Bankruptcy Discharge Archives - Page 10 of 33

How will bankruptcy or a consumer proposal affect my credit rating?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

How will bankruptcy or a consumer proposal affect my credit rating?

As a general rule, any time you don’t pay your debts in full, your credit rating will be affected. Accounts which are in collections are listed as R9, the same as when that account is listed in a bankruptcy or consumer proposal. Once a consumer proposal is complete, it will change to R7, and remain for three years. A bankruptcy will remain at R9 for seven years. This does not mean that a person cannot get credit. Rather, it is a way to notify lenders of the increased risk in lending to someone with a past history of insolvency or inability to pay.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

How do I pay the Trustee’s fees?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

How do I pay the Trustee’s fees?

For most bankruptcies, the trustee will charge a standard fee, in the range of $1,800 to $2,000, for the basic administration, and most trustees allow those payments to be made over time. If Surplus Income payments are required, they will be credited against those fees. Funds received or due in respect of asset realization are generally not credited against the administrative fees.

The Trustee may also charge an additional amount if an opposition to your discharge is to be filed because you have been bankrupt three or more times, if you have not completed your duties under the Bankruptcy and Insolvency Act, or if the trustee has concerns about the circumstances of your bankruptcy.

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

Before your discharge from bankruptcy, you are permitted to lease or purchase assets, as long as the finance company is aware of your bankruptcy (if leasing), or that you are using your exempt income as calculated by the trustee (if purchasing). However, in general it is best to refrain from purchasing new assets until your discharge, as the trustee may consider them after-acquired assets available to the estate for realization.

Do I have to list all my debts?

Posted on March 1, 2015April 29, 2016 by Jordan Rumanek

Do I have to list all my debts?

Yes, it is very important to list all of your debts in a bankruptcy. Here are some reasons why:

Bankruptcy is a very powerful remedy, but the law which gives you protection also requires that all creditors be included. It’s a give and take.
Since all creditors are subject to the Stay of Proceedings, leaving some creditors out of the process (whether relatives or “just one credit card”) is granting those creditors collection privileges that are not available to the others unless they obtain court approval (using credit during bankruptcy is generally not permitted).
If you change your mind about that debt in the future, you may be liable to repay the entire amount.
The purpose of bankruptcy is to obtain a fresh start. Unless all debts are included, a fresh start is much more difficult.
Of course, if you feel that your circumstances warrant not including a particular debt, discuss this with your trustee. He or she will help find a solution to your dilemma.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Category: Bankruptcy Discharge

How will bankruptcy or a consumer proposal affect my credit rating?

How will bankruptcy or a consumer proposal affect my credit rating?

How do I pay the Trustee’s fees?

How do I pay the Trustee’s fees?

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

Do I have to list all my debts?

Do I have to list all my debts?

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How do I pay the Trustee’s fees?

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

<img decoding="async" class="alignright size-full wp-image-2797" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2013/04/bankruptcy_debt.jpg?lossy=1&strip=1&webp=1" alt="Do I have to list all my debts?" width="150" height="150" />Do I have to list all my debts?

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Do I have to list all my debts?