Category: Bankruptcy

How Does Bankruptcy Affect My Credit?

As soon as you file an assignment in bankruptcy, both credit bureaus (Equifax Canada and Trans Union of Canada) switch your file to an R9 regardless of what your credit rating was before. The reason they do this is to notify any reader of your credit report as there is other information that is important.

The R9 rating is also used if you are being sued or if you have moved without leaving or forwarding address (“a skip”). If you have filed a bankruptcy, there is a paragraph at the end of the credit report called Public Information. This will list the name of your trustee, date of bankruptcy, and the total figure of your assets and liabilities. All of this information does not mean that you will be denied credit but it certainly means that you must be pro-active in rebuilding your credit.

The creditors that you are going to for new credit will be more diligent in reviewing your credit application and will likely increase the interest rate due to the risk factor. Remember that if you are applying for credit higher than $500.00 during your bankruptcy, you have an obligation to disclose to the creditor that you are in bankruptcy. This disclosure obligation stops the day you are discharged from 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.  

Save Money on Food

When it comes to monthly expenses—you always need to calculate a weekly food budget. There are several ways to decrease the amount of money you spend on food and it takes a bit of planning.

First, always prepare your own food, anything in a package is prepared for you and you pay for the expense of that preparation. Don’t know how to cook or where to start? Watch online cooking shows on YouTube to teach you how to prepare simple meals and save money. Second, don’t let perishables go bad—never throw out food. You can accomplish this by using left over food to create meals such as soups, stir fry’s, omelettes and burritos. Third, you can use coupons to receive discounts and also look through advertisements for weekly deals—this way, you can plan meals and try and only buy sale items. Finally, it is easier than you think to plant a small garden. Even if you do not have garden space or a yard, you can plant vegetables in pots on your balcony or front porch. This option gives you fresh vegetables and you can freeze them for use in winter months.

However, make sure you budget and justify the costs of tools, soil, pots and seeds you will need. If the cost will be too high or a garden is too difficult to manage, then an alternate option is to purchase fresh produce at farmer’s markets in your local area. You can find farmer’s markets in your area or if you are fortunate enough to live in an area where farmers sell their produce—great!

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.