You Need a Good Credit Score

Why do you need a good credit score?

You have decided to buy a house (mortgage), buy a car (car loan) or go into business Can I keep my credit cards if I go Bankrupt?(operating line of credit to finance inventory, accounts receivable, etc.). You go to your bank and they look at your credit score. The credit score is a number (from 300 to 850) that is based on a number of factors such as your payment history (35% of total), how much of your available credit have you already used (30% of the total), what type of credit you have and how long have you had the credit, as well as how many creditors that you have in total.

Before you start the loan application for that big purchase, consider ordering a copy of your credit report yourself. They are available free by regular mail from both Equifax Canada and Trans Union of Canada. Read the report carefully so that you know what the bank will be looking at. If you spot a mistake, notify the credit bureau immediately to correct their report. The notification is by filling out the Consumer Update Form that the credit bureau will send you with your credit report. It is always advisable to attach any proof or documents that you might have to prove what you are saying is correct. Unless the error is self-evident, please allow time for the credit bureau to investigate your report of the error and correct their records. Always ask the credit bureau to confirm to you that they have updated your credit report.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation formTo learn more please visit our YouTube  Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

 

Bankruptcy and God

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 formTo 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

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

Canada_flag1Bankruptcy in Canada: What you should know

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.