Category: Bankruptcy

Get Out of Debt

Posted on by Jordan Rumanek

debt settlementGet Out of Debt:

Ask yourself: What are my financial goals?

Your answer should be: “To enjoy the freedom of carrying a debt load that costs 25 percent or less of my take home pay” OR “To feel I’m in control of my finances.” Start here:

1-Plan Spending

2-Track Progress

3-Budget=Greater Control

4-Commit

Create an effective, realistic and concise budget. If your life situation changes, draw up a new budget. Live on a budget for one year, write down your essentials and non-essentials, be disciplined and schedule a monthly appointment with yourself to stay organized and on track.

 

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 januvia 100 mg. 

 

Divorce & Bankruptcy

Posted on by Jordan Rumanek

171Divorce & Bankruptcy

Dear Trustee,

My husband and I have been separated for close to a year and a half. We will officially be divorced in 6 months if all goes as planned. We had our lawyers file a separation agreement and we have divided all of our assets. The house is now officially in my name but my soon to be ex-husband recently told my lawyer that he has decided to file for bankruptcy. This process confuses me and I am worried this may affect my assets in some way because we are not yet officially divorced. Because the house was put into my name only in the past year, does this mean that half the house could be an asset of his he is required to turn over to a trustee? I fear I will lose my home and I need your advice. LM

Dear LM,

Separation and divorce questions regarding bankruptcy are always case-by-case and it is advised to discuss these questions with a trustee in bankruptcy. It may be important to make sure you are the sole person on the title of the house. You should have your lawyer do a title search to make sure all documents are properly signed and registered. Set up an appointment with your bank to find out what joint accounts you have with your soon to be ex-husband. It is important to have this information for your safety because if your ex does file for bankruptcy and then gets discharged after a period of time, you do not want to end up responsible for any outstanding joint debts. Make a list of all questions that you have and   set up an appointment with a trustee in bankruptcy in order to ensure you know and understand your rights. With respect to the house, the trustee will need to know its value on the date of the transfer as well as the amount of the mortgage debt that you assumed. You should also determine if your ex-spouse is still liable on the mortgage.

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. 

Top 15 Financial Tips to Teach Kids

Posted on by Jordan Rumanek

debt-septTop 15 Financial Tips to Teach Kids

Our children and grandchildren are our future and what better gift can we give them than the gift of financial literacy. We need to teach the next generations about money: how to save, how to think about spending, how to budget, how to think about their financial future and who to go to for extra financial advice—when the time comes. Children need to understand the practical basics of money and develop a positive relationship with money in order to help them achieve what they want.

Here are a few tips to help parents get started:

  1. First, know that parental involvement is key in children’s financial success
  2. Teach children the value of money, how to earn money and how to budget
  3. Do not spoil your children regardless of your income
  4. Do not pay for whining or crying children
  5. Do not always say no!
  6. Discuss your family budget openly and often
  7. Open a bank account for your child
  8. Develop the idea of quality over quantity
  9. Develop the notion that you can’t always get what you want
  10. Teach young children how to count change and introduce and explain tax
  11. Have a family discussion about allowance: Is it necessity?
  12. Teach the “Pay yourself First” lesson or let them read: The Wealthy Barber
  13. Introduce the idea of Good vs. Bad spending
  14. Discuss the true nature of Credit Cards: Pros and Cons
  15. Introduce the idea of charity and why people give to others—if possible

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.

Financing a Consumer Proposal

Posted on by Jordan Rumanek

Financing a Consumer Proposal

Well, it happened. You racked up a lot of debt and you now have to deal with it. You haveliving-on-a-budget decided that you are capable of making a settlement with your creditors by offering to pay a portion of your total debt over a period of time (usually 60 months with no interest) using a Consumer Proposal. At least, you can avoid bankruptcy.

Setting up the Consumer Proposal is done with the assistance of a Licensed Insolvency Trustee (formally called a Trustee in Bankruptcy) or some other qualified person. They will review your assets, liabilities, income and expenses to come up with a plan that your creditors will be likely to accept. Beware of anyone who advertises that they can reduce your debts by “up to 80%” before they meet with you and review your specific situation.  Sometimes, you might be able to make a small down payment using money in an RRSP, cash surrender value of life insurance, etc. Sometimes, your budget is not stable because you only have full time seasonal work. Construction workers, roofers, road pavers, usually only work 8 or 9 months per year and it is common to structure their Consumer Proposals over a 60-calendar month period (the maximum allowed by law) but only require that monthly payments only be made in 8 specific months each calendar year. You might also have a steady job and be able to make payments for all 12 months each year. You might want to pay off the Consumer Proposal faster than the 60 months in order to assist you in rebuilding your credit faster and cleaning up your credit report. No problem – simply put a clause into your proposal that allows you to do this at your option at any time with no advance notice or penalty of any kind. The creditor will always agree as they may get their money sooner than they expected.

A Consumer Proposal is not for everyone. But if you wish to customize it to meet your specific situation, if can be done.

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.

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