Bankruptcy questions

[kanedog]

And that's why I posted on here - got some good help and advice on which way to go - I love S&M lots of good people on here - & also some very not so good people

Name some names! Let’s fire this biiitch up!

 

[ABMax24]

You definitely need to talk to a professional before doing anything. The rules are changing on a daily basis as this pandemic progresses, and a few bucks spent on a professional could save you everything in the end. You might qualify for income support from the government, they have also announced up to $40k of loans interest free for the first year to help folks through.

 

[pfi572]

Serious question here.
What happens to your snowcheck $$$ if the dealer goes bankrupt?

Unless something has changed the snow check coin goes to BRP .
So they would just send sled to next closest dealer . Is my guess .
Make sure you have all correct info and amount paid ?
Some dealers used to charge $1000 but only a $500 of that was required for BRP.
Someone that sells these will chime in I am sure.

 

[freeflorider]

Ya, the rest is just stuff

I don't think your going to be the only one learning a lesson in over financing.

Read rich dad poor dad

Oh been in the forestry game a long time and seen some though times, I stay well ahead of this and I know good debt from bad debt.
Alls good over here.

 

[snow_farmer]

I understand everyone's situation is different but alot of people like yourself are going to learn valuable lessons in money, financing and over leveraging themselves. My old man always said never finance toys and have a rainy day fund. Vehicles are ridiculous now a days so I can understand that payment but people that finance 50k plus on holiday trailers blows my mind. I dont know your situation but I find it sad that were only 2 to 3 weeks into this and your already freaking out about payments. Hope everything works out for ya.

 

[S.W.A.T.]

Oh been in the forestry game a long time and seen some though times, I stay well ahead of this and I know good debt from bad debt.
Alls good over here.

17 years in the patch and watched that go tits up, grew up around forestry so I definitely knew what to watch for. Just means I'm probably not getting my new boat.

 

[Trukker]

I understand everyone's situation is different but alot of people like yourself are going to learn valuable lessons in money, financing and over leveraging themselves. My old man always said never finance toys and have a rainy day fund. Vehicles are ridiculous now a days so I can understand that payment but people that finance 50k plus on holiday trailers blows my mind. I dont know your situation but I find it sad that were only 2 to 3 weeks into this and your already freaking out about payments. Hope everything works out for ya.

I doubt he's the only one as 85 % of vehicles and toys that are sold are financed . So if the manufacture can't get people to buy there product and make it affordable for them to own via finance then they can't make there product .

 

[snopro]

Unless something has changed the snow check coin goes to BRP .
So they would just send sled to next closest dealer . Is my guess .
Make sure you have all correct info and amount paid ?
Some dealers used to charge $1000 but only a $500 of that was required for BRP.
Someone that sells these will chime in I am sure.

You are right. Your deposit you give to the dealer actually goes to BRP when we create a spring fever form. If dealer goes for chit over the summer the manufacturer will direct you to the next closest dealer and will ship your unit there for delivery. There is nothing binding to your deal with the new dealer so you may have to pay more than what your deal was from the bankrupt dealer. In most cases I think its in the best interests of the new dealer to honor your deal as long as you have something to prove it on paper.

 

[Clode]

Don't try to hide things, when my uncle went bankrupt he tried that, they found everything in the end, he even sold his 57 vette to a friend for a ridiculously low price and the creditors got it from the new owners in a court case. Best is to be honest from the beginning and work with the creditors.

 

[freeflorider]

17 years in the patch and watched that go tits up, grew up around forestry so I definitely knew what to watch for. Just means I'm probably not getting my new boat.

Maybe not a new one but in a few months you might get a sweetheart deal on a slightly used one.
someone should start a wish list for cheep stuff on here and see what’s up for grabs. Keeping my eye on the auction sales, going to be some good buys a coming.

 

[skegpro]

What happens if the ATB goes bankrupt?
They are backstopped by the ab government, which is on the ropes right now.......

 

[snow_farmer]

What happens if the ATB goes bankrupt?
They are backstopped by the ab government, which is on the ropes right now.......

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

 

[ABMax24]

Have a read here, I think we are pretty safe. Governments worldwide are going to do everything they can to prevent the collapse of financial institutions.

If something were to happen to ATB though I'd be in trouble, all my savings and most of my investments are with ATB, all my liabilities are held at different banks.

Don't forget that bank accounts are insured also with the Canadian government, so there is incentive for the government to keep the banks open to avoid paying this out.

https://annualreport.atb.com/managements-discussion-and-analysis/risk-management/liquidity-risk

 

[Couch]

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.

 

[freeflorider]

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.

This also starts at the top, hope our government is paying attention. Monkey see monkey do, this encourages spending like there no tomorrow. I have a saying that is “if you save your money the worst thing that can happen in a down turn is you still have money”.

 

[S.W.A.T.]

This also starts at the top, hope our government is paying attention. Monkey see monkey do, this encourages spending like there no tomorrow. I have a saying that is “if you save your money the worst thing that can happen in a down turn is you still have money”.

Money saved today is worth less tomorrow

 

[deaner]

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.

 

[pfi572]

Well said and spot on .

 

[kingcat162]

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

 

[Caper11]

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.

Exactly, well said!

I brought up the samething infront of a group of people, a fly on the wall probably would of been entertained.


We will be paying dearly in the future for all of these handouts.