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.
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.
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.
Your spouse will not be legally affected by your bankruptcy just by virtue of being married to you. One spouse is not liable for the other’s debts, unless he or she has agreed to pay them by co-signing or guaranteeing the debts. Assets exclusively in the spouse’s name will not be part of the bankruptcy.
There are several other things to consider:
If he or she has a supplemental credit card, there may be liability for the amounts spent on the supplementary card.
If assets have been transferred to the spouse’s name, the trustee will have to investigate the timing and circumstances of that transfer.
If assets are in both names, your Trustee will talk to you about your options in respect of those assets (and you usually will have options).
If your loans have been co-signed, your spouse will have to consider the options available for dealing with the creditors.
Also, remember that your not having credit cards will affect your family spending habits. Talk to your spouse about making positive changes in your financial lives.
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.
Contact the business and explain your specific complaint
Deliver it in writing. Keep proof of that it was received (such as sending it by registered mail), and keep records of all communication with the business.
If you are still not satisfied, file a formal complaint with the Ministry of Consumer Sevices
How to file a complaint with the Ontario Ministry of Consumer Services:
Or call, 416-326-8800 or toll-free at 1-800-889-9768
If you’re behind in your payments and debt collectors are calling. Do you know:
What your rights are?
What your responsibilities are?
How to stop collection calls?
How to deal with collection agencies?
Businesses hire collection agencies in Ontario to collect money that is owed, but there are clear rules they have to follow. Find out how the law protects you from harassment and unfair tactics.
REMEMBER:
Ignoring a collection agency’s attempts to contact you will not help solve your problems. It might stop the collection calls but if they cannot reach you, they may proceed with legal action. Sooner or later, you will have to deal with your debt problems.
How can I protect myself?
Dealing with a collection agency in Ontario: when they first contact you a collection agency must send you written notice which includes:
Their name and authority to collect payment from you.
The name of the person or business to whom the debt is owed.
The amount they say you owe (the balance).
The collection agency must also:
Wait six days after mailing this notice before calling you.
Give you notice if they intend to advise the creditor to take legal action against you.
Once they have spoken with you, the agency cannot contact you (including through voicemail or e-mail) more than three times in a seven day period, unless you consent.
The collection agency, in Ontario, cannot contact you:
If you send a registered letter to the agency saying that you dispute the debt and require that the matter be taken to court.
If you or your lawyer notify the agency by registered mail to communicate only with your lawyer. You must provide your lawyer’s name address and phone number
Collection agencies are prohibited from calling:
Before 7 a.m. or after 9 p.m., Monday through Saturday.
On Sunday, except between 1 p.m. and 5 p.m.
On a holiday
The collection agency cannot:
Use threatening language.
Use undue or unreasonable pressure.
Continue to contact you if you have told them you are not the person they are looking for, unless they take reasonable steps to ensure you are that person.
Give false or misleading information to anyone
Did you know? Collection agencies are the most common complaint topic at the Ontario Ministry of Consumer Services. Most complaints relate to agencies that make rude and harassing calls.
Getting out of debt:
Repay any debt that has gone to a collection agency as soon as possible. Negotiate a payment schedule you can live with and stick to it. Ensure this agreement is put in writing.
If you need to borrow to pay off debts, look for the least costly way. Compare rates on credit cards and personal loans.
Never send cash. Always get a receipt when you make a payment. Keep your receipts or cancelled cheques.
If you have a lot of debts, you may want to consolidate them into a single loan. Talk to a loan officer at your financial institution.
Call the Ontario Association of Credit Counselling Services. Their members offer debt management services to help you solve your financial problems. To find the nearest office to you, call toll-free at 1-888-746-3328 (888-71N-DEBT).
If a collection agency violates any of these standards, send them a written complaint by registered mail.
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 debt for more than 25 years.
Do I lose my furniture if I go bankrupt?
Do I lose my furniture if I go bankrupt?
