General and simple questions!

[chucho26]

1) Can you still get car insurance after a BKR. If they refuse you as a customer, can you pay the whole yearly amount?

2) Can you NOT GET a job related to teaching or being a nurse?

3) Will you be able to rent an apartment?

4) Will you be able to travel

5) ROUGHLY what % of bankruptcy have an OPPOSITION OF DISCHARGE?!


Thanks

[justbroke]

1) Can you still get car insurance after a BKR. If they refuse you as a customer, can you pay the whole yearly amount?

Yes, you can get insurance. Depending on which State in which you live and/or whether the insurer uses credit scoring will determine what the rate would be. In many States, large insurers, other than GEICO, use credfit scoring models (insurance risk score) and you could end up with high scores. I stayed with my same insurer for years and had no increase. I did try to shop around for new insurance and they were all ridiculous.

2) Can you NOT GET a job related to teaching or being a nurse?

I don't think bankruptcy affects either of these positions. In fact I hold a security clearance and it has been renewed.

3) Will you be able to rent an apartment?

This is too dependent on the apartment management company. Many "national" apartment management companies require 1 year past discharge. Private persons and some apartment management companies only care about your credit score. I was a landlord and used a tenant screening service. I noticed that most scores > 600 FICO would have a recommendation to rent although closer to 600 would recommend an additional deposit (as allowed by the laws of my State).

4) Will you be able to travel

Yes. Why would you not be able to travel? I have a passport and passport card. I'm also registered under Global Entry and I'm a U.S. Customers and Border Protection "Trusted Traveler". I hold various security clearances.

5) ROUGHLY what % of bankruptcy have an OPPOSITION OF DISCHARGE?!

I would say less than 0.5% because 95% of cases proceed without incident. About 5% of cases have any "issue" and of that 5%, only 10%, of that 5%, have a real specific dischargeability complaint. There simply are few cases where creditors want to deal with starting an Adversary Proceeding (AP/complaint) within the bankruptcy process. That AP process can get expensive because it is not the same as going to small claims court. A creditor can expect to spend several thousand dollars prosecuting a dischargeability complaint. This is just too fact specific and will depend on the specific case and the specific creditor. (I am not including in this the number of cases where the Trustee or United States Trustee may object to the discharge. Those cases are, however, included in that 5%.)

[chucho26]

Thanks! I just checked on the Canadian Government website and it gives REAL (with links) examples of discharged that were opposed. Basically, the LEAST AMOUNT that I saw being opposed was 90 000$ I think. Also, that person had to pay 20% of that amount.

What I am saying is that from what I have seen and been told, they VERY RARELY oppose for a discharge if it is anything less than 50 000$ OR if the debtor REALLY bought a lot of luxury good in a short period of time and he/she knew that he/she did not have a job or could not pay any of it.

I am very relieved today to finally have seen some evidence!

Basically, don't empty your cc knowing you are going to go bankrupt.......wait a MINIMUM of 3 months after the last huge transaction or gambling. If you were gambling, STOP, get some help and proofs that you stopped........If you do all of that, you should bef ine!

[justbroke]

Canadian? Are we talking about filing bankruptcy in Canada? I really can't speak for Canadian bankruptcy laws as I'm only familiar with U.S. bankruptcy law.

[chucho26]

Yes but the main and general ideas are similar

[LadyInTheRed]

While I am sure much is similar, especially the points you have noted, the process in Canada is quite different. For example, in Canada the trustee roll is much different than in the US.