by Ajay Oberoi | Bankruptcy, chrismas Debt, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management, Fraud in Bankruptcy
Most of the people who end up with debt assume that filing for bankruptcy is the only solution available for them to consider. You need to keep in mind that filing for bankruptcy would not make your debt go away. That’s because debt is divided into several categories. Out of these, the non-dischargeable debts will not go away, even if you file for bankruptcy. The debts that accumulate from fraud activities fall into this category. Hence, you are encouraged to pay special attention to this fact and make sure that you make an informed decision when overcoming such debt.
If the debt needs to be declared under non-dischargeable debt, it should fall under specific criteria. In fact, a creditor needs to go to the court and ask for the determination of fraud. If the creditor fails to do it, the debt will be wiped off. You should also keep this fact in mind when you are dealing with non-dischargeable debt.
What exactly is fraud?
Before we deep dive and understand more information on this topic, it is important for you to have a basic understanding of the topic of fraud. Fraud will take place when someone manipulates or lies. During the bankruptcy cases, the fraud activities usually take place as an expense of the creditor.
For example, most of the people are not honest about their true income, when they go ahead and apply to obtain a credit card. On the other hand, some people tend to hide their money from business partners when they work on joint business ventures. When your restaurant business goes down, you go ahead and sell all the items that you had in it, including the ovens and tables. After you do that, you will need to fairly divide the amount between all shareholders. But if you decide to pocket all the money, you will end up committing fraud. Therefore, you will need to take appropriate measures to overcome such situations and make sure that you don’t become a person who commits fraud. Otherwise, you will have to face a lot of issues when you file for bankruptcy.
Presumptive abuse of credit cards can be considered as one of the most common types of fraud. In here, you will be using your credit card to make payments and purchase a variety of luxury items, including jewellery, purses and to enjoy movies. You do this within the 90 day period before you file for bankruptcy. Then you will be committing fraud. But still, you can use your credit card to get all the basic necessities of your life, such as food and home rent covered. But if you use that money to purchase fancy stuff, which you really don’t need, you will be committing fraud. You never want that to happen.
These are just few examples of fraud and there are many more. Embezzlement, larceny and fiduciary fraud are to name a few.
A creditor is in need of a judgement
As mentioned earlier, the creditor needs to take the case to the courts and prove that you have committed fraud. Otherwise, you will not have to face any negative consequences associated with it. To do that, the creditor will need to file a lawsuit and get the fraud judgement to work against you. The creditors do it in several ways.
In most of the instances, the creditors file complaints alleging the fraud, even before you go ahead and file for bankruptcy. By doing that, it is possible for them to end up with two different judgements. Those 2 judgements include:
In here, the court will grant the judgement by default. To make sure that it doesn’t happen, you will need to provide a response within the given time period. If you fail to do it, you will be labelled as the committer of a fraud.
If you respond within the given time period, the trial will begin. The creditor will need to go through the trial period and prove that you have done the fraud. If you are proven guilty, the creditor will receive trial judgement.
When the creditor files a fraud judgement against you, all the debt that you own related to fraud would become non-dischargeable. This is the reason why it is important to get the assistance of an attorney, especially when you get a lawsuit. When you take quick action, you will be able to take appropriate steps to overcome the negative complications that are linked with the judgement.
There is a time period, which the creditor should adhere to, when filing a lawsuit against you for fraud. In fact, the creditor will need to do it within a period of 6 0days. If the creditor fails to do it, your debt will remain dischargeable, even if they are linked with fraud. This type of debt would eventually go away along with time.
Proving the fraud activity at the trial is not an easy thing to do. That’s because it is important to pay attention to a few important factors and prove them. The creditor will need to prove that you committed the fraud activity by having a good understanding of it. In other words, the creditor should prove that you purposely mislead something. On the other hand, the creditor should prove that they believed the misrepresentation that you did. As a result of all these activities, the creditor should prove that he lost his money at the end of the day.
