Most people never imagine they’ll need the relief of filing bankruptcy, but sometimes debt builds up unexpectedly. A job loss or medical bill may lead to increased credit card debt, and you may only be able to make minimum payments. Other bills rack up, and before you know it, you’re in over your head. There are many benefits to filing bankruptcy, but it’s also important to weigh the consequences of filing before moving forward.
First Steps
Most people know that bankruptcy can discharge many of their debts, but you’ll need to make some important decisions to get to that point. First, we’ll conduct the Means Test to help us decide which chapter of bankruptcy is best for you. If you pass the Means Test, you’re eligible to file a Chapter 7, which discharges most unsecured debts, including medical bills, credit cards, utility bills, and back rent. If your income is too high or you have assets and property you need to protect, a Chapter 13 is a beneficial option. We’ll propose a repayment plan to the court that will last 3-5 years, and during this time you’ll make reduced payments based on your income. At the end of your repayment period, most remaining unsecured debts are discharged, greatly reducing the total you’ll pay on debts.
When you have debt you can’t pay, you’ll undoubtedly get calls and letters from creditors, which can be extremely stressful. One of the benefits of filing any chapter of bankruptcy is that the automatic stay will go into effect, which means your creditors must stop calling you as soon as you tell them you’ve filed. This gives you some time to focus and get your finances in order.
Things to Consider
While all the positive things about bankruptcy are great, this legal decision is not without consequences. Your credit score will decrease, which can make it more difficult to get credit in the future or even to rent a home. Also, not all debts can be included in bankruptcy. You’ll still be responsible for child support and alimony payments, although you may be able to have the payments modified based on your new situation. Student loans may only be included in bankruptcy under very strict guidelines, but you may be able to work with your lender to find a repayment plan that is a better fit for you. Back taxes also are generally not included in bankruptcy.
If you want to keep your property, such as your car or home, you’ll need to stay up to date on these payments; if you fall behind, your creditor will pursue repossession or foreclosure. It may be to your benefit to give up these items if the payments no longer fit your situation, or you may be able to make these payments more reasonable by discharging other debts through bankruptcy.
Thinking about the benefits of bankruptcy can give you hope for your future, and I can help you make a solid plan to discharge debt while preserving as much of your property as possible. If you aren’t sure how to move forward, please call or email me so we can talk.
What Research About Can Teach You
February 17, 2021
financial
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Wealthy Professional Magazine has been a distinguished riding enterprise distribution for Canada’s financial administration enterprise for pretty a lengthy while. It offers different characterizations for awards and has erratic criteria to pick their victors for its distinctions to discover more about the magazine.
Wealth Professional’s yearly ‘Top 50? Financial Advisors awards began in 2016. Ransack Tetrault has won four out of various occasions in its arrangement of encounters and dependably places in Canada’s best ten in wealth directs without fall flat. WP’s 2021 rundown is out with Rob inserting the 2nd spot this year. Do you need to see the full once-over of positioning? Click for more information.
Eventually, Wealth Professional Canada Magazine is happy to present the Top 50 Advisors list. The rundown spotlights 50 guides who competently directed their customers through the tumult of COVID-19 while also figuring out how to develop their business. You will turn out to be more familiar with each information here!.
The 2021 Top 50 Advisors List is a blend of natural faces (32 of this year’s honorees likewise made the rundown in 2020) and fresh blood. Altogether, the 50 counsellors who made the rundown this year oversee more than $18 billion in resources, up from a year ago’s complete of $16 billion. Read more about their resources. They address a wide extent of association and are spread across seven unmistakable territories.
This year’s rundown sincerely envelops the breadth of human beings in abundance, the executives business. WP converses with this year’s Top 50 Advisors about their explanations behind getting into the business, their proudest minutes as guides, how they managed the difficulties of the COVID-19 pandemic and what they want to achieve the year ahead. Learn more about how this information was gathered.
Methodology
Basing our contention from this website, to aggregate the Wealth Professional Top 50 Advisors list, WP first solicits designations from counsels, industry experts and customers; just the counsellors selected are qualified for the rundown. The last rundown depends on every consultant’s weighted positioning in four classifications: in general AUM, AUM development, customer development (both between October 2019 and October 2020) and, new this year, the counsel’s complete affirmations past a four-year certification and fundamental securities permit.
At the point when gotten, all information was checked by WP with the guide’s consistency office. The magazine’s information and investigation group at that point organized the positioning for every consultant in every classification. They joined those scores to form the last positioning for the 2021 Top 50 Advisors list.
It was bested this year’s rundown used to be Nicola Wealth’s, Karen Ikeda. Ikeda positioned at or shut to the top inside and out the positioning arrangements. She has the greatest book of any person from the summary and saw critical improvement over the earlier year. “It is an honor to be seen as the top guide among this respected assembling,” she says. “This affirms how a dedicated tough working attitude, a devotion to clients and an enduring way to deal with arranging can clearly obtain benefits, mainly in a 12 months as unstable as 2020. ” If you need to know, all the positioning check it out! Now! from this magazine.