About Bankruptcy Archives - Page 15 of 43

How do I obtain my discharge from bankruptcy?

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

How do I obtain my discharge from bankruptcy?

There are several different bankruptcy discharge scenarios and it depends on a few factors:

1. If this is your first bankruptcy and you are not paying surplus income (income you would be using to make payments if you earn over a certain amount each month) then you will be automatically discharged 9 nine months after filing for bankruptcy.

2. If this is your first bankruptcy and you are paying surplus income, your automatic discharge will be 21 months after you filed for bankruptcy.

However, you must attend 2 financial counselling sessions and make sure you are always truthful and disclose all information to your trustee because the trustee and/or the Office of the Superintendent of the Bankruptcy office has the right to oppose the discharge if any discrepancies occur.

3. If you do not qualify for an automatic discharge, you need to contact your trustee and they will set up a date for a discharge hearing. This hearing involves the court deciding whether or not you will be discharged. They consider initial reasons you filed for bankruptcy, if you have attended the financial counselling sessions and your financial conduct and affairs during your bankruptcy.

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.

Bankruptcy Story #413: Threatened with Bankruptcy

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

Bankruptcy Story #413: Threatened with Bankruptcy

Kara was threatened with bankruptcy and it scared her to act. She was very vulnerable after her husband passed away. She had two children to take care of and if her home was taken away they would have no place to go. She attempted to solve her problems by taking out money from her retirement funds. Kara felt desperate. This action helped for six months but she then was forced to start taking cash advances on her credit card.

These actions, even though she had good intentions, were mistakes. If you feel threatened or desperate you need to contact a trustee in bankruptcy. Sometimes having a discussion of options will empower you more than you realize. Do not allow yourself to get overrun by your creditors. Talk to a professional and get the help you need.

Bankruptcy or Consumer Proposal

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

Bankruptcy or Consumer Proposal

Dear Trustee,

I have had financial difficulties for the past two years. I have tried to earn extra income, cut expenses and sell items from my home that have some value. However, I have had several incidents in the past 3 months that have forced me to consider my options. I have also noticed that there are many commercials talking about the benefits of a Consumer Proposal. What are the differences between filing for Bankruptcy and filing for a Consumer Proposal? Will it cost me to talk to a Trustee? Do I need to make an appointment? Can I have this conversation on the telephone? Thanks PB

Dear PB,

Thank you for your message. Yes, you have options and it is best to talk to a trustee. A Consumer Proposal is a legal process that is organized and filed by a trustee in bankruptcy. A proposal is essentially an offer to pay a percentage of your debt to your creditors. There is a chance that after your trustee submits the proposal, your proposal will not be accepted. If this happens, you have the option to either make changes to the original proposal or declare bankruptcy. It is important to know that once you file a Consumer Proposal, you are assigned the lowest credit score. In time, you will be able to work towards improving your score and your trustee will give you tips on how to accomplish this process. It is best to call and make an appointment and we can discuss your situation and needs over the phone. We hope to hear from you so we can help you with the first steps you need to take to improve your financial situation.

Your Bankruptcy Proposal is Rejected – Now What?

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

Your Bankruptcy Proposal is Rejected – Now What?

Remember, it is all about money. Ask your Administrator if any of the creditors who rejected your original proposal submitted a counter offer. This will give you an idea of what the creditor wants. The question is can you afford to increase your proposal to the amount that the creditors will accept. It is very important that your budget is accurate. You do not want to increase your proposal to the point where any hiccup in your budget in the future will cause you to miss payments. If you miss three payments at anytime, your proposal is automatically annulled. If your proposal is rejected, consider increasing your offer by amending the proposal. If all negotiations fail, the final option is to consider filing an assignment in bankruptcy.

A full discussion of all the options should take place with your trustee (who will act as the administrator of your proposal) before you sign the original papers to file the proposal.

Tag: About Bankruptcy

How do I obtain my discharge from bankruptcy?

How do I obtain my discharge from bankruptcy?

Bankruptcy Story #413: Threatened with Bankruptcy

Bankruptcy Story #413: Threatened with Bankruptcy

Bankruptcy or Consumer Proposal

Bankruptcy or Consumer Proposal

Your Bankruptcy Proposal is Rejected – Now What?

Your Bankruptcy Proposal is Rejected – Now What?

Get Started Now

Schedule Your

Bankruptcy or Consumer Proposal<img loading="lazy" decoding="async" class="alignright size-thumbnail wp-image-2547" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2013/01/consumer_debt-150x100-1.jpg?lossy=1&strip=1&webp=1" alt="Consumer Debt" width="150" height="100" />

Get Started Now

Schedule Your

Bankruptcy or Consumer Proposal