If I am in financial trouble, do I have to go see (and pay) a consultant before I speak with a Licensed Insolvency Trustee? You do not have to use a consultant of any kind before speaking with a trustee and considering filing an Assignment in Bankruptcy or a Consumer Proposal. There may be a level of comfort in speaking with a consultant who is not in an officer of the court and may be able to communicate with you in your native language, but, this is a choice that you make that has a cost attached to it. You are paying a consultant for their opinion about your situation and then you still have to pay the trustee who is going to do the work. Sometimes you are simply paying two people to get a second opinion before you make a very serious decision of what to do with your life going forward.
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.
When you file a Consumer Proposal in Ontario, there is a hold on all legal proceedings that your creditors can take against you. Interest on all debts stop as of the day the court accepts the Consumer Proposal and confirms the appointment of your Licensed Insolvency Trustee who acts as the Administrator of your proposal. If the creditors accept the offer in your proposal, then your only obligation is to make payments in accordance with the terms of the proposal, which may or may not include an interest factor. If the creditors refuse your proposal, then you have options. Normally, your trustee will contact the creditors who refused to agree to your proposal and ask what they would accept in payments to change their decision. This may take several months of negotiating back and forth. You want to pay as little as possible. Your creditors want as much as possible. Somewhere in the middle is what is reasonable in these circumstances.
In cases where no proposal can be negotiated with the creditors and the proposal is refused by a majority of creditors, then you, as the person filing would be back at square one. The full rights of all creditors are reinstated and their right to claim interest is back to the day you filed the Consumer Proposal when the interest was stopped. If you subsequently file another proposal or a bankruptcy, the interest stops again.
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 personal bankruptcy in Ontario for more than 25 years.
If you are considering co-signing for a loan, credit card or line of credit with another person, it is imperative to research your responsibilities. If you co-sign, the lender will consider you to be a joint borrower, and you become equally responsible for repaying any balances owing on the loan. If the primary borrower is unable to pay the debt, the bank or lender can demand that any borrower and or co-signer listed on the loan or credit agreement pay the entire amount. Also, keep in mind, for certain credit cards, the terms may state that authorized users such as, for example, secondary cardholders can be held responsible for any outstanding balances, even if they did not sign the credit card application. Be sure to read the credit agreement carefully and make sure that you fully understand who is responsible. If you aren’t sure, ask.
If you decide to co-sign for a loan, credit card or line of credit from a federally regulated financial institution, you also have the right to receive the same information about the loan from the lender. For example, if you co-sign for a credit card with another person, the lender must give each of you copies of the credit agreement and the monthly statements, unless you consent to waive this right. This, in turn, allows you to keep track of the status of the loan—whether the other borrower is making payments or if the terms and conditions have changed. In order to guarantee you protect yourself as a co-signer, ask the primary borrower to purchase insurance to pay back the debt in the unfortunate circumstance they pass away. In this circumstance, the primary borrower can name you as the beneficiary on a life insurance policy for an amount that will allow you to pay back the loan. In sum, understand your rights and responsibilities before you co-sign and be certain you read the loan agreement carefully to protect yourself from financial disaster.
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.
Ontario Drug Benefit Programs:Each year, millions of Ontario residents receive drug benefits from Ontario’s drug programs. The province has five different programs seniors can apply for depending on needs: Ontario Drug Benefit Program (ODB), if eligible, may pay for the majority of cost of your prescription drugs, New Drugs Funding Program for Cancer Care (NDFP) may cover the costs of newer intravenous cancer drugs. Third, the Special Drugs Program (SDP) may provide funding for specific drugs used for certain diseases and conditions. Fourth, inherited metabolic diseases program (IMD) may pay for certain drugs, appropriate supplements and specialized food to treat metabolic disorders. Finally, the government offers the Visudyne Program, this program may pay for the specific drug that slows the eye disease called age related macular degeneration. It is important to find out if you are eligible and apply to these programs because the cost of your prescription drugs may be covered by the province of Ontario.
Trillium Drug Program: This program helps people who have high prescription drug costs relative to their household income. You will however have to pay a small amount 4 times per year and this is called a deductible. The amount of your deductible is based on your household income. For most people, the deductible equals about 4% of your household’s combined net income. In addition, if you have high prescription drug costs and a low household income you may be eligible to pay $2 or less for every prescription. The pharmacist will charge you this fee and the fee is called a co-payment. You need to download: Application for Ontario Drug Benefits and the information package: A Guide to your Application: Ontario Drug Benefit (ODB).
Reduced Co-Payment for Lower Income Seniors: It is important to research all possibilities for tax credits and benefits—particularly when you are a senior.Depending on your annual income, you may be able to have the ODB $100 annual deductible waived and have your co-payment reduced per prescription.
Ontario Guaranteed Annual Income System (GAINS): If you are 65 years old or older and receive the federal Old Age Security pension and the Guaranteed Income Supplement payments, you could get up to a maximum of $83 per month to ensure your income stays above a certain amount. GAINS ensures a guaranteed minimum income for Ontario seniors by providing monthly payments to individuals who qualify. The monthly GAINS payments are on top of the federal Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) payments you may receive.
Strong Communities Rent Supplement Program: Low to moderate income households, including those requiring support services, can apply for a rent-geared-to-income subsidy to help make housing affordable.
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.
Debt, Credit & Financial Consultants
Debt, Credit & Financial Consultants
Joint Loans
Ontario Drug Benefit Programs: 
Reduced Co-Payment for Lower Income Seniors: It is important to research all possibilities for tax credits and benefits—particularly when you are a senior. Depending on your annual income, you may be able to have the ODB $100 annual deductible waived and have your co-payment reduced per prescription.