About Bankruptcy Archives - Page 14 of 43

Money Problems? Get Financial Advice

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Money Problems? Get Financial Advice

Budget advisors will show you how to limit your spending, and give you financial advice. Working through your spending with a budget advisor will give you a better understanding of where your money is going and what you can and cannot afford. Budget advisors will also help you with tips and ideas on how to save money, cut out unnecessary costs, and reduce your other expenses.

– Ask an advisor for suggestions on how you could refinance your debts (for example by consolidating them, or by paying a lower rate of interest). If you have a mortgage you may also wish to speak to a mortgage broker to see if you can get a better mortgage deal.

If you have a gambling problem, get help from the Ontario Problem Gambling Helpline by calling toll free 1-888-230-3505

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.

Personal Debt

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Personal Debt

Your first steps: Entering into an insolvency procedure is not a decision that you should take lightly. For every decision you make, there will inevitably be consequences. It is important you explore every option to benefit you and the people you owe money to.

It is important to remember…

– If you are facing financial difficulties, take action. Simply ignoring your financial problems or hoping they will somehow go away will not solve anything and is likely to make things worse.

– There are a number of organizations that can help and much of this help is free.

– Sharing your problems will relieve the stress on you. Speak to friends and family about your situation. Consider also your church group, community organization or any clubs you may belong to. These organizations may be able to help.

– There are alternatives to formal insolvency procedure.

– Always get a second opinion from a professional before you make any major changes or financial arrangements. For example, a deal offered to you may have some consequences you may not be fully aware of. This applies particularly to deals involving debt consolidation or changes to your mortgage.

Bankruptcy Consequences

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Bankruptcy Consequences when you are bankrupt.

A bankruptcy consequence is the bankruptcy will remain on your credit files for 7 years, although your discharge will be noted. Many lenders will reject your application for finance. If you want something expensive, you may have to save for it. This record will limit your options for employment – some money-handling jobs require a clean credit record, for example.

Your name will also appear on the publicly accessible database of the Insolvency and Trustee Service for 4 years after you are discharged.

What are my responsibilities after I file for bankruptcy?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

What are my responsibilities after I file for bankruptcy?

You have filed for bankruptcy and your creditors have stopped calling. However, you are still responsible to make sure you complete several requirements:

1. You need to be honest and accurate with your trustee regarding your finances. You need to list all assets such as property or a vehicle and you need to list all liabilities (what you owe and who you owe it to). This step also includes disclosing information regarding property you have owned in the past few years-property you have sold or transferred.

2. You need to give all credit cards to your trustee.

3. You need to attend 2 financial counselling sessions and the first meeting of creditors (if you are required to attend). The 2 counselling sessions provide you with information about bankruptcy, managing your finances in the future and budgeting and trying to improve your financial situation in the future.

4. Advise the trustee of an address change

5. There is a chance you may be asked to attend a meeting at the Office of the Superintendent of Bankruptcy. If this is required, you will be asked questions about your bankruptcy such as your conduct and the causes of your bankruptcy.

Tag: About Bankruptcy

Money Problems? Get Financial Advice

Money Problems? Get Financial Advice

Personal Debt

Personal Debt

Bankruptcy Consequences

Bankruptcy Consequences when you are bankrupt.

What are my responsibilities after I file for bankruptcy?

What are my responsibilities after I file for bankruptcy?

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Bankruptcy Consequences when you are bankrupt.