Tag: About Bankruptcy

Retirement Plans

Posted on by Jordan Rumanek

Retired couple discussing their financial budget at home

Retirement Plans

Times have changed over the past few decades and now our life expectancy is late 70s on average. This statement should make us all re-think our retirement plans and put money into proper perspective. You need to think about a realistic retirement plan because it is possible that if you don’t plan for retirement, you are setting yourself up for a difficult 30 years of your life. If you have zero money put away for retirement because you are waiting to win the lottery…change your ways today! Let’s be honest, being realistic for retirement does not mean saving every extra dollar you make today—but it does encourage you to be realistic about your future goals, needs and wants and then plan ahead. Ask yourself: What are my needs/wants and goals besides a nest egg for the future? Most people will answer with these top 5 answers: Family, Friends, Purpose, Health and Creative/Artistic/Adventure/Fun pursuit. Thus, several of these needs are free and your retirement funds can help with your pursuits in life. If you have your mortgage paid off by the time you retire and you have savings set aside, you can use your retirement money to be productive with your time, figure out who you are again without work, get involved in activities and retirement could essentially set you free. It does not matter how old you are today—talk to family, friends, financial advisors, teachers, debt councilors and anyone else willing to help you come up with a financial plan that will optimize your life in the future—allow yourself to be curious, exercise and be healthy and the world is your oyster.

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 on Food

Posted on by Jordan Rumanek

shopping_cartSave Money on Food

When it comes to monthly expenses—you always need to calculate a weekly food budget. There are several ways to decrease the amount of money you spend on food and it takes a bit of planning. First, always prepare your own food, anything in a package is prepared for you and you pay for the expense of that preparation. Don’t know how to cook or where to start? Watch online cooking shows on YouTube to teach you how to prepare simple meals and save money. Second, don’t let perishables go bad—never throw out food. You can accomplish this by using left over food to create meals such as soups, stir fry’s, omelettes and burritos. Third, you can use coupons to receive discounts and also look through advertisements for weekly deals—this way, you can plan meals and try and only buy sale items. Finally, it is easier than you think to plant a small garden. Even if you do not have garden space or a yard, you can plant vegetables in pots on your balcony or front porch. This option gives you fresh vegetables and you can freeze them for use in winter months. However, make sure you budget and justify the costs of tools, soil, pots and seeds you will need. If the cost will be too high or a garden is too difficult to manage, then an alternate option is to purchase fresh produce at farmer’s markets in your local area. You can find farmer’s markets in your area or if you are fortunate enough to live in an area where farmers sell their produce—great!

Contact the Rumanek & Company Ltd for more information on bankruptcy and debt solutions. Or complete our 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.

What Happens if I Die During Bankruptcy

Posted on by Jordan Rumanek

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What happens if I die or my spouse dies during Bankruptcy?

The short answer to what will happen if you die during bankruptcy is that nothing will happen to you. Your spouse filed a Consumer Proposal to settle his obligations to his creditors. Upon your spouse’s death, the surviving spouse has no obligation to continue making the monthly payment on the proposal, although, the surviving spouse may voluntarily agree to do so. In the majority of cases, the surviving spouse will decide not to continue to make the monthly payments and simply allows the Consumer Proposal to go into default. The proposal will be annulled once the proposal falls 3 payments in arrears. The only obligation of the surviving spouse is for joint debts. The liability for joint debts should be discussed with your trustee at the time the original papers are signed to start the Consumer Proposal.

Upon the death of your spouse, please forward a copy of the death certificate that you receive from the funeral home to your trustee, who is acting in the capacity of the Administrator of the Proposal.

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.

Did you accept a loan?

Posted on by Jordan Rumanek

PaydayDid you accept a loan?

If possible, it may come to a point in your life when you need to ask a family member or friend for a loan. If a family member or friend offers to help you out financially, you need to ask up front if this is a loan or a gift. Often times, family and friends will be in a positive financial position to help you out and this can be extremely helpful. Sometimes a cash gift can be a spirit of generosity and you can thank them and their generosity. However, sometimes you need to pay them back and you need to be responsible for making it happen. Make up a pay-back contract and be realistic about it. Can you pay back $100.00 a month? Less? More? Figure out what is realistic for you and stick to the payment plan. Pay it back monthly—or potentially ruin your relationship. Keep track of your debt and what you owe because it is your responsibility to know the monthly balance. In sum, address what you can reasonably pay but also fund your needs. Do not continue to punish yourself—just take responsibility and perhaps this person will be willing to help you if you ever need help again in the future.

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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