Jeff Webb Monday 29 July 2013
The phone is just not working right.
I am still holding the line with minimal late pays.
As you have pointed out I am in your terms bankrupt.
The house did not sell for $20,000 below appraised price. I doubt that with the current street construction there is any price it would sell with the massive street construction. My expectation was that the sale of the house would cover at least the non CRA tax debts which is not going to be the case.
I am faced with two choices.
I am at the point that I need to investigate and decide if I rent the basement again and try to keep working for another year, or file bankruptcy now keeping the house and car as per my understanding of rules.
The question is is there any chance of me keeping the house and filing bankruptcy.
If I cut way down and go cave frugal I should be able to scrape through a year based on my estimates.
It would mean that I keep working and pay almost 50% of my income to rent but on the other hand a hovel in a basement in Belleville would cost me $700 a month for $1,160 or +$460PM and I have my own property and a decent place to live. That makes it worthwhile for me to work through a bankruptcy.
My health is not improving and the bottom line is that if I can maintain part time employment for a year in order to discharge the bankruptcy, that is about all my body is going to do.
There is even a wild card of a claim against Metro for a slip and fall I am dealing with today. I will unequivocally not undertake any longer period of discharge as my health does not permit such optimism. If after this Metro fall. If I get the use of finger back so I can type without pain and the shoulder does not go completely out (which it is on the edge of doing) I consider myself lucky.
First National has renewed my mortgage at a 2.99% fixed rate for five years,
making the monthly pay for taxes and mortgage $589.20
If I run the figures it comes out within $100 of each other whether I rent and pay the creditors and hope for a better day when the street is done, if the economy improves. Yada dada.
As long as I work even part time at Stream keeping 54 paying the new mortgage and services. With only me to use it to love is probably $900 all in and to get even a one bedroom apt has to cost pretty much that a month once they pay hydro etc. Alone I cut almost 60% of cost as I do not comply with the heat police etc. Live cool, or warm, with few lights and electrical draws.
If I peruse bankruptcy today how:
Does the keeping the house work?
What about the "self employed within last five years" condition?
Who sets the used value on possessions tools of the trade?
Debt July 26,2013
MTG secured debt against house
First National Mortgage 54 Boswell $111.885.67
Hasting Housing assistance home grant $ 6,195.00
Total secured against house $118.080.67
I bet that interest rates are going up 5 year fixed 2.99% +tax increase = $ 589.20
Visa $ 20,989.23
TC Canada Trust Line of credit $ 9,754.71
Mastercard $ 3,734.52
Mackewen Oil $ 801.80
No service or taxes owing 100% current $ 35,280.70 unsecured loans
before the CRA TAX man claims -$154,166.37
` dcdCanada Rvenue Service assessed arears penalities as of December 31, 2012 $ 15,988.50
I must do something about the heating for 2013 if i hold as it is 40% more to heat with oil or i must settle with oil company
Total debt inclusive $173,104.37
|Discription||Debt||minimum monthly pay||Rent basement||Walk Away||Bankruptcy|
|Personal costs||do nothing file|
|Cellular - Phone||$ 41.42||$ 41.42||$ 41.42||$ 41.42|
|Car Insurance Dominion||$ 74.00||$ 74.00||$ 74.00||$ 74.00|
|Internet Bell flat||$ 84.69||$ 84.69||$ 84.69||$ 84.69|
|CRA TAX assessmantDec 31 2012||-$15,988.50||ignore||ignore||settled|
|Royal Mastercard 22%||-$ 3,734.52||$ 66||$ 66||0||0|
|TD Line of Credit 12.7%||-$ 9,754.71||$292.64||$292.64||0||0|
|TD Visa 12.5%||-$20,989.23||$277||$277||0||0|
|TD Overdraft||-$ 138.32||$ 40||$ 40||0||0|
|Mackewen Oil||-$ 801.80||owing||0||0|
|to live at 54 Boswell costs|
|Mortgage 5 year fixed 2.99%||$111.885.67||$589.20||$589.20||$589.20|
|Hastings Housing grant||$ 6,195.00|
|Mortgage secured by lein otal||$118.080.67|
|House Insurance||$ 63.73||$ 63.73||0||$ 63.73|
|Water & Belleville Sewer||$110||$140.00||0||$100.00|
|Reliance Water Heater rental||bi monthly $38.88||$19.44||$19.44||0||$19.44|
|Veridian Hydro||$100||$150.00||$ 70.00||$90.00|
|.A. MacKewen oil no replacement||$250|
|.B. Rent new natural gas effecency||$300||$300||$300.00|
|House only coast||$1,185.37||$1,263.37||$1,162.37|
|House only coast||$1,185.37||$1,263.37||$1,162.37|
|Total cost to live||$2,501.01||$2,578.01||$2,002.37|
|Stream part time||$1,100||$1,100.00||$1,050.00|
|Survivors QPP||$ 417.00||$ 417.00||$ 417.00||$ 417.00|
|Canada Pension Plan||$ 180.00||$ 180.00||$ 180.00||$ 180.00|
|Old Age Security||$ 524.00||$ 524.00||$ 524.00||$ 524.00|
|Total income||+$ 2221.00||+$2,871.00||+$1,150.00||+$2,170.00|
|Total outgoing||-$2,501.01||-$2,578.01||-$ 720.00||-$2,002.37|
To me that means I can keep on keeping on renting the basement and paying the creditors adinfitum, or file and get everyone off my back.
I am under no illusions that a spred sheet break even would make filing easy as before the end of a year there will be no beer or gas.