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Conor Cannon - 100587340

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This image is of a piggy bank, that is used for spare cash, being broken but empty. This represents how someone who is filing for bankruptcy has well and truly used up everything they have.

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This image is of an adult looking extremely stressed out. This represents how filing for bankruptcy is seen as a last option for most people and would weigh heavily on your shoulders for many months or years.

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What Happens if a Country Goes Bankrupt?

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What Happens if a Country Goes Bankrupt?

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This video is all about what would happen if an entire country ended up filing for bankruptcy. The video explains how a country filing for bankruptcy is much different than an individual doing the same and is much more of a free for all. The video uses the bankruptcy of Argentina as an example where they were able to stabilize due to help from other countries and reformed spending plans. Iceland is also used an example where they are able to pull themselves out of the verge of bankruptcy through the use of international loans in order to bail there citizens out of dept. This video was interesting because you never really think that a country can allow itself to go so far into dept that it has nothing left.

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What Happens If A Country Goes Bankrupt?

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Subscribe! http://bitly.com/1iLOHml Many countries have been almost or completely bankrupt in recent history with Greece now on the brink of bankruptcy. So, what happens when countries go bankrupt? Learn More: Syriza's historic win puts Greece on collision course with Europe http://www.theguardian.com/world/2015/jan/25/syriza-historic-win-greece-european-union-austerity "European politics has been plunged into a volatile new era following a historic victory in Greece's general election by far-left radicals committed to ending years of austerity."

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This video is a quick overview of the different laws associated with filing personal bankruptcy.In the video he talks about what bankruptcy can and cannot do for you. Bankruptcy will allow you to get rid most of your dept, stop foreclosure on your home, give a chance to catch up in payments, stop the repossession of your other property such as a car. Bankruptcy however will not save you from; going into dept in the future (something has to change), dept singled out such as child support or student loans. Something interesting from this video is the fact that filing for bankruptcy can stay on your credit for up to ten years which is a very long time and will most definitely hurt the person involved.

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This website from "dummies" talks about possible solutions in order to avoid bankruptcy. These solutions include: make a budget in order to control your personal finances and spending, seek help from family and friends but only if they are willing and have the finances to help you, and sell your assets before you lose them to the bank anyway. This article is interesting because of how obvious some of these solutions seem but people are only looking to change their habits once things have already gone too far.

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You don't need to file bankruptcy to solve a trivial financial problem or when a more targeted remedy is available. Although you shouldn't view bankruptcy as a last-ditch solution, you probably shouldn't make it your first consideration, either. Consider the following solutions before deciding that bankruptcy is the way out.

Budget. If you can get your financial house in order through discipline and careful budgeting, go for it.

Allow your family to bail you out. If a parent or other family member offers to save your hide, accepting that generosity is tempting. But make sure that he or she

Is ready, willing, and able to help.

Can pay your debts without suffering financial hardship.

Can truly solve your problem, not just postpone an inevitable bankruptcy.

Sell your assets. If you own assets that you'd lose to a bankruptcy trustee, you may want to consider selling your stuff to pay your debts. If that doesn't raise enough money to pay all your debts, it at least helps whittle down your debt load.

Every state has laws that make certain essential assets exempt or off-limits to creditors, regardless of whether you file bankruptcy, usually including homesteads up to a specified value, pensions, basic household furnishings, and a modest vehicle.

Transfer credit-card balances. Although trading high interest rates for lower rates is worth checking out, credit-card balance transfers seldom are effective. And if you end up in bankruptcy, you may be facing an allegation of fraud, and your creditors may fight to prevent the debts you owe them from being wiped out.

Restructure home mortgages. You may be able to free up some cash by restructuring your home mortgage. Basically, you can do this in one of two ways: arranging a mortgage workout agreement or refinancing.

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You don't need to file bankruptcy to solve a trivial financial problem or when a more targeted remedy is available. Although you shouldn't view bankruptcy as a last-ditch solution, you probably shouldn't make it your first consideration, either. Consider the following solutions before deciding that bankruptcy is the way out.

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This article explains everything you need to know about bankruptcy within Canada, from what you will lose to what you will gain. In the article they say how filing personal bankruptcy in Canada means the forfeit of almost all of your available assets to absolve your dept. Not all dept will be removed through bankruptcy such as a car loan or a mortgage. Something interesting is the fact that 333 people filed for bankruptcy every day in Canada in 2015, this number seems very high for what bankruptcy is.

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How it can give you a fresh start

Through bankruptcy, a person hopelessly burdened with debt gets a chance to start fresh.