All the matters that are associated with fraud are taken seriously. Therefore, it is important for you to get the assistance of a bankruptcy lawyer and how you can get assistance to overcome the pain and frustration associated with these situations. In case of you have credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
Are you looking forward to opening an RSRP? Then you must be looking for the best time of the year to go ahead and make that decision. At the beginning of the year, you can see many financial institutions advertising that it is the best time to go ahead and open a Registered Retirement Savings Plan, which is also known as RSRP. By taking a look at these advertisements, you will wonder whether it is the best time of the year for you to go ahead.
Yes, if you are in a position to spend money out of your pocket to the RSRP contribution, the beginning of the year is the best time to go ahead and open an RSRP. We will tell you why and you can keep on reading to figure out more information.
Most of the employers tend to provide the opportunity for the employees to go ahead and contribute towards a group RSRP. This is a good opportunity that you can get your hands on as well. Therefore, you are strongly encouraged to take a look at this alternative. If you compare the facts, you will figure out that it is a better option available to consider instead of opening an individual RSRP at a credit union or a bank.
When you open an individual RSRP account, you will have to pay a management fee of around 2% to 3%. But when you open a group RSRP account, you will be able to reduce that to around 0.5% to 1.5%. In the long run, this can contribute a lot to your savings.
Some of the individuals boast about having thousands of dollars in their bank accounts towards the RSRP in the months of January and February. Due to this reason, contributing to the RSRP account during this time can be considered as more effective. Then you will be able to make a wise move towards your retirement.
If you want to save enough money for your retirement, you need to make sure that you have an excellent savings plan. This savings plan needs to be based upon the regular contribution frequency to RSRP. As a result, you will be able to overcome hassle and frustration that you have to do with budgeting as well. For example, contributing $50 towards your RSRP account in every couple of weeks is more convenient, instead of contributing over $1,3000 at the end of the year. Therefore, you are encouraged to take a look at such a plan and make sure that you don’t take your retirement savings as a headache.
It has also been identified that people find it as an easier task to make the payments if they are being deducted directly from their paychecks. In fact, the deductions are made from the paycheck before it is deposited into the bank account. This is another benefit that you will be able to get with the assistance of group RRSPs.
You can also receive a tax refund when you are making a payment to the group RSRP account with your payroll deductions. This tax refund would be immediate. Therefore, you don’t need to wait until you file for the tax returns. For example, if you make a contribution of $100 from every paycheck, $100 will be the actual deposit. However, your real deposit will only be around $60, and $40 will be the tax saving.
You will be able to get a large number of benefits with the immediate tax savings, instead of receiving refunds at the end of the year. In fact, this will help you to experience a large number of additional returns. Moreover, you can make sure that you don’t have to wait until the end of the year to get your hands on the returns.
When you spread the RSRP contributions throughout the year, your return potential is much higher. That’s mainly due to the amount that you will be able to save with the assistance of income tax savings. You will be making immediate investments and the returns of that investment can be obtained both short term and long term. As a result, you will be able to generate a better return.
When you wait until the end of the year to make a contribution, you will not be able to generate any return throughout the year. But when you contribute with your every payment, it will be converted to thousands of dollars at the time of your retirement. Even though this depends on the performance of bond markets and stocks, your returns are guaranteed. Therefore, you will be able to keep peace of mind when you go ahead as well.
Now you have a basic understanding of when you need to invest your money on the RSRP account. With that in mind, you can go ahead and start your investment. You should also determine the exact contribution amount before you start so that you will be able to get the best possible results out of it in the long run. When you do it, you will be provided with a peaceful and hassle-free retirement, without any financial difficulties. In case of you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
If you don’t want to deal with any frustration after your retirement, you should have a proper retirement plan. Unfortunately, most of the seniors find it a difficult task to create retirement plans on their own. Here is a list of few effective retirement planning tips that you can keep in mind in order to enjoy a hassle-free retirement.
1. Save enough money
Saving enough money for retirement can be considered as one of the biggest struggles faced by seniors. One of the most convenient methods available for you to stay away from this frustration is to start saving more money. People are encouraged to save at least 15% of the salary on retirement. This would help them to end up saving a decent amount of money, which can be spent during retirement.
2. Get to know about your retirement type
It would not be an easy task for you to visualize your retirement ahead of a few decades. But if you can figure it out, you will get the opportunity to stay away from a great deal of frustration in the future. In other words, self-understanding can lead you towards a variety of surprises in the future.
