Corporate Bankruptcy Archives - Page 13 of 38

Do I lose my furniture if I go bankrupt?

Posted on January 10, 2015April 16, 2016 by Jordan Rumanek

Do I lose my furniture if I go bankrupt?

Generally not.

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?

Posted on January 10, 2015April 16, 2016 by Jordan Rumanek

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

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.

What happens to my job if I go bankrupt?

Posted on January 10, 2015April 16, 2016 by Jordan Rumanek

What happens to my job if I go bankrupt?

The simple answer is – nothing. Bankruptcy and proposals should not affect your employment. In fact, you cannot be fired simply because you filed an assignment in bankruptcy or a proposal. If you are bonded, there may be restrictions from the bonding company if your are in bankruptcy, but this applies to very few people.

The only reason for a trustee to contact your employer would be if your wages were being garnisheed. The trustee will notify your payroll department as soon as your bankruptcy or proposal is official. After this date, no further deductions can be taken from your wages, regardless of a garnishment order from the court. If your payroll person is uncomfortable stopping the deductions, ask your Trustee to give him or her a call.

Would your service prevent me from receiving a mortgage?

Posted on January 7, 2015April 16, 2016 by Jordan Rumanek

Would your service prevent me from receiving a mortgage?

There are a number of issues to consider when considering a bankruptcy or a consumer proposal, when a mortgage is in play:

Are you applying for a new or increased mortgage, or switching to a new lender?
Are you renewing an existing mortgage?
Are your payments up to date? Are you behind on other loans with the same bank?
Are you applying for a second mortgage?
Are you under time pressure, either to renew, or to file a bankruptcy or a consumer proposal?

Clearly, there is no simple answer to your question, as you may be facing one of many different mortgage scenarios.

In our experience, renewing an existing mortgage while in bankruptcy or a consumer proposal usually does not present any difficulty. However, each situation is unique. If you are not under time pressure, use the opportunity to get the best information you can. Talk to your mortgage broker about your situation, or talk to a Trustee about your debt options.

Category: Corporate Bankruptcy

Do I lose my furniture if I go bankrupt?

Do I lose my furniture if I go bankrupt?

Do I have to pay a minimum portion of the debt I owe?

Do I have to pay a minimum portion of the debt I owe?

What happens to my job if I go bankrupt?

What happens to my job if I go bankrupt?

Would your service prevent me from receiving a mortgage?

Would your service prevent me from receiving a mortgage?

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