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CLICK HERE if you are landlord>>> Creditor trying to garnish my precious rent


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CLICK HERE if you are landlord>>> Creditor trying to garnish my precious rent

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  #1 (permalink)
Toronto
 
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Hi there,

So I owe an individual a large sum of money, and this vindictive ass is trying to garnish my rental income from a property I own.

I just rented it out to new tenants, who will be paying their rent in the form of postdated cheques.

I would like your advice on what I can do to safeguard my rental income.

I understand they would need proof of how much rent I am being paid.

Any ideas? I am in Ontario, Canada.

Thanks to those who provide positive suggestions.

BF.

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  #2 (permalink)
 
 
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budfox View Post
Hi there,

So I owe an individual a large sum of money, and this vindictive ass is trying to garnish my rental income from a property I own.

I just rented it out to new tenants, who will be paying their rent in the form of postdated cheques.

I would like your advice on what I can do to safeguard my rental income.

I understand they would need proof of how much rent I am being paid.

Any ideas? I am in Ontario, Canada.

Thanks to those who provide positive suggestions.

BF.


You owe the money, right? So, why don't you just pay the guy you owe money to, rather than try to scheme around it? Or am I missing something here?

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  #3 (permalink)
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kevinkdog View Post
You owe the money, right? So, why don't you just pay the guy you owe money to, rather than try to scheme around it? Or am I missing something here?

haha yeah bro you missing a lot. I owe this guy a lot, but only b/c he beat me in a lawsuit. and when I say a lot I mean 6 figures....so we have to wait until this old dude passes.

I need this money for trading and bills.....he can't have it now.

so are my tenants forced to pay him if he legally garnishes my rent?

I can't let nobody take my money....except maybe the market

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  #4 (permalink)
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budfox View Post
haha yeah bro you missing a lot. I owe this guy a lot, but only b/c he beat me in a lawsuit. and when I say a lot I mean 6 figures....so we have to wait until this old dude passes.

I need this money for trading and bills.....he can't have it now.

so are my tenants forced to pay him if he legally garnishes my rent?

I can't let nobody take my money....except maybe the market

So in the eyes of the law, you owe this man 6 figures, and you think its appropriate to try and shield your income from this debt so you can keep gambling?

.
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  #5 (permalink)
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budfox View Post
haha yeah bro you missing a lot. I owe this guy a lot b/c he beat me in a lawsuit. and when I say a lot I mean 6 figures....so we have to pay until this old dude got his money.

I need this money for gambling and lifestyle.....he should better take it now before I burn it in the markets.
so hopefully my tenants are forced to pay him if he legally garnishes my rent.
I can't let nobody take their money....I'd rather lose it to the market

FYP

ps: hesitated to answer to this quite a while but really:

I donīt know you but you must be one naive person to really expect help from others while expressing yourself and that kind of a matter in such an inapropriate way..
Frankly, I don't even matter if that "old dude" won the law suit rightfully. You just seem to lack any sense of decency and respect towards others. Which makes it hard to feel anything near sympathy for you and your case..

I hope I'm wrong, really.

All the best to you anyhow

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  #6 (permalink)
 
 
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budfox View Post
haha yeah bro you missing a lot. I owe this guy a lot, but only b/c he beat me in a lawsuit. and when I say a lot I mean 6 figures....so we have to wait until this old dude passes.

I need this money for trading and bills.....he can't have it now.

so are my tenants forced to pay him if he legally garnishes my rent?

I can't let nobody take my money....except maybe the market


I'm rooting for the old guy. I think you need to grow up and take responsibility for your actions. Doing that will also help your trading.

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  #7 (permalink)
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budfox View Post
haha yeah bro you missing a lot. I owe this guy a lot, but only b/c he beat me in a lawsuit. and when I say a lot I mean 6 figures....so we have to wait until this old dude passes.
...
I can't let nobody take my money....except maybe the market


kevinkdog View Post
I'm rooting for the old guy. I think you need to grow up and take responsibility for your actions. Doing that will also help your trading.

I know people are jumping on you, and you may not appreciate it, but I'm going to add a little.... I'll try not to be redundant.

If you owe money due to a court settlement, you can pursue a legal remedy in the courts, you can negotiate, you can pay up, or you may be able to declare bankruptcy (but no court is then going to let you walk away free and clear). You should be seeking legal advice on any of that.

But the odds are that you will have to pay; that's what courts are all about, deciding what has to be done.

Trying to finagle, or delay, hoping he just dies, are very weak moves, and probably will fail.

No one here has any idea whether the guy was right or wrong in the lawsuit, except for the fact that he won. If you can't succeed through more legal action, you are going to pay eventually.

