Consumer Proposal Archives - Page 42 of 64

Can creditors garnish my wages?

Posted on July 29, 2014April 17, 2016 by Jordan Rumanek

Can creditors garnish my wages?

A creditor must have a judgement from a lawsuit to garnish your wages. Legal action is expensive for both you and your creditors. Talk to your creditors and negotiate a reduced payment. If you do come to an agreement, make sure it is signed by both parties.

However, if you cannot reach an agreement eventually the creditor will sue you. If the court awards a judgement to a creditor, the creditor may decide to garnish your wages.

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.

Secured Credit Card: Part 2

Posted on July 21, 2014April 17, 2016 by Jordan Rumanek

Secured Credit Card: Part 2

How long does it take to qualify for an unsecured credit card and how can I improve my credit rating?

Again this answer varies and it pays to research different cards but ultimately it depends on the card holder and acting responsibly. You should never carry a balance even if you are able to. Paying off your credit card in full every month is the first step towards improving your credit rating and building trust-not to mention a self-esteem booster. Usually responsible use of a secured credit card for a year will help you reach your goal of attaining an unsecured credit card.

Contact Rumanek & Company Ltd. for more information. Or please fill out the form on the contact us page for additional information. Or if you would like a free evaluation please fill out the evaluation form.

What is a Joint Assignment?

Posted on July 21, 2014April 17, 2016 by Jordan Rumanek

What is a Joint Assignment?

A “joint assignment” enables two peopleto file for bankruptcy together, when their debts are mainly joint debts.When all of the debts for both people are added up , and 75% of that total is for joint credit cards, lines of credit, etc., a joint assignment can be made. This is a good option when both parties have similar financial circumstances, as in a husband and wife sharing household finances, and histories, such as no prior bankruptcies, or one prior bankruptcy each, so that the timelines for each person match as closely as possible. Talk to your trustee about the advantages and possible disadvantages of this option. Your trustee may believe a joint assignment is in the best interests of not only both debtors but the creditors as well.

Is it possible to file a second proposal?

Posted on July 16, 2014April 17, 2016 by Jordan Rumanek

Is it possible to file a second proposal?

Question:
I filed for a proposal in June 2009 and lost my job a year later. After 13 months my proposal was deemed annulled because I missed three paymentsI now have a full-time job and I am wondering, can I re-open my file and reinstate my proposal?

Answer:
The Bankruptcy and Insolvency Act states that you cannot make a second proposal to the same creditors where a previously filed proposal was deemed annulled, unless you have a court order granting permission.. For this, you will need to hire a lawyer, preferably an experienced insolvency lawyer.
Make sure you have your original documents, so the lawyer will have all the required materials. Lawyers do cost money, but in most cases the costs is small compared to the money saved once your proposal is complete and the remainder of your debt is discharged. We generally recommend that debtors save the equivalent of their proposal payments for several months, until they have enough to pay legal fees. This helps them to get into the habit of making monthly payments even before their new proposal is (hopefully) approved.

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.

Category: Consumer Proposal

Can creditors garnish my wages?

Can creditors garnish my wages?

Secured Credit Card: Part 2

Secured Credit Card: Part 2

What is a Joint Assignment?

What is a Joint Assignment?

Is it possible to file a second proposal?

Is it possible to file a second proposal?

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