Rumanek & Company

If you can’t pay your debts, first try talking to your creditors (a person, institution or business  to whom you owe money). Approach them with a plan, know how much you can afford and be realistic. 1. Can you come to an agreement? If yes, make arrangements to repay your debt If no, consider a …

Do I have to file my tax returns before considering filing for bankruptcy?  I haven’t filed my income tax returns for the past two years. Do I need to do this even if I haven’t been working?  I know I am not eligible for a refund. No. You do not have to file your tax returns in order …

 The Companies’ Creditors Arrangement Act (CCAA): is a federal law allowing corporations in financial difficulty (owe their creditors more than $5 million) to restructure their finances. Process: 1. Corporations ask the Court for protection while they prepare an offer to creditors for some form of payment (Plan of Compromise or a Plan of Arrangement) 2. …

The spouse’s assets will not be affected by your bankruptcy provided: the spouse is not a business partner the spouse has not guaranteed your debts the spouse’s assets have not been encumbered to secure your debts the spouse’s assets were legitimately acquired by the spouse and were not transferred to the spouse by you for …

Hardship Provision:  If it has been 7 or more years since you ceased to be a full or part-time student, and you are or have been bankrupt, you may apply for a discharge of your student loan debts under the “hardship provision“. The Court will only discharge your student loan debts if it is satisfied …

Yes. An RESP is an asset that can be cashed in to pay off debts to creditors. However, you can consider a consumer proposal as an alternative to bankruptcy. In this situation, you do not lose your RESP. It is important to research your options in order to make the best decision for you.

No. Filing bankruptcy is not a crime. It is not considered failure in fulfilling your legal civic duties. It is a perfectly legal way to deal with overwhelming debt. It will not disrupt your citizenship process or put your bid for citizenship at risk, so long as you abide by all bankruptcy laws truthfully and honestly.  Citizenship …