Category: Consumer Proposal

Consumer Proposal: What if I miss payments to my trustee?

Posted on by Jordan Rumanek

Consumer Proposal: What if I miss payments to my trustee?Bankruptcy Court

Once your consumer proposal has started, if you miss three (3) payments the consumer proposal is annulled and all legal rights of the creditors are restored. The amount that you owe each creditor is the original amount that you started with less any monies that the creditors received during the consumer proposal before you missed the three (3) monthly payments.  The 3 payments are cumulative – you can miss 2 payments and make one up.  3 payments refers being behind 3 payments in total at any time.

If you find that your financial situation has changed, contact your trustee immediately.  It may be possible to amend your consumer proposal by reducing your monthly payments to fit your new circumstances.

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 spouse responsible to pay any loan that I have co-signed for?

Posted on by Jordan Rumanek

spouse responsibility for debt

Is my spouse responsible to pay any loan that I have co-signed for?

Yes. Bankruptcy does not eliminate the debt or other obligations of a spouse, only the obligations of the bankrupt. Any other party that is not bankrupt is responsible for paying their debts as they normally come due. As a result, it may be necessary for your spouse to consider other 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.  

 

What about Debts Incurred just before Bankruptcy?

Posted on by Jordan Rumanek

What about Debts Incurred just before Bankruptcy?Stress and Debts Trustee In Bankruptcy Administrators of Proposals

If you are already insolvent, that is you are unable to pay your debts, you should not incur further credit because if you become bankrupt it is considered to be an offence under the Bankruptcy and Insolvency Act, and you may be prosecuted. If you incur debt before you declare bankruptcy, you need to be honest and disclose all information. Dishonest behaviour is fraud and you have a duty to inform your trustee of any change in your financial situation.

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.  

 

Tax Free Savings Account (TFSA) & Bankruptcy

Posted on by Jordan Rumanek

Tax Free Savings Account (TFSA) & BankruptcyTax Free Savings Account (TFSA) & Bankruptcy

Feeling confused about how to save money for your future? You have options and saving a small amount of money is a great start. A tax free savings account could be an excellent alternative or perhaps a savings idea in conjunction with an RRSP. A tax free savings account is just exactly what it sounds like-tax free savings. This option is often a good choice for people who need to save for a mortgage or simply need to save but have doubts or fears about locking your money into an RRSP. However, when considering a TFSA you need to know that there is no deadline for a TFSA contribution. Thus, potentially making it more difficult to continuously save and in other words you need to be diligent and dedicated to a savings plan.

However, if you are considering filing for Bankruptcy, your TFSA is not safe and it will be liquidated. This is not true if you are considering a Consumer Proposal. You may at this point want to consider RRSPs if you want to keep your savings safe from liquidation. RRSPs are exempt accept for contributions made in the 12 months prior to bankruptcy. You need to ask your financial advisor because some RRSPs are completely exempt.

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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