When you declare bankruptcy, you will be responsible for any debts incurred by you after the date of filing the bankruptcy. Bankruptcy permits a debtor to obtain a discharge from current and previous debts-not future debt. In other words, avoid incurring debt after you file for bankruptcy. Seek professional financial advice regarding getting on the right track and staying there.
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.
What forms must be completed to file for Bankruptcy?
Three main forms must be completed to go through the process of declaring bankruptcy. You can obtain them through your Trustee. These forms include a Debtor’s Petition, which outlines what you need to claim. A Statement of Affairs, which will outline your specific reasons for filing bankruptcy. Finally, you will need to sign various acknowledgements that will show that you have received all of the information and you understand it. Talk to your Trustee to learn more about how this will affect your individual situation.
It is highly recommended that you talk to a Bankruptcy Trustee who can help you through the process. Not only will this make it easier on you but it will also help you to move through the process with less complications and concerns. Many benefits are available to those who work with a Trustee through their bankruptcy.
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.
Consumer Proposal: What if I miss payments to my trustee?
Once your consumer proposal has started, if you miss three (3) payments the consumer proposal is annulled and all legal rights of the creditors are restored. The amount that you owe each creditor is the original amount that you started with less any monies that the creditors received during the consumer proposal before you missed the three (3) monthly payments. The 3 payments are cumulative – you can miss 2 payments and make one up. 3 payments refers being behind 3 payments in total at any time.
If you find that your financial situation has changed, contact your trustee immediately. It may be possible to amend your consumer proposal by reducing your monthly payments to fit your new circumstances.
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.
Personal Bankruptcy & Future Access to OSAP in Ontario
This discusses the impact of declaring personal bankruptcy in Ontario and future access to Ontario Student Assistance Program (OSAP) funding.
Please keep in mind that every case is different.
If you have filed for personal bankruptcy in Ontario and have applied for OSAP, your current status will be restricted due to the bankruptcy. The assessment for all students uses specific information. OSAP completes a credit check of each applicant. Personal bankruptcy information remains in your file at the Credit Bureau for six (6) years from the date of discharge. This means that OSAP funding will be blocked for a minimum period of seven years. However, a credit appeal can be submitted to the Ministry of Training Colleges and Universities (MTCU).
You must report your OSAP debt when filing for personal bankruptcy in Ontario as they are a creditor.
OSAP is a Creditor: If the student is enrolled full-time in a post-secondary program, additional full-time student loan assistance may be available for up to a maximum 3 additional years (on MTCU review) to allow the student to complete the current program. Students are not eligible to switch programs they are enrolled in at the time of the bankruptcy. Further eligibility is restored if the student pays their OSAP debt in full.
In addition, Supporting Documentation is required to submit a request to MTCU in (2) different situations:
1) You are discharged from bankruptcy in Ontario at the time of appeal: a letter confirming that you are enrolled in the same program.
2) You are NOT yet discharged from bankruptcy at time of appeal: a letter confirming the program is the same program AND a letter from your Trustee in Bankruptcy indicating that none of the money given to the student will be used to pay off creditors.
OSAP is not a creditor: This means that students have paid off all OSAP loans and have filed for personal bankruptcy in Ontario. As stated above, OSAP completes a credit check of each OSAP applicant. You may have to appeal through Credit Check Appeal Process and explain that your past circumstances were beyond your control and provide reasons why you believe you will succeed and be able to pay back your OSAP at the end of your study period.
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 debt and bankruptcy in Ontario for more than 25 years.
