgage payment cancellation. We are a couple of weeks into this!! If you can't survive a
Couple of months without a paycheck that is a YOU problem. If that's how things are going to be then what is the sense in living responsibly? Why drive older vehicles and buy used toys with cash? Not that I wish anything bad on anyone, but if you are experiencing financial difficulties then that is a direct product of the choices you have made.

If we were six months or more into this I might be a little more empathetic.

For many of the members of this forum what you say is true. As most of us are worried about buying the next truck, boat, atv, or sled making financial difficulty mostly based on our purchase decisions. But the fact is there are a lot of people in this country that live paycheck to paycheck and just scrape by on the essentials, they don't own million dollar homes or drive fancy cars, most have basic apartments and just enough belongings to get by. I guess we could go on to say they could have taken better jobs but the fact is there are only so many good jobs to be had, someone has to flip the burgers at McDonalds and someone has to sweep the floors at walmart. We also need those people in the economy, wealthy people tend to save and lock up money in bank accounts often for years at a time, keeping this capital out of the economy, less wealthy folks don't have that opportunity, as soon as a dollar comes in it is going back out, keeping that money circulating.

I do agree that this is very fast to start postponing rent and mortgages, but look at the example that is led, every time the economy slows the government lowers interest rates encouraging people to borrow and spend that money. Eventually people accrue more debt than they can repay, or want to repay. Debt levels are at an all time high in Canada.

 

[Cyle]

Its a tough call on the government support and quantitative easing. Doesn't it just reinforce bad behavior? What happened to personal responsibility? I think it's absolutely ridiculous that they are already rolling out rent and mortgage payment cancellation. We are a couple of weeks into this!! If you can't survive a
Couple of months without a paycheck that is a YOU problem. If that's how things are going to be then what is the sense in living responsibly? Why drive older vehicles and buy used toys with cash? Not that I wish anything bad on anyone, but if you are experiencing financial difficulties then that is a direct product of the choices you have made.

If we were six months or more into this I might be a little more empathetic.

If you're a an employee working for someone I agree 100%. But if you run a business it's totally different. I got behind a few years ago early into my business. Slow work, slow paying, a bunch of huge repairs at once combined with renters not paying and it put me into a hole. Granted it wasn't bad, didn't loose anything just took 6 months of hard work to get out of. It's still tough running a business right now. No idea when people are going to pay, got to pay for supplies, rent, repairs, etc though to keep going. And no small business can afford to have 6 months savings like a individual can.

It's amazing how much some people spend. One renter who never could afford rent made almost $200k a year and his wife worked and still struggled to pay $1750 rent.

 

[Cyle]

I'm not acting surprised at all - acting more angry than anything - and having a hate on for certain individuals - I'll figure something out - it's not the end of the world YET

JMO but sell all the toys, camper, etc. If you still can't make it out of the hole it about 6 months sell the truck unless it's needed to make a living and buy something cheaper. House is the one to keep unless you're upside down in it. A debt counselor or whatever they are called would be worth the call as they deal with this stuff all the time. Just a heads up on bankruptcy if you go that route, buddy of mine did it years ago, for a few years after he couldn't make over a certain amount or 100% went to creditors and it was fairly low, like $50k so something to keep in mind. No idea how common that is.

 

[Cdnfireman]

I got everything through ATB, actually quite interested and concerned to hear peoples opinions on this.....

ATB will be fine, as will the rest of the Canadian banks and credit unions. Unlike lots of countries, Canada regulates its banking system quite strictly, as was demonstrated during the financial meltdown in 08-09. They have offshore and other lending restrictions that protect the majority of their assets. We suffer from lack of competition in the banking industry in Canada, and our mortgage rules protect the banks while making it take longer to buy a house with way more interest costs to the consumer compared to the states. That’s a big downside when times are good, but when $hit hits the fan causing a financial crisis, it’s what protects our banking system by ensuring a large, secure asset base for our financial system.