3. Plan to retire in the best possible place
Plenty of destinations are available out there in the world for you to retire. However, you need to be careful enough to find the best retirement location out of them. Sometimes, you will be able to find a better place to retire in a different part of the world. If you don’t have any special intentions to retire in your country, you can think about visiting such a place. It is better to keep an eye on a few such places to retire beforehand. The place you retire should have low taxes, low living expenses, and excellent facilities for seniors.
4. Have plenty of money in hand
There are some people who go into their retirement with a bunch of investments. This is not something recommended and you should have a decent amount of cash in your hand. You would come across plenty of emergency financial requirements and you need to have cash in your hand to be spent on such instances. Therefore, you should make sure that you have enough money in your hand before you start your retirement.
5. Settle all the debts
You need to take the necessary steps in order to settle all your debts before retirement. Approaching retirement with debt cannot be considered as the best option available for you to make. If you do, there is a high chance for you to end up with frustration. That’s because you will not have any source of income during retirement. Instead of saving money, you will be spending on the loans that you have obtained.
If you pay attention to these retirement planning tips, you will get the chance to enjoy your retirement.
In case of you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
If you are looking for an effective method to save money, you can think about saving money on transportation. There are many effective methods available for you to save money on transportation. Here is a list of 7 of the most effective methods out of them. These tips will ensure that you get the opportunity to save a considerable amount of money out of your transportation expenses.
1. Buy a bike
Instead of using your car for short-distance travel, it is better to use a bike. In case if you cannot purchase a bike, you can think about renting a one. It will not cost a fortune for you to rent a bike and it will provide you with the opportunity to save a considerable amount of money. Pedaling your bike on a daily basis will not just assist you to save money, but you will also be provided with the chance to experience a large number of health benefits. However, you must take a look at the other factors, such as safety and time before you pedal your bike in day to day life.
2. Walk whenever possible
If you can walk, you should never think about using your car. This will also help you to save a considerable amount of money on transportation. Most of people prefer to drive their cars, instead of walking. But if you can make an effort to walk instead of driving the car, you will be able to see a significant reduction of your expenses at the end of the day. If you can go somewhere within 15 minutes by your feet, you should not think about driving there.
Walking is available for you in most of the environments as well. Apart from saving your money on automobile trips, it will be one of the most inexpensive ways available for you to ensure your good health. Therefore, you don’t need to think twice before you walk.
3. Minimize your fuel expenses
You can track how much money you spend per month on fuel. With that in mind, there are few effective methods available for you to minimize your fuel expenses. Reducing the total number of miles that you drive holds a prominent place out of them. You will be able to seek the assistance of Maps in your smartphone to determine the most efficient route that you need to take in order to reach your destination. You need to keep in mind that the most efficient route is not the same as the shortest routes. If there is traffic in the shortest route, you will be spending more money by traveling on it. Hence, you need to locate the most efficient route by analyzing what you can see on the map.
You can also think about practicing sensible driving skills. It can also provide great assistance for you to reduce the total amount of money that you spend on fuel. For example, sharp accelerations and brakes will not provide you with smoother driving experience. Therefore, you should learn how to drive smoothly.
4. Focus more on your car maintenance
When you properly maintain your car, you will be able to boost the fuel efficiency of it. In addition, you can also make sure that your car doesn’t run into any expensive breakdowns, where you are forced to replace the parts of the car. To overcome such issues, you need to get your car inspected by a mechanic and maintain it on a regular basis. Then you can make sure that your car doesn’t run into any expensive repairs or any other similar issues. You will be able to save a considerable amount of money out of this method as well.
5. Be careful when you purchase the cars
Some people tend to purchase two or more cars for their transportation needs. If you want to save money, this is not a good habit to move forward with. In fact, owning one car is less expensive, when compared to maintaining two or more vehicles. You will not just have to spend on fuel, but you will also have to spend money on licensing, insurance, interest charges and depreciation. When you come across the need to use a second vehicle, you can easily rent it. This is a better option available for you to save money, instead of purchasing two cars.
