Bankruptcy: To File or not to File

should-i-file-bankruptcyBankruptcy: To File or not to File

The decision to file for bankruptcy is a difficult one and it is advised to talk to someone about all of your options before you decide to file. There are many reasons people decide to file for bankruptcy such as a costly divorce settlement, medical bills that have piled up to failed small business. It is best to ask yourself several questions before making a firm decision. For instance, do I or we have large-scale debt? Do our monthly minimums take up all of our living expenses and more? If we do decide to file for bankruptcy, will we promise ourselves to change our spending actions? Do we want to buy a home in the near future?

If your debt in indeed out of control then it is important to be honest with yourself because the decision to file could, in fact, be a move towards integrity and a positive life change for you and your family. Filing bankruptcy is not for everyone and you do have options, so make sure you know all of your options in order to make an informed decision.

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.

10 Ways to Create and Live on a Budget

living-on-a-budget10 Ways to Create and Live on a Budget

1. Start with a daily strategy and track what you spend and where you spend it in order to budget

2.  Determine your monthly income—how much do you clear?

3. Determine how many bills you have—how much you are required to pay monthly. Usually this number is around 15 monthly bills.

4. Determine your day-to-day needs for the month—usually you will have a list of 15

5. Determine how much fun money/savings and “build a dream” money you need every month.

6. When do you get income? Monthly? Bi-weekly?

7. How much can you spend and when can you spend it?

8. Pay bills on time or before the due date

9. Put any small amount of money into savings/vacation fund-even if this amount is $5.00 a week

10. Track your daily needs and spending in a small book and then reduce these needs monthly

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.

Elderly & Tax Planning

Bankruptcy PeopleElderly & Tax Planning

Reducing your net income when you turn 65 you are eligible to receive Old Age Security (OAS) based on your income. Thus, it might be best to minimize your net income for tax purposes.

If your spouse/common-law partner is in a lower tax bracket compared to you, you should make RRSP contributions to a spousal RRSP to pay less tax as a couple.

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.

Elderly Parents & Adult Children

Bankruptcy PeopleElderly Parents & Adult Children

Have a discussion with your adult children about pre-arranging funeral plans and costs. Decide to name your spouse as power of attorney for finances and your alternate can be your child.

Have a discussion about health care costs in the future and how you will pay for those. Update your will and discuss whether or not you will leave your children the estate in a trust.

Are your children in the highest tax bracket? This makes a difference and you should discuss this. Find out about a spousal trust in individual names—to ensure the inheritance does not impact eligibility to Old Age Security.

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.