Financial Stories Archives - Page 14 of 43

Bankruptcy: To File or not to File

Posted on April 8, 2016April 13, 2016 by Jordan Rumanek

Bankruptcy: To File or not to File

The decision to file for bankruptcy is a difficult one and it is advised to talk to someone about all of your options before you decide to file. There are many reasons people decide to file for bankruptcy such as a costly divorce settlement, medical bills that have piled up to failed small business. It is best to ask yourself several questions before making a firm decision. For instance, do I or we have large-scale debt? Do our monthly minimums take up all of our living expenses and more? If we do decide to file for bankruptcy, will we promise ourselves to change our spending actions? Do we want to buy a home in the near future?

If your debt in indeed out of control then it is important to be honest with yourself because the decision to file could, in fact, be a move towards integrity and a positive life change for you and your family. Filing bankruptcy is not for everyone and you do have options, so make sure you know all of your options in order to make an informed decision.

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.

Debtors Anonymous

Posted on April 1, 2016April 13, 2016 by Jordan Rumanek

Debtors Anonymous

It can often feel lonely when you are in debt because it is often embarrassing and difficult to talk about financial problems. You have options and you can find people to help you and talk to you—perhaps you can find these people in the form of a support group. Debtors Anonymous is a group of people who have been or are currently experiencing financial problems. The program is a 12-step program and you gather with other people to share your experiences, find a sponsor to help you set up a spending plan and essentially help you get your financial life back on track—especially if you feel your life is unmanageable. You can search for a support group by going to www.debtorsanonymous.ca to find a location near you. This website also offers information regarding various events, news you can use and different groups in your area.

Did you accept a loan?

Posted on March 25, 2016April 13, 2016 by Jordan Rumanek

Did you accept a loan?

If possible, it may come to a point in your life when you need to ask a family member or friend for a loan. If a family member or friend offers to help you out financially, you need to ask up front if this is a loan or a gift. Often times, family and friends will be in a positive financial position to help you out and this can be extremely helpful. Sometimes a cash gift can be a spirit of generosity and you can thank them and their generosity. However, sometimes you need to pay them back and you need to be responsible for making it happen. Make up a pay-back contract and be realistic about it. Can you pay back $100.00 a month? Less? More? Figure out what is realistic for you and stick to the payment plan. Pay it back monthly—or potentially ruin your relationship. Keep track of your debt and what you owe because it is your responsibility to know the monthly balance. In sum, address what you can reasonably pay but also fund your needs. Do not continue to punish yourself—just take responsibility and perhaps this person will be willing to help you if you ever need help again in the future.

Debt-Repayment Plan

Posted on March 18, 2016April 13, 2016 by Jordan Rumanek

Debt-Repayment Plan

If you realize you have a financial problem or your debt is out of control, you need to start by committing yourself to creating a strategy to pull yourself out of debt. Realize you do not have all the answers but start by paying the minimum or perhaps less than the minimum on all debts. If possible, combine all debts into one debt and make the calls to your credit card companies to explain your financial situation. Ask to pay less, ask to reduce the interest and ask for help. If you begin to change your financial behaviour, your financial life will begin to improve. If you and your partner are in debt together, you need to have a real discussion about who will pay off certain bills based on income.

Category: Financial Stories

Bankruptcy: To File or not to File

Bankruptcy: To File or not to File

Debtors Anonymous

Debtors Anonymous

Did you accept a loan?

Did you accept a loan?

Debt-Repayment Plan

Debt-Repayment Plan

Get Started Now

Schedule Your

<img loading="lazy" decoding="async" class="alignright size-full wp-image-6522" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2015/07/DebtorsAnonymous.gif?lossy=1&strip=1&webp=1" alt="DebtorsAnonymous" width="119" height="110" />Debtors Anonymous

<img loading="lazy" decoding="async" class="alignright size-thumbnail wp-image-6513" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2015/07/debt-sept-150x100.jpg?lossy=1&strip=1&webp=1" alt="debt-sept" width="150" height="100" />Debt-Repayment Plan

Get Started Now

Schedule Your

Debtors Anonymous

Debt-Repayment Plan