Corporate Bankruptcy Archives - Page 10 of 38

Can my creditors take legal action, such as seizing property or garnishing wages, while a consumer proposal is pending?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Can my creditors take legal action, such as seizing property or garnishing wages, while a consumer proposal is pending?

The filing of a Consumer Proposal imposes a powerful Stay of Proceedings which prevents creditors from taking action in order to recover their debts. If there is already a garnishment on your wages, the Stay requires that it be removed and that you receive your full pay.

While the proposal is pending, and if it is accepted by the creditors, the Stay of Proceedings remains in place. However, if the creditors reject the proposal, the Stay of Proceedings is lifted right away, and the creditors can begin to take action again.

Finally, if you have secured debts, such as a mortgage or a car loan, you must continue to pay them in a proposal, whether it has been accepted or not.

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 Types of Debt do you Handle?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

What types of debt do you handle?

We can help with most kinds of debt, although bankruptcy and consumer proposals are intended for unsecured debts, such as credit cards, overdraft, bank loans, and lines of credit. Secured debts such as mortgages and car loans are generally not covered by these processes, although they are included in the paperwork. If you have secured debt which has become difficult to pay, discuss your options with a Trustee.

How will bankruptcy or a consumer proposal affect my credit rating?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

How will bankruptcy or a consumer proposal affect my credit rating?

As a general rule, any time you don’t pay your debts in full, your credit rating will be affected. Accounts which are in collections are listed as R9, the same as when that account is listed in a bankruptcy or consumer proposal. Once a consumer proposal is complete, it will change to R7, and remain for three years. A bankruptcy will remain at R9 for seven years. This does not mean that a person cannot get credit. Rather, it is a way to notify lenders of the increased risk in lending to someone with a past history of insolvency or inability to pay.

How do I pay the Trustee’s fees?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

How do I pay the Trustee’s fees?

For most bankruptcies, the trustee will charge a standard fee, in the range of $1,800 to $2,000, for the basic administration, and most trustees allow those payments to be made over time. If Surplus Income payments are required, they will be credited against those fees. Funds received or due in respect of asset realization are generally not credited against the administrative fees.

The Trustee may also charge an additional amount if an opposition to your discharge is to be filed because you have been bankrupt three or more times, if you have not completed your duties under the Bankruptcy and Insolvency Act, or if the trustee has concerns about the circumstances of your bankruptcy.

Category: Corporate Bankruptcy

Can my creditors take legal action, such as seizing property or garnishing wages, while a consumer proposal is pending?

Can my creditors take legal action, such as seizing property or garnishing wages, while a consumer proposal is pending?

What Types of Debt do you Handle?

What types of debt do you handle?

How will bankruptcy or a consumer proposal affect my credit rating?

How will bankruptcy or a consumer proposal affect my credit rating?

How do I pay the Trustee’s fees?

How do I pay the Trustee’s fees?

Get Started Now

Schedule Your

Can my creditors take legal action, such as seizing property or garnishing wages, while a consumer proposal is pending?

<img decoding="async" class="alignright size-full wp-image-2674" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2013/03/bankruptcy1.jpg?lossy=1&strip=1&webp=1" alt="What types of debt do you handle?" width="150" height="150" />What types of debt do you handle?

How do I pay the Trustee’s fees?

Get Started Now

Schedule Your

What types of debt do you handle?