Bankruptcy Discharge Archives - Page 16 of 33

Bankruptcy & Retirement

Posted on November 16, 2014April 16, 2016 by Jordan Rumanek

Bankruptcy & Retirement

When you retire, your income decreases but your expenses usually stay the same. As a solution, retirees may begin to borrow money or use credit cards more often. After retirement, bankruptcy is most often not the best solution.

Steps to take:

1. Talk to a bankruptcy trustee to consider all of your options

2. Write out a monthly and yearly budget, figure out what you spend monthly, then figure out what you can adjust

3. Set financial goals (1-3-5 year)

4. Set aside money to give yourself a gift after expenses are paid. This will help you look forward to something

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.

What forms must be completed to file for Bankruptcy?

Posted on November 16, 2014April 16, 2016 by Jordan Rumanek

What forms must be completed to file for Bankruptcy?

Three main forms must be completed to go through the process of declaring bankruptcy. You can obtain them through your Trustee. These forms include a Debtor’s Petition, which outlines what you need to claim. A Statement of Affairs, which will outline your specific reasons for filing bankruptcy. Finally, you will need to sign various acknowledgements that will show that you have received all of the information and you understand it. Talk to your Trustee to learn more about how this will affect your individual situation.

It is highly recommended that you talk to a Bankruptcy Trustee who can help you through the process. Not only will this make it easier on you but it will also help you to move through the process with less complications and concerns. Many benefits are available to those who work with a Trustee through their bankruptcy.

Informal Arrangement & Creditors

Posted on November 14, 2014April 16, 2016 by Jordan Rumanek

Informal Arrangement & Creditors

There are times when your financial problems may be a short-term problem. If so, negotiating an informal arrangement with your creditors may be the best solution for you.

Once creditors are contacted and are informed of your financial position, many, when aware of genuine financial difficulties, will assist you by giving you more time to pay, agreeing to re-negotiate the loan amount, settling for a lesser sum and/or freezing or reducing the interest for a period of time.

An informal arrangement is not always easy. Not all creditors may agree to your offer and it is not binding on all creditors. For example, even though the majority of creditors may agree to a revised payment schedule, one or more creditors may reject your offer and continue to take action against you. This will jeopardize the entire informal arrangement.

Consumer Proposal: What if I miss payments to my trustee?

Posted on November 14, 2014April 16, 2016 by Jordan Rumanek

Consumer Proposal: What if I miss payments to my trustee?

Once your consumer proposal has started, if you miss three (3) payments the consumer proposal is annulled and all legal rights of the creditors are restored. The amount that you owe each creditor is the original amount that you started with less any monies that the creditors received during the consumer proposal before you missed the three (3) monthly payments. The 3 payments are cumulative – you can miss 2 payments and make one up. 3 payments refers being behind 3 payments in total at any time.

If you find that your financial situation has changed, contact your trustee immediately. It may be possible to amend your consumer proposal by reducing your monthly payments to fit your new circumstances.

Category: Bankruptcy Discharge

Bankruptcy & Retirement

Bankruptcy & Retirement

Steps to take:

What forms must be completed to file for Bankruptcy?

What forms must be completed to file for Bankruptcy?

Informal Arrangement & Creditors

Informal Arrangement & Creditors

Consumer Proposal: What if I miss payments to my trustee?

Consumer Proposal: What if I miss payments to my trustee?

Get Started Now

Schedule Your

<img decoding="async" class="alignright size-thumbnail wp-image-518" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2012/01/Screen-shot-2012-01-28-at-11.20.47-PM-150x150.png?lossy=1&strip=1&webp=1" alt="Bankruptcy &amp; Retirement" width="150" height="150" />Bankruptcy & Retirement

Steps to take:

Get Started Now

Schedule Your

Bankruptcy & Retirement