Tag: Bankruptcy Filing

Bankruptcy and God

Posted on by Jordan Rumanek

God put us on the earth for a limited amount of time. Why then does he make us sleep for about 8 hours each day? We could be producing something of value for 24 hours each day. debt-free-for-life-2The answer of the sages is profound. We have all heard the phrase “I am having a bad day” which really means “leave me alone.” God decided to give us a fresh start every 24 hours. A new day begins with a fresh attitude and renewed energy.

This same fresh start is a basic principle of The Bankruptcy and Insolvency Act. If you are an honest but unfortunate individual who is overwhelmed by your debts, the legislation is there to help you get rid of your debts, teach you how to budget properly and train you on moving forward without the mental stress and burden of debt. This applies whether you file an Assignment in Bankruptcy or a Consumer Proposal.

What went wrong yesterday is in the past, today we start anew.

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.

Licensed Insolvency Trustees

Posted on by Jordan Rumanek

writ of garnishmentBankruptcy Trustees

Licensed Insolvency Trustees are licensed experts by the Office of the Superintendent of Bankruptcy. They are licensed to know the law, (Bankruptcy and Insolvency Act) advise clients and help individuals with debt relief, consumer proposals and filing of bankruptcy, applications and proposals.

If you are considering filing for a proposal or bankruptcy, by law, (Bankruptcy and Insolvency Act), you must contact and work with a licensed insolvency trustee. A trustee ensures the rights of all parties involved are protected. A trustee will explain the rules and what you will be required to do in your bankruptcy.

 

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions additional hints. 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. 

Bankruptcy in Canada: What you should know

Posted on by Jordan Rumanek

Advantages of filing for personal bankruptcy:

1. Protects from collection agencies harassment

2. Eliminates personal debt

3. Quick financial fresh start

4. Relatively inexpensive

5. Most Provinces provide protection for your clothes, furniture, car, etc. from your creditors

6. All legal actions, wage garnishees, etc. are stopped. No new legal proceedings are allowed to start without the express prior consent of the court.

Disadvantages of filing for personal bankruptcy:

1. Credit history resets to R9

2. Some assets/possessions must be surrendered to your trustee for division among your creditors

3. You will need to rebuild credit. If your credit is bad, you will have to do this regardless whether or not you file an assignment in bankruptcy.

4. Possible future difficulties acquiring loans. Even if you do not get the loan, you will pay higher interest rate due to a higher risk factor.

 

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. 

Student Loan: Bankruptcy Questions

Posted on by Jordan Rumanek

bankruptcy studentStudent Loan: Bankruptcy Questions

Dear Trustee,

I have been researching my options lately because I am considering filing for bankruptcy and have a few questions for you regarding my student loan. I graduated from my undergrad in 2007 and then from my Master’s in October, 2011. I have been applying for the Repayment Assistance Program every 6 months through OSAP which has been very helpful considering I have not been able to make payments for a variety of personal reasons. I am aware that if I file for bankruptcy that I am not able to include my student loan until October, 2016 because The Bankruptcy and Insolvency Act indicates that there needs to be 7 years and sometimes 5 years in between the date that I ceased to be a full or part-time student and the date I file for bankruptcy. So, here are my questions:

  1. If I have been benefiting from the Repayment Assistance Program does this mean that the 5 years changes the age of my loan?
  1. Are there ways to apply to the court to consider my student loan to be discharged by my bankruptcy?
  1. Are you able to meet with me to advise me and give me options?

Thank you

SL

Dear SL,

Yes, if you have been receiving assistance from the repayment program, the age of your loan changes according to the Canada Student Loan Act as well as OSAP (Ontario Student Assistance Program).

There are ways to apply for a Hardship Provision to include your student loan. However, the court needs to have proof of the hardship and the court decides on a case-by-case application process.

Yes, we are able to meet with you to discuss your options and ensure your rights—please give us a call and we can answer your questions and book an appointment for you. There is no charge for the initial meeting. Charges and terms of payment for future work will be discussed at this initial meeting.

 

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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