Category: Corporate Bankruptcy

Will my bankruptcy be advertised?

Posted on by Jordan Rumanek

Will my bankruptcy be advertised

Will my bankruptcy be advertised?

The classified section of local newspapers often contains bankruptcy notices. In general, bankruptcy advertisements are required only in corporate fillings, or where an individual has assets whose resale value exceeds $15,000. For most people filing a bankruptcy, assets are well under that amount. If a person has assets to the extent that a newspaper notice would be required, and is uncomfortable with this possibility, the best approach would be to discuss all alternatives with a Trustee.

 

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.  

Can I keep my credit cards when I go Bankrupt?

Posted on by Jordan Rumanek

keep my credit cards when I go BankruptCan I keep my credit cards when I go Bankrupt?

This largely depends on the type of restructuring. If you declare bankruptcy, as a requirement of the bankruptcy, you must give up all forms of credit. A Consumer Proposal only deals with unsecured debt with a positive balance – meaning if you have a credit card with a zero balance and you did not have other debts with this institution it would not be included in the proposal, and it would be free for use as a tool after the Consumer Proposal has passed to rebuild your credit. With Informal Proposals you have the option to deal with each debt individually, so cards which are not included in the restructuring would be free for you to retain.

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.  

 

Bankruptcy in Ontario: Do I attend Court?

Posted on by Jordan Rumanek

Do I have to attend Court?

When you file for bankruptcy in Ontario you can avoid going to court providing that you complete all of your duties that your trustee assigns to you, those duties include:

  • Make the payments to your trustee
  • You must attend two debt counselling sessions in the time required (the 1st counseling session has to be done within 60 days of filing and the 2nd counselling session within 210 days of filing but more than 30 days after the first counselling session
  •  You must provide the trustee with all of the required information to file your income taxes for the year of your bankruptcy
  • Every month while you are bankrupt, you must provide your trustee with income & expense statements and include your pay stubs or other proof of income.
  • You must pay the required surplus payments to your trustee

Also in a bankruptcy in Ontario you will have to go to court if:

  •  a creditor opposes your discharge
  •  if you have tax debts over $250,000 or representing 75% of your total debt
  • if your debts were the result of gambling addiction or other addiction
  • if the duties are not completed

When you go, it is then up to the Court to decide: they could suspend your discharge (extend it) and order you to pay off a portion or all of your debt. If you go to court because duties were not complete you will not get your discharge until you have completed all of the duties.

A good way to avoid court would be to file a consumer proposal in Ontario. In a consumer proposal you can avoid court all together as long as your creditors and the court agree to your consumer proposal.

Contact Rumanek & Company Ltd. for more information on bankruptcy in Ontario and debt solutions. Please fill out the bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome bankruptcy in Ontario and debt for more than 25 years.  

Two Types of Collection Agencies

Posted on by Jordan Rumanek

Collection Agencies

Two Types of Collection Agencies

There are two types of collectors: Third party and first party.

Third party collectors are collecting on behalf of the original creditor, like the bank or a dentist. The legislation and all of the rules about collections, e.g. when they are allowed to call, apply to them.

First party collectors actually purchase accounts from creditors (or other collectors) so that they own the debt. In other words, the bank or the dentist is no longer owed anything. Now the money is owed to the first-party collector. The rules do not apply to them. They can call whenever they like, as often as they like. They can call relatives and employers, at midnight if they want.

First party collectors are usually more aggressive and more difficult to deal with. If you are being harassed by a collector, try to find out if they have purchased the debt, or if they are acting on behalf of a bank (or a dentist). This will tell you if they are breaking the rules or if they are within their rights.  If they have, in fact,  purchased the debt, you may wish to talk to a Trustee in Bankruptcy to talk 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.  

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