 

[Cdnfireman]

I bought my truck in 2014 and my camper in 2012 - was fine and dandy till about march of 2019 - she was slowly on the downward spiral before then and it seems like it's nearing the end of the world now

Try not let it get you down. You’ll get through this, before you know it you’ll be looking at this in the rear view mirror. The credit counseling folks will set something up for you, it will cause some sacrifices for you that will make you change your lifestyle some, but sooner than you think you’ll be moving forward again. It’s nothing you can’t handle.

 

[deaner]

If you're a an employee working for someone I agree 100%. But if you run a business it's totally different. I got behind a few years ago early into my business. Slow work, slow paying, a bunch of huge repairs at once combined with renters not paying and it put me into a hole. Granted it wasn't bad, didn't loose anything just took 6 months of hard work to get out of. It's still tough running a business right now. No idea when people are going to pay, got to pay for supplies, rent, repairs, etc though to keep going. And no small business can afford to have 6 months savings like a individual can.

It's amazing how much some people spend. One renter who never could afford rent made almost $200k a year and his wife worked and still struggled to pay $1750 rent.

I agree. Especially if you are floating big projects, waiting 90-120 to get paid, and then getting stuffed. Hard to swallow lumps like that.

And I agree that it is hard for lower income folks. Not everyone can make 100k a year. But I still think most people can save some for a rainy day.

 

[S.W.A.T.]

For many of the members of this forum what you say is true. As most of us are worried about buying the next truck, boat, atv, or sled making financial difficulty mostly based on our purchase decisions. But the fact is there are a lot of people in this country that live paycheck to paycheck and just scrape by on the essentials, they don't own million dollar homes or drive fancy cars, most have basic apartments and just enough belongings to get by. I guess we could go on to say they could have taken better jobs but the fact is there are only so many good jobs to be had, someone has to flip the burgers at McDonalds and someone has to sweep the floors at walmart. We also need those people in the economy, wealthy people tend to save and lock up money in bank accounts often for years at a time, keeping this capital out of the economy, less wealthy folks don't have that opportunity, as soon as a dollar comes in it is going back out, keeping that money circulating.

I do agree that this is very fast to start postponing rent and mortgages, but look at the example that is led, every time the economy slows the government lowers interest rates encouraging people to borrow and spend that money. Eventually people accrue more debt than they can repay, or want to repay. Debt levels are at an all time high in Canada.

Yup, saw this coming long before I left the patch. I had guys working for me that were financed 110% prior to 2008. Absolutely floored me. I totally understand that paying cash for a 60+ thousand dollar vehicle is a stretch but it also comes to a point where you need to ask yourself do I actually need that? Was in the store last week and a new Samsung phone is $2200. Does a person really need that, should you be making payments on a couch or financing a tv or vacation? These things are all wants not needs. My truck a 2011, wife's is a 2012 toys all payed cash, because in times like what's been happening since 2016 we have made it through lean years and I took a massive pay cut. Going from a drilling consultant to a truck driver. Still have a roof over our heads and food in the belly and clothes on our backs. My dream truck is a king ranch dually but not until paying cash for it makes sense. Creature comforts are nice but 99.9% of the time its just stuff.

 

[freeflorider]

Money saved today is worth less tomorrow

Oh ok, thinking the guy that started this post wish’s he had the money he could of saved yesterday now.

 

[Stompin Tom]

The rule of thumb I have always had, if you have to finance something, and yes there are times when financing makes more sense than paying cash (extreme low interest rates) either make some big payments early, or put savings away for when you need them. It sounds like preaching, but all it takes is a little discipline, you dont have to start with much, just be loyal. I am at that point in life where I only finance business purchases, makes so much more sense for write-offs, and personal stuff has to be paid for. I wont do it any other way, but damn, it took allot of years of discipline to get to this point.

 

[freeflorider]

Bingo

So your agreeing with swat to spend all your money because money saved today is worthless tomorrow? Not sure if I fallow.

 

[skegpro]

So your agreeing with swat to spend all your money because money saved today is worthless tomorrow? Not sure if I fallow.

Money goes down in value over time, proven fact.
You have to put it to work.
Just loosing value in your mattress.

And what's to say the original poster didn't have $5 million invested and it all went for ****?
Everyone is being awfully judgemental.