6. Rent out a car when you go on special occasions
When you want to use a car for special occasions, you can simply rent a car. One of the biggest mistakes that people do is that they tend to go ahead and purchase cars for temporary needs. If you want to save money on transportation, this is not a good method to move forward with. You can simply rent out a car and make sure that you get all the temporary needs catered in a cost-effective manner.
7. Share the rides
Carpooling has become a popular concept in today’s world. Sharing rides will help you to save a lot of money. If you are traveling to work in your car every single day, you can think about sharing the space available with a couple of other guys. If you don’t have a car, you can look for a driver who is willing to share his empty seats with you. Carpooling is a cost-effective method available for the drivers to minimize their overall expenses and for the riders to get to their destination, instead of paying a lot of money for taxis. In case of you have the credit or debt issues visit www.gtacredit.com or
by Ajay Oberoi | Bankruptcy, chrismas Debt, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
Creating a budget is not an easy thing to do. You will need to pay attention to a variety of factors to end up with the best possible results when creating a budget. To make sure that you don’t miss out on any of those factors and to ensure that you end up with successful results out of budgeting, you can seek the assistance of online programs available.
Here is a list of 3 such useful and effective online programs, which you will be able to use for budgeting purposes. You will be able to end up with impressive results by using these programs.
1. Personal Capital
Personal Capital is not a tool designed only for budgeting. You will also be able to use it for many other purposes such as tracking your investments and credit cards. The features that this tool provides you with budgeting are impressive and you will fall in love with them. This tool will provide you with an outstanding interface. You will be able to use this interface to get most of your work done. You can easily link all the accounts that you have and move forward with budgeting with the assistance that you get from this tool. In addition, the linking of accounts will help you to understand how you spend your money and how the investments are performing.
If you are looking for an all in one financial dashboard, there is no better option available for you to consider instead of Personal Capital. It has the ability to track all your investments along with budgets and provide you with a more realistic overview of your financial status.
If you are looking forward to getting your hands on an all-in-one dashboard, there is no better option than Personal Capital to consider. The most outstanding feature that you can find in this program is its ability to track your investments along with the budget. Therefore, you will be able to budget accurately, without assuming anything. You will also be able to customize the budget according to your preferences and track it.
2. Mint
Mint is one of the oldest budgeting tools available on the internet for you to try. It has been able to maintain an excellent reputation throughout history by delivering an effective experience to the users. The most impressive feature that you can see in Mint is its ability to download transactions from multiple sources.
When you use Mint, it will create a secure connection with your credit cards, checking account, and the other sources of spending. Then it will be able to pull all the transactions automatically. You will be provided with the chance to tag them and categorize them according to the unique needs of creating the budget.
Mint also provides you with an excellent graphical interface. This is one of the most outstanding features that you can see in Mint. In addition, you will be provided with the chance to become the detailed money manager of the entire family as well. As a result, you can track the overall expenses of all your family members in an effective manner.
When you use Mint, you will be able to create any number of budget categories as per your preferences. In addition, you will be provided with the chance to change the budget amounts on a monthly basis. On top of that, you can set up goals for settling your debts and saving money for your future.
Mint comes along with basic investment tracking capabilities as well. However, the investment tracking features offered by Mint are completely opposite when compared to Personal Capital. That’s mainly because Mint is a tool that focuses more on budgeting. Hence, you will be able to take a look at the investments from the viewpoint of budgeting.
3. Pocket Guard
If you are dealing with issues with regards to budgeting, Pocket Guard is a great option that you can consider. It will provide you with the chance to put all the savings and bills into one single app. Then you will be able to track all those expenses. In fact, Pocket Guard will track them automatically for you and you don’t need to worry about anything. Hence, it is a great budgeting app that you can get.
The analyzing capabilities that come along with Pocket Guard are impressive. If you don’t want to put extra effort to create your budget, but you still need a budget to survive, Pocket Guard is a great option to try. That’s because it can automate most of the tasks with regard to creating a budget. This will help you to save a considerable amount of time and effort while you use the app as well.
