Category: Bankruptcy Discharge

Is it possible to file a second proposal?

Posted on by Jordan Rumanek

Is it possible to file a second proposal?

Is it possible to file a second proposal?

Question:
I filed for a proposal in June 2009 and lost my job a year later. After 13 months my proposal  was deemed annulled because I missed three paymentsI now have a full-time job and I am wondering, can I re-open my file and reinstate my proposal?

Answer:
The Bankruptcy and Insolvency Act states that you cannot make a second proposal to the same creditors where a previously filed proposal was deemed annulled, unless you have a court order granting permission.. For this, you will need to hire a lawyer, preferably an experienced insolvency lawyer.
Make sure you have your original documents, so the lawyer will have all the required materials. Lawyers do cost money, but in most cases the costs is small compared to the money saved once your proposal is complete and the remainder of your debt is discharged. We generally recommend that debtors save the equivalent of their proposal payments for several months, until they have enough to pay legal fees. This helps them to get into the habit of making monthly payments even before their new proposal is (hopefully) approved.

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.   

 

 

 

 

Secured Credit Card: Part 1

Posted on by Jordan Rumanek

Secured Credit Card: Part 1

Secured Credit Card: Part 1

What is a secured credit card and how much do I have to deposit?

A secured credit card is a card that requires a cash deposit. The cash deposit is the amount of credit you have on the card. For example, if you deposit $200 that becomes the balance available to you. As you use your credit card and pay off the balance promptly every month, you can begin to add more to your available credit.

Where can I get a secured credit card?

You can call various banks to find out if they are secured credit card issuers. If you make several calls, you will be able to find the best option for you. Expect various responses regarding cash deposits, application fees, annual fees and whether or not a bank will reward you with an increased balance for paying off your card on time every month

How soon after filing for bankruptcy or consumer proposal can I re-establish my credit with a secured credit card?

Start researching right away to find out what card is best for you. Find the card with the lowest application and annual fees. You will most likely be asked to deposit a minimum of $300 so give yourself six months before you apply-if you want to apply sooner, you will be able to. It is ultimately up to you but it will be in your best interest to do your research first.

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 long does a bankruptcy stay on my credit report?

Posted on by Jordan Rumanek

How long does a bankruptcy stay on my credit report?

There are two main credit reporting agencies in Canada, Equifax and TransUnion.  Each agency has slightly different reporting standards, although both are bound by the provincial standards.

Bankruptcy:  A bankruptcy and all the debts addressed by your bankruptcy will be deleted six or seven years (depending on your province) after your discharge. The time is increased to14 years if it is a second bankruptcy.

Consumer Proposals:  Three years after your final payment with a consumer proposal, the proposal and all debts included in it will be deleted from your file. If your consumer proposal is not fulfilled, however, this fact remains on your file for six years.

Contact Rumanek & Company Ltd. for more information. Or please fill out the form on the contact us page for additional information.  Or if you would like a free evaluation please fill out the evaluation form.

Collection Agency Problems

Posted on by Jordan Rumanek

Collection Agencies ProblemsCollection Agency Problems

  1. A collection agency in Ontario is generally a company hired by a creditor, such as a bank or a dentist, to obtain payment for a debt owed to them.
  2. Collection agencies are required to contact you first by regular mail and then wait six days before they can contact you by phone or in person.
  3. According to the Collection Agencies Act (Ontario), collectors are only permitted to contact you (either speaking to you, leaving a message, or emailing) 3 times in a seven day period. If you don’t answer the phone, and they don’t leave a message, they can call you as often as they like, on Sundays between 1 pm and 5 pm, and on other days between 9 am and 7 pm.
  4. Sometimes, the collector has purchased the debt outright, and is acting on its own behalf. If this is the case, the provincial legislation does not apply to them (at least in Ontario).
  5. The best way to deal with a collection agency in Ontario is to make arrangements to pay what you owe, in full or in part.
  6. If you are unable to make arrangements to pay, it is time to contact a non-profit credit counselling agency or a Trustee in Bankruptcy for help.

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

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