Bankruptcy Questions Archives - Page 20 of 85

Do I Have to Tell My Spouse About My Bankruptcy?

Posted on March 22, 2015April 13, 2016 by Jordan Rumanek

Do I Have to Tell My Spouse About My Bankruptcy?

Now this is an unusual question. The technical answer is: you do not have to tell him or her anything. When you sign the papers to file an Assignment in Bankruptcy, you will be asked to sign a document under the Personal Information Protection and Electronic Documents Act (PIPEDA) which specifies that your trustee will only deal with those people that they are required to do so in order to perform their duty as your trustee. This normally includes only your creditors, Canada Revenue Agency, Office of the Superintendent of Bankruptcy, the court and any collection agencies or lawyers who have been hired by your creditors. If you wish to authorize your trustee to speak to any other party such as your wife/husband, children, employer, brother, sister, etc., you will be asked to do so in writing.

The trustee will not ordinarily disclose your bankruptcy to your employer. The exception is if one of your creditors tries to garnishee your wages. Your trustee can stop the garnishee, but, if the papers have already been sent to your employer, then your trustee will have to send your employer a letter to stop the garnishee.

With respect to your husband or wife, the issue can get more complicated. If they are a creditor, they must be notified for that reason. The usual problem is that your trustee will periodically be sending you documents, notices, etc. and you will have to make sure that your wife or husband does not open your mail. You should be aware that the envelope has only a return address with no name on it. If this is an issue, please speak to your trustee at the initial meeting and we will try to resolve it by way of Email, fax or an outside mail box service.

It is, of course, better to be honest and upfront with your partner about the financial problems and the fact that you have chosen bankruptcy as the solution to your problems.

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. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Will Bankruptcy Affect My Kids?

Posted on March 22, 2015April 13, 2016 by Jordan Rumanek

Will Bankruptcy Affect My Kids?

Absolutely not. Your bankruptcy is yours alone. Your family is only involved when it comes to the preparation of your budget. The budget is based on family income (your income and that of your spouse or partner plus any child tax credit being received) and the family living expenses. When listing the family expenses, there is also shown the cost of your child’s allowance, school and sports fees. As long as the expenses are reasonable, there is never an issue with the creditors.

Tax Credit

Posted on March 22, 2015April 13, 2016 by Jordan Rumanek

Tax Credit

It is important to know which tax credit you are eligible for if you are doing your own taxes or having someone else doing your taxes for you. Nobody cares more about the money that is owed to you than you do, even if they are professional. Research these tax credits and find out if you are eligible:

1. Basic Personal Tax Credit

2. Spousal Credit: if your spouse earns less than 10,000

3. Wholly dependent person credit: Single parents

4. Charitable donations credit: you need an official receipt

5. Education Tax Credits: Tuition & Federal: carried forward claims are possible

6. Medical Expenses Credit: Receipts needed, this includes cost of travel insurance

7. Pension income credit

8. Age 65 or older (Age credit)

9. Disability credit

10. Caregiver’s credit (In home care for elderly relatives)

Manage Your Food Costs

Posted on March 22, 2015April 13, 2016 by Jordan Rumanek

Manage Your Food Costs

Eating healthy and eating at home has a variety of benefits not only for the budget but also for your health. First, many people eat out not only because it is fast and convenient but because they do not know how to cook. Do yourself a favour and research fresh spices and herbs and what they go well with in your cooking. As you have probably noticed, there has been an increase of natural and organic products in grocery stores.

It can be argued that organic foods are sometimes more expensive than other brands. However, it is important to consider that the organic foods do not contain antibiotics, hormones, insecticides or other chemicals and therefore if you shop in season for fresh food it is always more beneficial to buy organic.

According to various studies, there are a multitude of health benefits when buying organic produce such as apples and strawberries, meat, poultry, eggs, dairy and baby food because of the condensed fruits and vegetables. Please stop buying bottled water—if you do not like the taste of tap water or you fear the water filtration system where you live, install a water filtration system in your home and bottle your own water.

Category: Bankruptcy Questions

Do I Have to Tell My Spouse About My Bankruptcy?

Do I Have to Tell My Spouse About My Bankruptcy?