Consumer Proposal Archives - Page 35 of 64

What happens to my house when I go bankrupt?

Posted on December 1, 2014April 16, 2016 by Jordan Rumanek

What happens to my house when I go bankrupt?

The Trustee takes any equity you might have in your family home when you go bankrupt. This means that your house may be sold and the proceeds given to your creditors. If you are a joint-owner, the Trustee may sell your interest to a non-bankrupt joint-owner. If there is equity in the house most people consider filling a proposal for an amount higher then the equity in the house that they would lose in the bankruptcy. Even in ther bankruptcy you can still pay the Trustee in bankruptcy your equity in the house and keep the house.

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.

Is my retirement plan protected if i go bankrupt?

Posted on December 1, 2014April 16, 2016 by Jordan Rumanek

Is my retirement plan protected if I go bankrupt?

It depends on the actual retirement plan documents. Please see your documents for details.

Bankruptcy & Retirement

Posted on November 16, 2014April 16, 2016 by Jordan Rumanek

Bankruptcy & Retirement

When you retire, your income decreases but your expenses usually stay the same. As a solution, retirees may begin to borrow money or use credit cards more often. After retirement, bankruptcy is most often not the best solution.

Steps to take:

1. Talk to a bankruptcy trustee to consider all of your options

2. Write out a monthly and yearly budget, figure out what you spend monthly, then figure out what you can adjust

3. Set financial goals (1-3-5 year)

4. Set aside money to give yourself a gift after expenses are paid. This will help you look forward to something

Informal Arrangement & Creditors

Posted on November 14, 2014April 16, 2016 by Jordan Rumanek

Informal Arrangement & Creditors

There are times when your financial problems may be a short-term problem. If so, negotiating an informal arrangement with your creditors may be the best solution for you.

Once creditors are contacted and are informed of your financial position, many, when aware of genuine financial difficulties, will assist you by giving you more time to pay, agreeing to re-negotiate the loan amount, settling for a lesser sum and/or freezing or reducing the interest for a period of time.

An informal arrangement is not always easy. Not all creditors may agree to your offer and it is not binding on all creditors. For example, even though the majority of creditors may agree to a revised payment schedule, one or more creditors may reject your offer and continue to take action against you. This will jeopardize the entire informal arrangement.

Category: Consumer Proposal

What happens to my house when I go bankrupt?

What happens to my house when I go bankrupt?

Is my retirement plan protected if i go bankrupt?

Is my retirement plan protected if I go bankrupt?

Bankruptcy & Retirement

Bankruptcy & Retirement

Steps to take:

Informal Arrangement & Creditors

Informal Arrangement & Creditors

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Schedule Your

<img decoding="async" class="alignright wp-image-833" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2012/01/House-150x150.jpg?lossy=1&strip=1&webp=1" alt="What happens to my house?" width="150" height="150" />What happens to my house when I go bankrupt?

<img decoding="async" class="alignright size-thumbnail wp-image-2314" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2012/10/down-payment-rrsp-150x100.png?lossy=1&strip=1&webp=1" alt="RRSP and Bankruptcy" width="150" height="100" />Is my retirement plan protected if I go bankrupt?

Steps to take:

Get Started Now

Schedule Your

What happens to my house when I go bankrupt?

Is my retirement plan protected if I go bankrupt?