Category: Student Loans Bankruptcy

Student Loan: Bankruptcy Questions

Posted on by Jordan Rumanek

bankruptcy studentStudent Loan: Bankruptcy Questions

Dear Trustee,

I have been researching my options lately because I am considering filing for bankruptcy and have a few questions for you regarding my student loan. I graduated from my undergrad in 2007 and then from my Master’s in October, 2011. I have been applying for the Repayment Assistance Program every 6 months through OSAP which has been very helpful considering I have not been able to make payments for a variety of personal reasons. I am aware that if I file for bankruptcy that I am not able to include my student loan until October, 2016 because The Bankruptcy and Insolvency Act indicates that there needs to be 7 years and sometimes 5 years in between the date that I ceased to be a full or part-time student and the date I file for bankruptcy. So, here are my questions:

  1. If I have been benefiting from the Repayment Assistance Program does this mean that the 5 years changes the age of my loan?
  1. Are there ways to apply to the court to consider my student loan to be discharged by my bankruptcy?
  1. Are you able to meet with me to advise me and give me options?

Thank you

SL

Dear SL,

Yes, if you have been receiving assistance from the repayment program, the age of your loan changes according to the Canada Student Loan Act as well as OSAP (Ontario Student Assistance Program).

There are ways to apply for a Hardship Provision to include your student loan. However, the court needs to have proof of the hardship and the court decides on a case-by-case application process.

Yes, we are able to meet with you to discuss your options and ensure your rights—please give us a call and we can answer your questions and book an appointment for you. There is no charge for the initial meeting. Charges and terms of payment for future work will be discussed at this initial meeting.

 

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. 

Top 15 Financial Tips to Teach Kids

Posted on by Jordan Rumanek

debt-septTop 15 Financial Tips to Teach Kids

Our children and grandchildren are our future and what better gift can we give them than the gift of financial literacy. We need to teach the next generations about money: how to save, how to think about spending, how to budget, how to think about their financial future and who to go to for extra financial advice—when the time comes. Children need to understand the practical basics of money and develop a positive relationship with money in order to help them achieve what they want.

Here are a few tips to help parents get started:

  1. First, know that parental involvement is key in children’s financial success
  2. Teach children the value of money, how to earn money and how to budget
  3. Do not spoil your children regardless of your income
  4. Do not pay for whining or crying children
  5. Do not always say no!
  6. Discuss your family budget openly and often
  7. Open a bank account for your child
  8. Develop the idea of quality over quantity
  9. Develop the notion that you can’t always get what you want
  10. Teach young children how to count change and introduce and explain tax
  11. Have a family discussion about allowance: Is it necessity?
  12. Teach the “Pay yourself First” lesson or let them read: The Wealthy Barber
  13. Introduce the idea of Good vs. Bad spending
  14. Discuss the true nature of Credit Cards: Pros and Cons
  15. Introduce the idea of charity and why people give to others—if possible

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.

Save money as a Student

Posted on by Jordan Rumanek

student-loansSave money as a Student

Research all grants, bursaries and scholarships. Look into grants at work—your full or part-time job. Perhaps your parents work for a company that offers grants and bursaries. Google grants and bursaries in Canada and be specific. For example, look into grants specifically for women—if you are a woman.

www.scholarshipscanada.com

www.studentawards.com

Plan ahead and budget your year—especially if you get OSAP. Divide your finances into months and save money during the summer while you are working.

Each year is approximately $10,000(if you live at home), so try and make as much as you can during the summer and at the end of the summer—if you need to borrow OSAP, only borrow the balance.

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.

New Year – Debt Solutions

Posted on by Jordan Rumanek

ShoppingNew Year: Debt Solutions

Happy New Year!! What an amazing idea to make a decision or joint decision this January to spend close to nothing—preferably nothing. This time of year is difficult financially for almost everybody and it will be easier than you think to stop spending altogether—for the time being. Get your family and friends involved! Make your priority spending only groceries and cut that grocery list. You have many items in your cupboard, freezer and fridge to plan ahead every week and spend the bare minimum. Make a meal plan every week, freeze soup, casseroles and vegetable dishes. Try and organize potlucks with other people or another family. When considering entertainment, get dressed warm and get outside, go skating, sliding, hiking —there are dozens of free, fun outdoor activities. If the cold outdoors is not your thing, research free indoor events or invite people over to your home. Use up your gift cards, if needed, this month and make sure you return all items you do not need or want—it’s amazing how much money we get back when we remember to return items we do not need. You have 31 days in January to make the most of each day and challenge yourself to not spend money. The less you spend, the more you save for bills and hopefully savings for the rest of the year. Practice positive money spending habits now and you will feel empowered to make this year your best financial year to date. Good Luck! Spend Less! Feel Great!!

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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