Can I keep one credit card for emergencies if I file for bankruptcy?
No, you cannot keep one credit card for emergencies. All credit cards must be tuned over to your trustee when you file an assignment in bankruptcy or a proposal. You can, of course, apply for new credit and new credit cards once you have filed a proposal or a bankruptcy. Your trustee can advise you on how to do this as well as the limitations on how much credit you can get and what disclosures you must make.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. Thank you. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
In most consumer bankruptcies, where the net realizable assets are under $15,000, the trustee proceeds under what is called the “Summary Administration” provisions of the Bankruptcy and Insolvency Act. Those provisions allow the trustee to cut costs in the administration. For example, instead of sending notices to creditors by registered mail, the trustee is permitted to send notices by ordinary post. Likewise, for publication in newspapers. In Summary Administrations, there is generally no obligation upon the trustee to publish notice of the bankruptcy in a newspaper.
However, if the assets exceed $15,000, then the estate is administered under the ordinary provisions of the Bankruptcy and Insolvency Act. In that case, there must be a notice published in a local newspaper in the area in which the consumer debtor resides. The notice in the newspaper advises the public that there has been a bankruptcy, whether by assignment or by receiving order and that the first meeting of creditors is set for a certain date. It also advises creditors that they may file their proofs of claim on or before the meeting.
Within five days of bankruptcy, the trustee must prepare a notice to creditors if there is going to be a meeting of creditors. If the trustee cannot compile the list within that time, the trustee must obtain an order extending the time to call a meeting of creditor.
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.
Recent changes in legislation provide that no creditor may seize furniture or household goods (up to a resale, or garage sale) value of $11,300, even if the furniture has been pledged as collateral for a loan.
The exception is furniture that has been purchased on store credit (and not paid in full). This means that, technically, the store (or their finance branch) that lent money for the purchase of their furniture has a right to repossess it. However, these companies are in the business of selling new furniture (and lending money), not in the sale of used furniture, so do not despair. Talk to your Trustee about your options.
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.
Do I have to pay a minimum portion of the debt I owe?
Not in a bankruptcy.
In bankruptcy, you only pay a basic amount for fees, or an amount based on calculations regarding your family income, based on the guidelines published by the Office of the Superintendent of Bankruptcy.
Many assets are exempt from seizure by the Trustee, but for those that are not, the Trustee has a legal obligation to obtain the cash value of those assets. You may decide to repurchase those assets from the Trustee over time, or request that the Trustee cash them instead
Do I lose my furniture if I go bankrupt?