Personal Bankruptcy Archives - Page 8 of 82

Getting Into Debt

Posted on July 30, 2016April 12, 2016 by Jordan Rumanek

Getting Into Debt:

Understanding and defining secured and unsecured loans:

Secured Loan: a loan that is backed by something of value that you own. If you do not pay the loan on time and you will lose whatever you have pledged as security.

Items purchased by secured loan include:

1. Houses, Condos, Land, Cottages

2. Vehicles, boats

3. Appliances

4. Furniture

Unsecured Loans: these loans not backed by collateral. The majority of debt in Canada is in this form: high risk and high interest rates

1. Credit cards

2. Student Loans

3. Personal Loans

4. Dental Bills and other medical costs not covered by a government or private plan

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.

Should I buy a home now?

Posted on July 16, 2016April 12, 2016 by Jordan Rumanek

Should I buy a home now?

Are you in the middle of a career change? Are you planning on moving to a new city or out of Canada? If you answered yes to either of these questions…this is probably not the best time to buy a home.

Owning (as opposed to renting) is almost always a better idea than renting unless you want flexibility. Owning a home is a huge commitment and it is suggested that you keep your home for at least 5 years, You need to also consider that owning a home has unexpected costs:

1. Furnace Repairs or Replacement

2. Maintenance/Repairs

3. Insurance

4. Utilities

5. Taxes/Fees (if a condo)

However, if you own, your monthly mortgage payments are an investment and payments eventually stop. There is also a measure of mental and emotional stability in owning your home.

Divorce & Bankruptcy

Posted on July 2, 2016April 12, 2016 by Jordan Rumanek

Divorce & Bankruptcy

Dear Trustee,

My husband and I have been separated for close to a year and a half. We will officially be divorced in 6 months if all goes as planned. We had our lawyers file a separation agreement and we have divided all of our assets. The house is now officially in my name but my soon to be ex-husband recently told my lawyer that he has decided to file for bankruptcy. This process confuses me and I am worried this may affect my assets in some way because we are not yet officially divorced. Because the house was put into my name only in the past year, does this mean that half the house could be an asset of his he is required to turn over to a trustee? I fear I will lose my home and I need your advice. LM

Dear LM,

Separation and divorce questions regarding bankruptcy are always case-by-case and it is advised to discuss these questions with a trustee in bankruptcy. It may be important to make sure you are the sole person on the title of the house. You should have your lawyer do a title search to make sure all documents are properly signed and registered. Set up an appointment with your bank to find out what joint accounts you have with your soon to be ex-husband. It is important to have this information for your safety because if your ex does file for bankruptcy and then gets discharged after a period of time, you do not want to end up responsible for any outstanding joint debts. Make a list of all questions that you have and set up an appointment with a trustee in bankruptcy in order to ensure you know and understand your rights. With respect to the house, the trustee will need to know its value on the date of the transfer as well as the amount of the mortgage debt that you assumed. You should also determine if your ex-spouse is still liable on the mortgage.

Reverse Mortgages

Posted on June 25, 2016May 3, 2022 by Jordan Rumanek

Reverse Mortgages

A reverse mortgage is a home loan for individuals or couples 55+ years or older. You borrow from the value of your home and does not require monthly mortgage payments. However, interest is added to the loan’s balance and if no payments are made the interest can eventually exceed the value of the home. Reverse mortgages are risky and you need legal advice before considering this even as an option.

Advertising makes a reverse mortgage sound attractive because they push 4 points of interest:

1. You don’t have a monthly payment until you move.

2. You can receive a lump sum of money if you’ve paid off your home—sometimes 50% of the value of your home.

3. If you are house poor, you have extra cash money—you can use the money for healthcare needs or home repair and living expenses.

4. Tax-free source of income

However…

Interest on the reverse mortgage increases which in turn decreases the equity you have in your home. The interest can sometimes increase to more than the house is worth and there are higher interest rates than most mortgages.

Category: Personal Bankruptcy

Getting Into Debt

Getting Into Debt:

Should I buy a home now?

Divorce & Bankruptcy

Divorce & Bankruptcy

Reverse Mortgages

Reverse Mortgages

Get Started Now

Schedule Your

<img decoding="async" class="alignright size-full wp-image-517" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2012/01/Screen-shot-2012-01-28-at-11.19.13-PM.jpg?lossy=1&strip=1&webp=1" alt="Bankruptcy People" width="245" height="320" />Getting Into Debt:

<img loading="lazy" decoding="async" class="alignright size-full wp-image-4891" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2014/06/171.jpg?lossy=1&strip=1&webp=1" alt="171" width="150" height="150" />Divorce & Bankruptcy

<img loading="lazy" decoding="async" class="alignright size-full wp-image-5516" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2013/11/bankruptcy_mortgage.jpeg?lossy=1&strip=1&webp=1" alt="bankruptcy_mortgage" width="150" height="150" />Reverse Mortgages

Get Started Now

Schedule Your

Getting Into Debt:

Divorce & Bankruptcy

Reverse Mortgages