What is bankruptcy?

In plain language, the concept behind personal bankruptcy in Canada is this: you assign (surrender) everything you own to a Licensed Insolvency Trustee in exchange for the elimination of your debts. Certain exceptions that vary by province allow you to keep some minimum necessities.

Surrendering many of your assets may sound harsh, but keep reading to learn how bankruptcy affects and assists people in real life - how bankruptcy might affect YOU.

Personal bankruptcy is a legal process, governed by federal law ( the Bankruptcy & Insolvency Act).

The law is designed to permit an honest but unfortunate debtor to obtain relief from his or her debts while treating creditors equally and fairly.

Bankruptcy is a legal process, and features a "stay of proceedings" that prevents a garnishment or any legal action from happening, and stops your creditors from calling.

Who can file bankruptcy?

To go into personal bankruptcy in Canada, a person must have lived or done business in Canada within the last year, and must be insolvent.

To be insolvent means:

1. To owe at least $1,000.

2. Not to be able to meet your debts as they are due to be paid.

What is a Trustee and what is a Trustee's role?

A Licensed Insolvency Trustee is the only professional who can administer a bankruptcy in Canada.

Licensed Insolvency Trustees are federally licensed. Their fees are regulated and moderate, so the cost of bankruptcy is reasonable.

Length of bankruptcy

You may be entitled to an automatic discharge from personal bankruptcy in as little as 9 months, the minimum time set by the Court, provided you have never been bankrupt before and you complete various duties and responsibilities.

Your ability to obtain credit in the near future could be affected, since bankruptcy will remain on your credit report for several years.

Exceptions to the discharge of all debts

Some debts are not erased. Bankruptcy only deals with unsecured debts - things like credit cards, personal loans, income taxes, overdrafts, etc.

A secured debt, such as a car loan or mortgage, may not be included. Since you have given an asset as collateral, your creditor can recover the amount owing to them. Any shortfall can be dealt with in the bankruptcy.

Some unsecured debts are also not discharged in a bankruptcy, such as student loans less than 7 years after you stopped going to school and/or any alimony or child support, as well as any debt arising from fraud.

Exceptions to the surrender of all assets

Some assets are not taken from you in bankruptcy. These are the " exemptions " that the government has determined you need to survive. The goal of bankruptcy is to give you a fresh start - not to punish or humiliate you. You will typically retain personal items and furnishings.

The list of exemptions is set by each provincial or territorial government. For example, in Ontario, a car not exceeding $6,600.00 is exempt, also personal items such as clothing and household items worth less than $13,150.00, RRSPs as well as equity in your residence to a maximum of $20,000.00.

For most people the assets they must surrender include their investments and RESPs.

Exceptions to discharge from personal bankruptcy in nine months

The length of your bankruptcy will be nine months, unless one of the following is true:

You fail to perform all your bankruptcy duties, such as regular payments of surplus income to the trustee.

You have surplus income (see below).

You have been bankrupt before.

There is an objection filed to your discharge.

How much longer your bankruptcy period will be depends on the details of your case. Twenty-one month is typical when the bankrupt individual makes a good salary (has surplus income).

Surplus income adds to cost of bankruptcy

On top of the trustee fee and your loss of assets, a bankruptcy may cost you some of your income, depending on how much you earn and the size of your household. The principle is that, if you earn more than your household needs to survive, you must pay a portion of the " surplus income " to your trustee for the creditors. The formula is prescribed by law. The more you earn, the more you can afford to repay to your creditors.

What you can expect from your initial, free consultation with a Trustee

If you want to learn more about how filing for a bankruptcy would affect you, and whether there are other alternatives that are available to you, booking a free personal consultation with a local Licensed Insolvency Trustee is an easy next step.

The Trustee will discuss your personal situation with you, answer your questions, and advise you on whether a bankruptcy is the right solution in your case, or if a different insolvency solution - an alternative to bankruptcy - might be more suitable for you.

The consultation is confidential, and also risk-free - as you have no obligation to continue to work with the same Trustee in the future, nor can the Trustee make any decisions on your behalf. You will leave the Trustee's office with lightened emotional load, knowing you have gotten trusted professional advice.

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Bankruptcy Canada: What is Personal Bankruptcy?

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Through bankruptcy, a person hopelessly burdened with debt gets a chance to start fresh. In plain language, the concept behind personal bankruptcy in Canada is this: you assign (surrender) everything you own to a Licensed Insolvency Trustee in exchange for the elimination of your debts.