How do I obtain my discharge from bankruptcy?

How do I obtain my discharge from bankruptcy? How do I obtain my discharge from bankruptcy?

There are several different bankruptcy discharge scenarios and it depends on a few factors:

1. If this is your first bankruptcy and you are not paying surplus income (income you would be using to make payments if you earn over a certain amount each month) then you will be automatically discharged 9 nine months after filing for bankruptcy.

2. If this is your first bankruptcy and you are paying surplus income, your automatic discharge will be 21 months after you filed for bankruptcy.

However, you must attend 2 financial counselling sessions and make sure you are always truthful and disclose all information to your trustee because the trustee and/or the Office of the Superintendent of the Bankruptcy office has the right to oppose the discharge if any discrepancies occur.

3. If you do not qualify for an automatic discharge, you need to contact your trustee and they will set up a date for a discharge hearing. This hearing involves the court deciding whether or not you will be discharged. They consider initial reasons you filed for bankruptcy, if you have attended the financial counselling sessions and your financial conduct and affairs during your bankruptcy.

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.  

Why You Need a Good Credit Score

Why You Need A Good Credit ScoreBankruptcy Credit Score

Credit reporting agencies such as Equifax and Trans Union of Canada receive information about you, the consumer, from their members.  This information is entered on their system as part of your credit history and is then used as information to produce your credit score.

A low credit score means you will be more likely to be refused on an application for credit.  It will certainly mean that you will be subject to a higher level of “due diligence” from the lender while they evaluate your application for credit.  Even if you are approved, the interest rate you can expect to pay will be higher than you thought due to the fact that you will be considered a high risk.

Treat good credit and a high credit score as a financial asset.  You will be able to buy a home or a car with a low interest rate on the mortgage or car loan.  You will also be pleased that approval will be quick as there will less of a review of your credit application.

Landlords in rental apartments are now also requesting credit reports before they sign a lease to make sure you are a desirable tenant.  If you are applying for a new job that requires you to be bonded or if you are being considered in a promotion, it is not uncommon for the employer to ask for your credit report.  They want to make sure that you have a stable background and will not bring anything unfavorable to the company.  A request by the landlord or employer for your credit report will have no effect (good or bad) on your credit report.

You are allowed one free copy of your credit report each year by regular mail.  You can obtain a copy in person or on the internet but there is a charge for this faster service.  You should periodically ask for a copy of your report and check it for errors.  You do not want to try to fix an error while you are in the middle of trying to get a loan for a car.

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.  

Marriage and Debt

MarriageMarriage and Debt

I just got married and I was wondering if I am responsible for my partner’s old debts?  The short answer is no.  Just because you married each other, this does not mean that you have any liability to pay anything from your partner’s old debts.  The old debts were his/hers before you got married – the liability to pay the old debts does not change.  A word of caution.  Do not sign anything that commits you to pay anything against your partner’s debts and do not request or accept a spousal credit card from your new partner.  Keep your finances separate.

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. 

Executions Registered With a Sheriff, What To Do?

Executions registered with a sheriff, what to do? Bankruptcy Court

A debtor who has been discharged from bankruptcy or has completed a proposal has been relieved of all unsecured debts (with a few exceptions) –including a debt which led to a writ of execution being registered against the debtor’s property.  The execution is no longer enforceable after discharge, as the debt itself has been discharged.  However, the writ is not lifted automatically.

The first step in having a writ of execution lifted is to provide proof of discharge/proposal completion to the execution creditor’s solicitor, and request that the executions be removed. If the creditor’s solicitor is not co-operative, the discharged bankrupt should submit Form 60-O (REQUEST TO WITHDRAW A WRIT, links below) to the Sheriff’s office to request that the execution be lifted. If necessary, the debtor can bring a motion in court to have the execution lifted.

Form 60O: http://www.ontariocourtforms.on.ca/forms/civil/60o/RCP_E_60O_1105.htm or http://www.ontariocourtforms.on.ca/forms/civil/60o/RCP_E_60O_1105.doc.

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.