Tag: Bankruptcy Act

What is a “Writ of Execution”?

Posted on by Jordan Rumanek

What is a "Writ of Execution"?

What is a “Writ of Execution”?

What is a “Writ of Execution” is when a creditor can file a lawsuit against a debtor. If the lawsuit is successful this is called a judgement. The judgement is a legal document stating that the debtor does, in fact, owe the creditor this money.

A writ of execution is permission issued ( a judgement) to a creditor to collect the money outstanding. For example, a writ of execution can freeze a debtors bank account funds and/or garnish wages.

If a bank has a writ on your name, the bank must have previously obtained a judgement and registered the judgement against either your name or perhaps your house/property. However, upon filing for bankruptcy or consumer proposal, the bank (creditor) cannot enforce the Writ of Execution.

The writ will be removed after you submit the bankruptcy discharge application to the court.

See “Writ of Garnishment” for further information.

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.  

To learn more please visit our YouTube  Channel.

 

What is a Bankruptcy Discharge

Posted on by Jordan Rumanek

 OLYMPUS DIGITAL CAMERAWhat is a Bankruptcy Discharge

When you file an Assignment in Bankruptcy, you are placed under the protection of the court so that none of your creditors can take any action (legal or otherwise) to collect the debt owing to them.  This protection of you lasts as long as you are in the bankruptcy period.  During this period, you are known as an undischarged bankrupt.  Like anything else in life, there has to be an end to your bankruptcy.  The end of the bankruptcy process is called a discharge from bankruptcy.  The date of your discharge from bankruptcy is the date on which you are released from all “claims provable in bankruptcy.”

The debts that are not discharged during your bankruptcy  include child and spousal support, fines or penalties imposed by a court (including restitutional orders), debts obtained by fraud, student loans, etc.  Your trustee will review your debts in detail to determine if all or part of your debts will survive bankruptcy.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form.

Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.  To learn more please visit our YouTube  Channel. 

 

What is a “Writ of Garnishment”?

Posted on by Jordan Rumanek

writ of garnishment

What is a “Writ of Garnishment”?

A creditor can file a lawsuit against a debtor. If the lawsuit is successful this is called a judgement. The judgement is a legal document stating that the debtor does, in fact, owe the creditor money. A judgement does not guarantee the debtor will pay the debt, only that the court has confirmed that the debt is legally owing to the creditor. 

A “writ of garnishment” is a court order to seize property, wages and/or income. A creditor must obtain a Writ of Garnishment (also called a ‘Garnishment Order’) and serves it to the debtor’s employer. The employer then garnishes wages (percentage of wage depends on the judgement). Those wages are sent to the court and the court delivers the sum to the creditor.

One issue with wage garnishment to consider is that the debtor needs to be earning an income in order to garnish wages. In addition, there are instances when wages/income can not be garnished. For example, disability, welfare and unemployment.

If a debtor decides to file for bankruptcy or consumer proposal, the “writ of garnishment” will no longer be enforced.

See “Writ of Execution” for more details.

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.  

 

Will my bankruptcy be advertised?

Posted on by Jordan Rumanek

Will my bankruptcy be advertised

Will my bankruptcy be advertised?

The classified section of local newspapers often contains bankruptcy notices. In general, bankruptcy advertisements are required only in corporate fillings, or where an individual has assets whose resale value exceeds $15,000. For most people filing a bankruptcy, assets are well under that amount. If a person has assets to the extent that a newspaper notice would be required, and is uncomfortable with this possibility, the best approach would be to discuss all alternatives with a Trustee.

 

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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