All that aside, asking futures.io (formerly BMT) members to help you get out of it is not really cool. Just pay your legal debts and find a way to keep on going. Lots of people do. There's a time to stop complaining and do what you have to do.

And yes, it will help your trading if you are more responsible and straightforward.

Bob.

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  #8 (permalink)
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bobwest View Post
I know people are jumping on you, and you may not appreciate it, but I'm going to add a little.... I'll try not to be redundant.

If you owe money due to a court settlement, you can pursue a legal remedy in the courts, you can negotiate, you can pay up, or you may be able to declare bankruptcy (but no court is then going to let you walk away free and clear). You should be seeking legal advice on any of that.

But the odds are that you will have to pay; that's what courts are all about, deciding what has to be done.

Trying to finagle, or delay, hoping he just dies, are very weak moves, and probably will fail.

No one here has any idea whether the guy was right or wrong in the lawsuit, except for the fact that he won. If you can't succeed through more legal action, you are going to pay eventually.

All that aside, asking futures.io (formerly BMT) members to help you get out of it is not really cool. Just pay your legal debts and find a way to keep on going. Lots of people do. There's a time to stop complaining and do what you have to do.

And yes, it will help your trading if you are more responsible and straightforward.

Bob.

I am not for sure on Canadian law, but just because the guy dies doesn't mean the debt is washed away. The debt could fall to his estate and budfox would still be liable.

You need to quit playing games. Get a lawyer and get it squared away. $100k debt will destroy your precious lifestyle.

And trust me, if you owed me $100k, I would be taking more then your rental income.

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  #9 (permalink)
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and more so that it would become a public discussion topic in a forum viewable by anyone.

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  #10 (permalink)
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Whenever friends lend me money, yes I always pay them back.

But most people agree that the young judge was incompetent, and everyone thought I was going to win the case.

Anyway, I am not here to hear people's moral opinions- I am not Jesus.

For those who have useful ideas continue posting...

ie are the tenants forced to pay this guy my rent?

thanks.

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  #11 (permalink)
 
 
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budfox View Post
Whenever friends lend me money, yes I always pay them back.

But most people agree that the young judge was incompetent, and everyone thought I was going to win the case.

Anyway, I am not here to hear people's moral opinions- I am not Jesus.

For those who have useful ideas continue posting...

ie are the tenants forced to pay this guy my rent?

thanks.

@Big Mike -

Can you please close this thread? Helping others circumvent and avoid the law is not what this forum is about.

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kevinkdog View Post
Big Mike -

Can you please close this thread? Helping others circumvent and avoid the law is not what this forum is about.

@Big Mike

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you should close threads where people are openly trying to circumvent or violate the law. Dud, here is what you should do...sell the building(s) and pay the judgement...simple.

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budfox View Post
Whenever friends lend me money, yes I always pay them back.

But most people agree that the young judge was incompetent, and everyone thought I was going to win the case.

Anyway, I am not here to hear people's moral opinions- I am not Jesus.

For those who have useful ideas continue posting...

ie are the tenants forced to pay this guy my rent?

thanks.

It is not a moral issue it is a legal one. If you disagree with the judgement, then appeal. $100k is a serious matter and should warrant you retaining an attorney to protect your interest.

Not trying to be harsh, just real.

**Also a side note, garnishing your rental income isn't the worst they can do. Depending on the laws they could force you to sell the property at a loss just to cover the debt. You need professional legal advice, not some thread on a forum.

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  #15 (permalink)
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wldman just gave you some good advice. Sell the property and pay your debt.

After I blew up 2 options accounts I couldn't justify trading full time anymore. It took me 2 1/2 yrs of making good financial decisions and a lot of study to become a better trader to get myself back in a position to trade full time again.

Go make some good financial decisions and the market will be here when you get in a better position to trade.

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  #16 (permalink)
 
 
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I'd like to bring up a few points about this thread, regarding trading. My own belief is that what you do in trading mirrors what you do in the rest of your life.

So, here are some issues I see that could hurt @budfox in his trading:

1. Unwillingness to take or admit a loss

2. Letting a loss get bigger (I'm sure the creditor will be able to collect interest on the judgment)

3. Putting blame elsewhere, instead of where it belongs (in trading "my broker screwed up" "the internet went down" "I was screwed on that fill" all pass the blame from the trader to someone else)




I'm sure there are more things, but at first glance that's what I see.

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Thread closed.

The real shame is another futures.io (formerly BMT) member actually paid money to give @budfox an Elite Membership. The generosity of others and this is how he treats it.

Mike

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