Archive for the ‘Uncategorized’ Category

Question: Our bankruptcy is finished at the end of June. I start a new job in May that requires me to travel 5 out of 10 days. Our family vehicle is a 96 Windstar with 302000 km on it. It is in sad need of repairs. The question is whether or not it is worth it. I am wondering if, while in bankruptcy, we are able to lease a car? I would question the saftey of our van when I am doing extensive traveling.

Answer: Yes, it is possible to lease a car while you are bankrupt. In most cases you will pay a lower rate of interest if you wait until you are discharged from bankruptcy before leasing car. Your other options are to purchase an inexpensive car, or to ask a friend or family member to co-sign on your behalf. Either way, be sure you read all of the fine print and understand what you will be paying before you agree to lease or finance a car.

Question: I was wondering if a person claims bankruptcy and you owe revenue canada money does that get included?

Answer: Yes, debts owed to Revenue Canada (Canada Revenue Agency) are included in a bankruptcy. Please click on the Contact Us link for further information.

In the current economic climate, many individuals find themselves deep in debt and struggling to meet the monthly payments. In a desperate effort to avoid bankruptcy, they may find themselves consolidating some of their debt by way of high interest second mortgages, only to find that they still cannot make ends meet. They charge up their credit cards once again and end up in a worse financial position a year or two later. In today’s world, it is not uncommon for an individual to owe anywhere from $50,000 to $150,000 in unsecured debt (lines of credit, credit cards, etc.).

Bankruptcy is not the only answer
Many individuals who fear they may have to file bankruptcy are surprised and relieved to learn that there are other options. At Deloitte, we strive to find the best option available for people to deal with their debts. Proposals have proven to be a viable option for many people.

Proposals can be designed in many ways, dependent on the individual circumstances – assets, liabilities and cash flow. The distribution to unsecured creditors can vary from 10 cents to 100 cents on the dollar. The debtor may retain assets or propose to relinquish assets as part of the proposal. There may be one lump sum payment or monthly payments over a period of time, generally 30 – 60 months.

The options are endless; it just takes experience, creativity and resourcefulness to find the right solution.

Call Deloitte at (306) 343-DEBT (3328) or 1-800-683-DEBT (3328) to find out more about the solutions to your debt.

Thank you for your recent enquiry. Please be advised we provide a free initial consultation at no obligation to you. Exemptions warrant discussion. We want to ensure that we understand the situation fully before providing an interpretation. To book an appointment to come into our office, at a time that is convenient for you, please call 343-4244 or our toll free # 1-800-683-3328.

Can a vehicle be exempt for medical reasons if a person is on disability pay through work, and needs a vehicle to get around? In my case the vehicle is fully paid for. Thank you.

Does This Example Sound Like You?

Larry Black went to college for 3 years and accumulated student loans and other credit card debts. Larry has been working full time for the past couple of years, but the cost of living on his own, his student loans, the new vehicle, and other debts are too much for him to handle each month.

What Can You Do?

The rising costs of post-secondary school and the availability of credit, student loans and credit debts tend to be large upon completion of schooling. A tough job market may keep you from your area of study or the job does not provide you with enough take home pay to pay for all of your debts plus living expenses. A consumer proposal may be an option to deal with your student loans. To investigate your options, click here for more information.

Does This Example Sound Like You?

Are you a tradesman that used to have good credit, but now due to the downturn in the economy your suppliers have you on COD? Did you have to give the government a series of post-dated cheques to pay your back taxes?

What Can You Do?

If you are used to credit and are suddenly required to pay cash you may be getting hit with a double whammy. When a customer pays their bill to you the money should be used to pay off the credit, but the only way you can start a new job is to use the money for supplies so the old bills don’t get paid. Worse still, those post-dated cheques to the government have to be paid or they’ll freeze your account. To solve this problem you may be able to offer your creditors a deal in the form of a proposal. A proposal is a negotiated settlement to repay a portion of what you owe over time. If things are really bad you may need to consider bankruptcy. For more information or to ask a question click here.