theking

What...specifically...were you allowed to keep when you declared bankruptcy?

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theking

That is if you care to say.

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SleazyDream

in manitoba you're allowed (it's different in every province and different in the USA)

all your rrsps
$4500 in home furniture and the like (auction liquadation value of the stuff)
$3000 equity in a car
$7000 in business equipment (used auction value)
6 months food and gasoline
all your cloths
all your pets

we discussed my online properties and came to an agreement on income instead of sale considering I would and legally could strip all the traffic out of them otherwise.

you're allowed just under $1900 a month for living expenses after business expenses and taxes. anything over that you have to pay 50% into the trustee for the estate. I've gone over ever month but I have the money to pay the trustee - it's done in a lump sum at the end of the bankruptcy.



apparently if i follow all the rules I'm allowed to apply for any automatic discharge in 9 months - which is about the end of march for me. The longest i can be in bankruptcy in Canada without major problems is 21 months on a first bankruptcy.

does that help?

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theking

How about a home itself. Are you allowed to own your home and up to what value?

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SleazyDream

i gave up
my riverfront home
my Mercedes Benz
almost all of the furniture in my riverfront home
my office building/bar and all it's contents
my 3 snowmobiles
my 2 quads
my boat
my 1/2 mile of lakefront property
my high end watches and other collectibles
my 2 timeshares
a big PILE of money I had non registered
all my credit cards - they go though a 'ceremony' where you cut them up LOL

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SleazyDream

there are provisions where you can keep your house - you have to have it assessed and then be able to pay the equity back into the bankruptcy when you are released. I think you're allowed $3K or something in equity in a home but i'm not sure there. I had most of my home paid off - credit would be difficult at the end of a bankruptcy so I gave the home up. Renting now. I would have been in better shape had I not paid most of the home off actually......

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SleazyDream

the laws are different in every area though - this info isn't really useful unless you live in manitoba

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theking

Well the same applies here in the States...every State is a little different. Some will virtually take everything and others are very generous in what one is allowed to keep and the value of it.

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theking

How well can one fare with a $1900 dollar a month income in Canada?

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Raf1

that hurt me just from reading it

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boneless

holy crap man, that must have hurt so badly for ya....

good luck man keeping things afloat.

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SleazyDream

in gimli - i live like a king

I drive an almost new (bought it new) diesel jetta
i live in a 1200 sq foot house with garage for the car - i can see the lake from my house
i have a big screen tv - full cable - all my computers - leather furniture and great household stuff. TVs in both bedrooms
I go out for dinner 2-3 times a week
i have a gym membership
i eat high end steak and crab regularly
i travel to the city min. once a week and buy crap like x-mas light and other useless stuff

remember my girlfriend works - she doesn't make much - but she helps with the rent and food....

basically
it means i have one home instead of two....
i don't goto expensive restaurants - but reasonable ones... they are all pretty cheap here
i don't have my sleds, benz, boat etc but i hadn't used those toys in years anyway


to be truly honest I got my life BACK - i have a better standard of living NOW than before with the bar for the last 2 years.

i can't afford to travel as much - did goto BC with my brother couple months ago - drove there and let him use my car when he was there for 2 months - he bought my flight back for letting him use my car. borrowed my dad's old truck for that time.

and I will get my income back - working on that right now actually

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SleazyDream

not at all - i'm not really emotionally tied to stuff - more to people.

found out who my real friends were

__________________
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SleazyDream

i'm allowed more than 1900 (it's 1800 and something but can't remember the exact at the moment)

say i net $5000 after taxes and business expenses

I get to keep $1900 - call it $2k for easy math
the other $3K - I have to split in half with my trustee

so if I net $5K - I keep and get to spend $3.5K

if I net $10K
I get to spend $6K...

when I net $20K
I get to spend $11K

Basically there should be money in my estate for the creditors....unless the trustee charges too much LOL


there's a provision though if you make too much they can take 75% - which kinda demotivates me but hey - still not bad.....

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SleazyDream

that and the thefts, dirty cops, dirty liqueur inspectors - bad and basically illegial media coverage - trouble refinancing - it was a total disaster in MANY ways....

soooo happy to be OUT of that biz

__________________
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SleazyDream

it seriously felt like it was impossible to be honest with anyone in that business.

not a business i ever want to get into again. life's about the people you spend time with, and the gov't officials around that business are total pieces of human garbage.

I actually was threatened with physical violence 2X from liquer inspectors - i wrote reports to their supervisors about it - they ADMITTED IT as it was in front of several witnesses - nothing happened to them. One inspector came into the bar and told my clients I watered down the booze - we free poured and opened the bottles in front of the clients....ugggg. I had cops threaten to tear my house appart on search warrents, they assaulted my security guards several times - they broke my equipment it goes on.... - i don't know what for? i don't' even smoke pot yet alone anything harder and am ALWAYS willing to do a drug test as i don't' do any drugs. i played by the rules - it was unreal and HUGE time fighting bullshit

basically i'm of the opinion - FUCK YOU WINNIPEG - i will NEVER invest in that shithole again. THEIR LOSS. i love gimli - only goto that shit hole for some stores now and then now.

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pixovore

Wishing you "Salud y pesetas" for your new life!
It seems you re on the right track.

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SleazyDream

yep. total bullshit

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WiredGuy

I remember you used to have a ton of aeroplan airmiles. Do you still have them? Want to sell them if you do?
WG

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I play with Google.

Robocrop

Isnt Gimli the dwarf in that movie...?

XD2

I used to be a nightclub manager here where I live a couple of years back and the basic rule of thumb is, if you actually have a conscience and aren't willing to step on anyone who gets in your way/competes, you will probably fail.

I didn't own the club just helped run it, but the people that did own it were pretty ruthless.

Good to hear you come through it all and feel good though, that is a great attitude to have.

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Mutt

ooops

.......

Mutt

did you do all you could with a good accountant before going into this venture to protect your personal assets in case this venture failed? it doesn't sound like it. i'm no expert but i do have friends who've gone into various businesses - retail, restaurants/bars - and they've had those businesses go tits up but never had to go into personal bankruptcy. though one I do remember was sued by the landlord of a mall for a big amount who said the corporation set up for this retail store was a corporate veil - they settled in the end.

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xNetworx

DaddyHalbucks

Any business with employees, inventory, and alot of government regulation is potential trouble.

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Boner Money

xxxdesign-net

Have you seen the movie Serpico with Al Pacino? Sounds similar to that...

MrMaxwell

People get good lives by fucking people out of theirs and making pathetically stupid decisions
And they're so ignorant, they claim to be CFOs who spell like a refugee

But there will come an end to such travesty
And it will be messy

SleazyDream

LOL - 3 guesses who got my last free flight? (the first two don't count)

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NetHorse

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jay23

When you had money you had a lot of friends, you even had some chick on a g-string come and fix your TV (I don't know who but you posted the pics here). Are they all still friends or they all gone when they found out you don't have the $$