Bankruptcy Act Archives - Page 13 of 15

Will Creditors stop Harassing me?

Posted on July 22, 2013April 20, 2016 by Jordan Rumanek

Will Creditors stop Harassing me?

Yes. By law, all actions against a person filing a bankruptcy or a proposal must cease once the documents are filed. However, this does not apply to secured creditors such as banks holding, for example, a lien on a car or a mortgage on a house.

If your creditors do not stop harassing or calling you it is best to inform your trustee in 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.

Can I keep my car & boat during a bankruptcy or consumer proposal?

Posted on July 18, 2013April 20, 2016 by Jordan Rumanek

Can I keep my car & boat during a bankruptcy or consumer proposal?

Yes, certain assets are exempt from seizure by the trustee in bankruptcy such as a car (value $5,650.00) and other assets (boat, snowblower, ATV, snowmobile) may be covered by the personal possession exemption of $5,650.00.

Even if the value of the assets exceed the exemption limit, many individuals have the option to pay the trustee the excess value, over the exemption, and keep the asset.

Bankruptcy and Death

Posted on July 11, 2013April 20, 2016 by Jordan Rumanek

Bankruptcy and Death

If my spouse passed away and left me the assets prior to my bankruptcy, what happens to those assets if I decide to declare bankruptcy?

In the event that a person receives an inheritance prior to or during bankruptcy, the assets would go to the Trustee for the benefit of the creditors. In this situation, it is important to discuss your options other than filing for bankruptcy.

Can I have a Bank Account if I go Bankrupt?

Posted on July 4, 2013April 20, 2016 by Jordan Rumanek

Can I have a Bank Account if I go Bankrupt?

Yes. However, if your bank is also a creditor involved in your bankruptcy, it may be wise to open an account at a different bank. This would ensure that any deposits are not  accidentally seized against your debt with that bank. If a bank refuses to open an account for you, you should contact your Trustee.

Tag: Bankruptcy Act

Will Creditors stop Harassing me?

Will Creditors stop Harassing me?

Can I keep my car & boat during a bankruptcy or consumer proposal?

Can I keep my car & boat during a bankruptcy or consumer proposal?

Bankruptcy and Death

Bankruptcy and Death

Can I have a Bank Account if I go Bankrupt?

Can I have a Bank Account if I go Bankrupt?

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