Claiming Bankruptcy Archives - Page 7 of 11

Will my spouse’s assets be held in trust if I file for bankruptcy? Part 2

Posted on July 1, 2014April 17, 2016 by Jordan Rumanek

Will my spouse’s assets be held in trust if I file for bankruptcy? Part 2

Due to the response to the post: Will my wife’s assets be held in trust if I have to file for bankruptcy?

We have decided to add additional information on the above topic:

Although people are married or living together they are not responsible for each others debts. Each person owns assets and liabilities independent of each other whether you are married or living common law.

There is an overlap if a partner has signed a guarantee or has co-signed the debt of their partner. The protection given to the person who has filed bankruptcy or filed for a consumer proposal does not apply to their partner. In other words, your bankruptcy does not dissolve the responsibility of anyone else. If your spouse co-signed a loan for you, your spouse would be liable to pay the loan in full.

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.

Bankruptcy in Ontario: Do I attend Court?

Posted on May 13, 2014February 19, 2020 by Jordan Rumanek

Do I have to attend Court?

When you file for bankruptcy in Ontario you can avoid going to court providing that you complete all of your duties that your trustee assigns to you, those duties include:

Make the payments to your trustee
You must attend two debt counselling sessions in the time required (the 1^st counseling session has to be done within 60 days of filing and the 2^nd counselling session within 210 days of filing but more than 30 days after the first counselling session
You must provide the trustee with all of the required information to file your income taxes for the year of your bankruptcy
Every month while you are bankrupt, you must provide your trustee with income & expense statements and include your pay stubs or other proof of income.
You must pay the required surplus payments to your trustee

Also in a bankruptcy in Ontario you will have to go to court if:

a creditor opposes your discharge
if you have tax debts over $250,000 or representing 75% of your total debt
if your debts were the result of gambling addiction or other addiction
if the duties are not completed

When you go, it is then up to the Court to decide: they could suspend your discharge (extend it) and order you to pay off a portion or all of your debt. If you go to court because duties were not complete you will not get your discharge until you have completed all of the duties.

A good way to avoid court would be to file a consumer proposal in Ontario. In a consumer proposal you can avoid court all together as long as your creditors and the court agree to your consumer proposal.

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

Bankruptcy Myths

Posted on May 6, 2014April 17, 2016 by Jordan Rumanek

Bankruptcy Myths

5 Bankruptcy Myths:

Bankruptcy is my only option: Not true, you have options. Talk to your trustee
Everyone will know and I will be ashamed: Not true, only those people you tell will know
My children will think I am a failure: If you take control of your financial problems this will teach your children that mistakes happen and you can work towards a solution
I will not be able to live with myself: Taking control of your life is a self-esteem booster
Employers will not consider me because of my bankruptcy: Most employers do not ask for a credit check when hiring. If this happens, contact your trustee to ask for advice

Contact the Office of the Superintendent of Canada 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.

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.

Credit Repair after Bankruptcy

Posted on April 24, 2014April 17, 2016 by Jordan Rumanek

Credit Repair after Bankruptcy

Your bankruptcy will be noted on your Credit Report as an R9 and remain there for 6 years after you are discharged. A propsal will be noted on your credit report as R9 during the proposal, and remains on the report as R7 for 3 years after the proposal is complete. Do not be discouraged because once you are able to pay your bills and expenses, you can begin to repair your credit rating. Credit repair takes time, patience and discipline. You can begin to repair your credit rating right away, by ensuring that ongoing bills, like your cellphone, are paid on time. Once your bankruptcy or proposal are complete, you can be more proactive in your credit repair.

Here are two useful tips to help you get started:

1. Get a secured credit card, and use it. The trick is to use it just a little, and always pay in full at the end of the month. This takes discipline, but you should keep in mind you are using the card not to buy things, but for the purpose of rebuilding your credit.

2. Order a copy of your credit report once a year (free by mail) to keep track of the information in your credit report. This will give you a better understanding of your credit situationand allow you to catch and fix any mistakes. Your credit report is available immediately online for a fee, and your credit score is available online as well.

Tag: Claiming Bankruptcy

Will my spouse’s assets be held in trust if I file for bankruptcy? Part 2

Will my spouse’s assets be held in trust if I file for bankruptcy? Part 2

Bankruptcy in Ontario: Do I attend Court?

Do I have to attend Court?

Bankruptcy Myths

Bankruptcy Myths

Credit Repair after Bankruptcy

Credit Repair after Bankruptcy

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