Retirement First! Then Education Funds (Part 2)

RetirementRetirement First! Then Education Funds…

As mentioned in: Retirement First! Then Education Funds…Part I, You are debt free! Now what? Saving for your children’s education needs to come second to saving for your retirement. Your child’s degree will not pay for you to be able to live comfortably in your retirement years. If you save for retirement first, you will be able to move to the next stage to save for your child’s education fund as well.

Non-Registered Savings and Investments

Not only can non-registered savings and investments include savings/chequing accounts but also investments such as mutual funds, stocks and bonds. This is beneficial in terms of short-term savings and is also easier to access in case of an emergency.

Basic Savings Account

Interest rates are usually low. Your money does not grow due to inflation. However, you are saving money and your savings are accessible at all times and protected by the Federal Government to a maximum of $100,000.

Talk to a financial advisor or trustee in bankruptcy for retirement savings advice. Once you have started to save approximately a percentage of your income (hopefully between 5% and 15%), you can then begin to research options to save for your child’s education. Remember: Retirement First!

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. 

Get Out of Debt

debt settlementGet Out of Debt:

Ask yourself: What are my financial goals?

Your answer should be: “To enjoy the freedom of carrying a debt load that costs 25 percent or less of my take home pay” OR “To feel I’m in control of my finances.” Start here:

1-Plan Spending

2-Track Progress

3-Budget=Greater Control

4-Commit

Create an effective, realistic and concise budget. If your life situation changes, draw up a new budget. Live on a budget for one year, write down your essentials and non-essentials, be disciplined and schedule a monthly appointment with yourself to stay organized and on track.

 

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 januvia 100 mg. 

 

Do People Know if I Filed Bankruptcy

Collection CompaniesDo People Know if I Filed Bankruptcy

Who will know that I have filed an Assignment in Bankruptcy? We have all seen the notices in the legal section of newspapers notifying creditors about a bankruptcy and notifying everyone about an upcoming meeting of the creditors. The reality is that this only happens in corporate bankruptcies or very large personal bankruptcies usually which have a business background to the bankruptcy. A bankruptcy of an individual is known as a summary administration. The creditors are notified by regular mail. Assets under a summary administration are minimal and notices in a newspaper and meetings with creditors are rare. A bankruptcy is, of course, filed in court but nobody spends their time searching court files and public records to find out information about you. The exception, of course, is the credit bureau (Equifax or Trans Union of Canada) which keep a record of the bankruptcy on their system for a period of six years. Friends and family are unlikely to find out that you filed bankruptcy – unless they need to know. Your employer is only informed if a creditor attempts to garnishee your payroll. Your trustee can usually stop the garnishee but that involves sending a letter to the creditor, the court and someone in the payroll department of your employer. You can keep the notice to your employer confidential by providing your trustee with the private email of someone in authority in the payroll department or by delivering the trustee’s notice by yourself.

 

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.

What Happens if I Die During Bankruptcy

<img class="size-medium wp-image-6537 alignright" src="https://www.rumanek.com/wp-content/uploads/2015/07/retirement-300×200.jpg" alt="Retired couple discussing their financial budget at home" width="300" height="200" srcset="https://www.rumanek.com/wp-content/uploads/2015/07/retirement-300×200.jpg 300w, https://www.rumanek.com/wp-content/uploads/2015/07/retirement-150×100 januvia cost.jpg 150w, https://www.rumanek.com/wp-content/uploads/2015/07/retirement-1024×682.jpg 1024w” sizes=”(max-width: 300px) 100vw, 300px” />

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.