Financial Plans Archives - Page 12 of 12

Do I have to pay off my credit cards?

Posted on August 26, 2014April 17, 2016 by Jordan Rumanek

Do I have to pay off my credit cards?

If you file a proposal or an assignment in bankruptcy, your credit card debts are included in the process.
If your account has a co-signor, they will be liable for the full amount due, less any funds received from the Trustee.
If there is a supplementary cardholder, you will need to read the fine print of your card agreement to find out if that person is liable for any part of the charges made by the main cardholder.
If the supplementary cardholder goes bankrupt, the main account holder is liable for the full amount.

If you are not sure, discuss your concerns with your Trustee.

Contact Rumanek & Company Ltd. for more information. Or please fill out the form on the contact us page for additional information. Or if you would like a free evaluation please fill out the 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.

Debtor & Creditor Defined

Posted on July 29, 2014April 17, 2016 by Jordan Rumanek

Debtor & Creditor Defined

I owe a bunch of money. Am I the DEBTOR or the CREDITOR?

If you owe money, you are the DEBTOR. You have a debt to a person or a bank that you borrowed from in exchange for a promise to repay.

Each person or the bank that you owe money to is a CREDITOR. They have loaned you money (or provided goods or services) in exchange for your promise that you will pay them back at some agreed time in the future.

A SECURED CREDITOR is a creditor that has protected itself by attaching a legal notice to your property, such as a house or a car, so that if you do not pay them as agreed, they can seize the attached property and sell it to recover their money. Mortgage companies, car finance companies, and generally furniture and electronics stores that give credit to make purchases are secured creditors.

An UNSECURED CREDITOR is a creditor that loans you money without attaching legal notices to your property. The friend that loaned you $50, the gym where membership is overdue, and the bank where you have an overdraft or an ordinary credit card, are unsecured creditors.

To learn more please visit our YouTube Channel.

Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Debtor & Creditor Defined

Do I have to go to bankruptcy court if I claim Bankruptcy

Posted on November 15, 2013April 20, 2016 by Jordan Rumanek

Do I have to go to bankruptcy court if I claim Bankruptcy

Each jurisdiction has its own bankruptcy court, and each court has its own requirements for when and whether a bankrupt must attend court if claim bankrupt. In the Toronto area, bankrupts usually only go to court in the following situations:

They have filed three or more bankruptcies
They owe more than $200,000 in income tax
They have not completed their duties or have disagreed with their Trustee with respect to those duties
The Trustee has opposed the discharge due to conduct either before or during the bankruptcy which should be brought to the attention of the court
It is important to note that Bankruptcy Court is very respectful, and bankrupts are not looked down upon or judged for their misfortune. There may sometimes be hard questions to answer, but each person has their opportunity to speak, if they so choose. Most people find court to be much smoother than expected.

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.

Tag: Financial Plans

Do I have to pay off my credit cards?

Do I have to pay off my credit cards?

Debtor & Creditor Defined

Debtor & Creditor Defined

Do I have to go to bankruptcy court if I claim Bankruptcy

Do I have to go to bankruptcy court if I claim Bankruptcy

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