Mortgage and Bankruptcy Archives - Page 4 of 4

Forced into Bankruptcy?

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

Forced into Bankruptcy?

Yes, you can be forced into bankruptcy. An unsecured creditor who is owed more than $1,000 can file in court a petition to force you into bankruptcy. The creditor must prove that you have committed an act of bankruptcy. For example, a fraudulent transfer of property or that you have not paid your bills. Both you and the creditor, who has filed the petition, will make representations in court and if the petition is allowed, a Court order will be issued forcing you into bankruptcy. The Trustee is usually named by the creditor who applies to court for a receiving order. A bankruptcy is an order of the court placing you into bankruptcy.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form.

Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
To learn more please visit our YouTube Channel.

Mortgage Renewal after Bankruptcy

Posted on May 28, 2014April 17, 2016 by Jordan Rumanek

Mortgage Renewal after Bankruptcy

Will I be able to get a mortgage renewal after bankruptcy?

First, you must find out if your mortgage contains a clause giving the lender the right to foreclose. If the answer is yes, I suggest you talk to a trustee to consider your options.

However, if you have income, it is in the best interest of the lender to continue receiving interest payments. Therefore, in most cases you will be able to renew your mortgage even after you go bankrupt. The lender normally only looks at your payment history to make sure there that there are no NSF cheques or problems with your payments. The lender will be able to increase the mortgage and renew the existing mortgage.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form.

Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
To learn more please visit our YouTube Channel.

Property With 2 Owners

Posted on February 6, 2014April 20, 2016 by Jordan Rumanek

Property With 2 Owners

I have a property which is under two names. One of the two people is planning to file a bankruptcy. Will the bank take the property away? Should I wait till the person who is bankrupt obtains the bankruptcy discharge to sell the property?

Answer:

The bank will only take the house away or the property if you are behind in the mortgage payments. The big question is does the property have equity? To determine the equity we need to know the value of the property and the balance of the mortgage outstanding. In most cases the bankrupt person can negotiate with the trustee to keep the house by continuing to make the mortgage payments and pay any equity in the house to the trustee who will distribute those funds to the creditors. It is usually better to wait until after a person is discharged to sell a house. If a buyer finds out the vendor is bankrupt this results in a a low offer as the buyer thinks the vendor is desperate to sell.

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.

Can one person in a marriage file a consumer proposal, if the other does not?

Posted on April 16, 2013April 20, 2016 by Jordan Rumanek

Can one person in a marriage file a consumer proposal, if the other does not?

Absolutely – with a caution. If the debts are individual, and not joint with the spouse, then a consumer proposal allows that person to deal with his or her debts while not involving the other. However, all assets listed in the debtor’s name, even joint assets, are listed in the documents (though only their share of it), and the total family income must usually be disclosed. Any debts which are jointly held by both spouses would be included in the proposal, but the non-insolvent spouse would be fully liable to pay them. That is the whole point of joint debt –that if one person does not or cannot pay, someone else is on the hook for it.

In some cases, a creditor may be willing to hold off action against the non-insolvent spouse until the proposal is complete, and they have been paid their share. The spouse would then only pay the balance due, plus any interest added while waiting.

If you have joint debts, contact your trustee to discuss the implications and your options.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. Thank you. To learn more please visit our YouTube Channel.

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

Tag: Mortgage and Bankruptcy

Forced into Bankruptcy?

Forced into Bankruptcy?

Mortgage Renewal after Bankruptcy

Mortgage Renewal after Bankruptcy

Property With 2 Owners

Property With 2 Owners

Can one person in a marriage file a consumer proposal, if the other does not?

Can one person in a marriage file a consumer proposal, if the other does not?

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