Pocket Guard will also teach you multiple methods on how to save money. Negotiating on the bills hold a prominent place out of them. On the other hand, Pocket Guard will teach you how to move money to savings accounts that provide better interests. The mobile-first approach offered by Pocket Guard has helped it to receive a lot of attention from people in today’s world. If you are looking for a smart budgeting app to be used on your mobile device, Pocket Guard is a great option that you can purchase from the market. In case of you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
by Ajay Oberoi | Bankruptcy, chrismas Debt, Consumer Proposal, Credit Counseling, Credit Repair, Debt Management
We are about to start a New Year and it is high time to focus on the New Year’s resolutions. When it comes to New Year’s resolutions, you are encouraged to pay more attention to the financial resolutions. Then you can make sure that you don’t run into any financial issues in the long run. Here is a list of some of the most prominent New Year’s financial resolutions that are available for you to consider in the upcoming year.
1. Take a look at your credit score quarterly
It is important for you to take a look at your credit score on a quarterly basis. Failing to do it can lead you towards some negative complications in the long run. This becomes extremely important with the Equifax information leak, which took place in the recent past. Therefore, now you are provided with the ability to try credit monitoring services or freeze your credit. Or else, you can even monitor your credit on your own. Then you will be able to notice all the changes that take place in the credit activities. You will not have to spend any money out of your pocket to take a look at the credit score as well.
2. Save at least 15% of the gross income
If you are a person who didn’t have the habit of saving money, it is the high time to do it. It is recommended for you to start saving at least 15% of your gross income. Then you will be provided with the opportunity to overcome a large number of financial issues in the future. Most of the people in today’s world have the need to save money, but they don’t have a clear understanding on how to do it. That’s where you can start saving 15% of your gross income. In other words, if you are a person who is making $3,000 per month, you need to make sure that you save at least $450. When you continue this habit, you will be able to save a considerable amount of money in the long run. It would be more than enough to help you overcome the financial difficulties that you will come across.
If you find it as a difficult task to stick to this habit, you can open up another savings account and configure a standing order, so that you will be able to transfer 15% of your funds to the new account. Then you will not have to put any extra effort to save money.
3. Craft a debt plan
If the debt has been troubling you in the past, it is important for you to craft a debt plan as well. It can provide great assistance to you with overcoming the debt related issues that you are dealing with. When you pay your own debt, you will be climbing a mountain. It will take strategy and time to get to the top.
As the very first step, you need to take a moment and see how much debt you have. Then you need to take a look at the interest rates associated with your debt. To make your life easy with managing the debts, you can note down all the information in a spreadsheet. Then you can craft a plan on how to settle your debts. When you follow this kind of approach, you can make sure that you don’t miss out on anything.
Some of the options available for you to consider when you are crafting the debt consolidation plan include personal loans, 9% balance transfer credit cards, and student loans. You need to compare all available options and discover the best repayment strategy available out there to consider. Then you will be able to overcome the pain points with debt consolidation.
4. Invest on a monthly basis
It is recommended for you to make your investments on a monthly basis. It is another excellent method available for you to save a considerable amount of money. This is applicable to all the investment methods that you can try as well.
However, some of the investment methods are not in a position to deliver the best possible results to you. For example, if you keep your money in a bank account, you will not be able to get an interest to cover up even the inflation. As a result, you will be losing the value of money that you have in your bank account in the long run. To overcome this issue, you need to look for other investment opportunities.
Since a large number of investment opportunities are available to consider, you need to make sure that you select the best investment out of them. No matter what investment opportunity you decide to go ahead with, you should do it on a monthly basis.
5. Track all your expenses on a daily basis
You are spending a considerable amount of money on a daily basis. However, most people find it a difficult task to survive during the last few days before they get the paycheck. That’s because they tend to spend their money unnecessarily during the other days of the year. To overcome this issue, you need to start tracking your expenses on a daily basis. Then you will be able to see how much money you have spent at the end of the day. These details will also help you to manage your money in an effective manner. Hence, you will not come across any financial issues at the end of the month.
You don’t have to write down all your expenses when tracking money. You just need to download one of the smartphone apps available and get the job done. This is one of the most convenient methods available for you to track your daily expenses as well. In case you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100
