Bankruptcy Filing Archives - Page 5 of 15

Bankruptcy Story #413: Threatened with Bankruptcy

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Bankruptcy Story #413: Threatened with Bankruptcy

Kara was threatened with bankruptcy and it scared her to act. She was very vulnerable after her husband passed away. She had two children to take care of and if her home was taken away they would have no place to go. She attempted to solve her problems by taking out money from her retirement funds. Kara felt desperate. This action helped for six months but she then was forced to start taking cash advances on her credit card.

These actions, even though she had good intentions, were mistakes. If you feel threatened or desperate you need to contact a trustee in bankruptcy. Sometimes having a discussion of options will empower you more than you realize. Do not allow yourself to get overrun by your creditors. Talk to a professional and get the help you need.

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.

Is debt restructuring possible when income is limited to an old age pension?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Is Debt Restructuring Possible When Income is Limited to an Old Age Pension?

The source of a person’s income does not determine if they are eligible to file a bankruptcy or a proposal, though the amount of their monthly income may affect the options available. A trustee will be able to help you decide which choice makes the most sense for you, based on your individual circumstances.

Do I have to make payments to creditors during my bankruptcy?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

Do I have to make payments to creditors during my bankruptcy?

The only creditor payments that you should make are for ongoing living expenses (rent, mortgage payments, heat, hydro, water, telephone, car payments, etc.) If you have arrears, discuss with your Trustee right away. Depending on the amount, and the nature of the creditor, you may have some options. If you are getting pressure from a collector to make payments while in bankruptcy, make sure to tell your trustee. Do not assume that you are required to pay, even if a collector claims that you are.

What assets will I lose if I go bankrupt?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

What assets will I lose if I go bankrupt?

You may not lose any assets at all. If your property falls within the provincial exemption levels, your assets are yours to keep. If you have more than is allowed, or investments which the trustee is required to address, you can set up a payment plan to allow you to keep them in place. Many secured assets, such your house or car, have minimal value once the debt against them is taken into account. Even if this amount is significant, the trustee will work with you to calculate reasonable payments. Talk to a trustee to find out your unique position in respect of your assets. You may be surprised at what you hear.

Tag: Bankruptcy Filing

Bankruptcy Story #413: Threatened with Bankruptcy

Bankruptcy Story #413: Threatened with Bankruptcy

Is debt restructuring possible when income is limited to an old age pension?

Is Debt Restructuring Possible When Income is Limited to an Old Age Pension?

Do I have to make payments to creditors during my bankruptcy?

Do I have to make payments to creditors during my bankruptcy?

What assets will I lose if I go bankrupt?

What assets will I lose if I go bankrupt?

Get Started Now

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Do I have to make payments to creditors during my bankruptcy?

<img loading="lazy" decoding="async" class="alignright size-thumbnail wp-image-445" title="House" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2012/01/43-150x150.jpg?lossy=1&strip=1&webp=1" alt="assets" width="150" height="150" />What assets will I lose if I go bankrupt?

Get Started Now

Schedule Your

What assets will I lose if I go bankrupt?