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, Children’s Future with money, Consumer Proposal, Credit Counseling
We were able to see many economic downfalls during the recent past. With all these instances, we can never say when we will have to file for bankruptcy. Before you run into such a situation, you have to do many things in your life. Saving enough money for the future of your children holds a prominent place out of them. Otherwise, your children will have to go through a lot of suffering.
Here is a list of some useful tips, which you can keep in mind in order to save enough money and secure the future of your children before you file for bankruptcy.
1. Start investing early as possible
This is a basic rule in investments, but many people tend to forget it. As a result, your children will have to face a series of negative consequences in the long run. When you start investing early, you will be able to save a lot of money. Some of the individuals delay their investments, up until the moment where they come across bankruptcy. You should not do it and you need to get your hands on the investments early as possible.
2.Think about investing in a child insurance policy
You can easily get your hands on a child insurance policy. It is another effective method available to consider, especially while you try to secure the financial future of your child. However, all the child insurance policies that exist out there will not be able to help you achieve your goals. In fact, you will not be able to get the desired level of flexibility from most of the insurance policies. Therefore, you are encouraged to do your own research on available options and figure out what the best insurance policy out of them is.
You should be provided with flexibility from the insurance policy and it should not lock away your money. If you cannot spend money, then there is no use of money. The best child insurance policy would make sure that you are provided with the chance to receive money in a timely manner. In addition, you will be able to withdraw money during unfortunate events, such as filing for bankruptcy. Such child insurance policies exist and by doing simple research, you will be able to get your hands on one of them.
3.Invest in a life insurance
The child insurance plan would ensure the financial needs of your child. You should also think about getting life insurance before you file for bankruptcy. That’s because you will not be able to afford on life insurance, at the time of bankruptcy. It can provide excellent assistance to all your family members at your absence. In addition, you can make sure that all the money you invest are not stuck within single policies. You have several options to go ahead and make sure that your children don’t come across any financial difficulties.
4.Set up a fixed deposit
Setting up a fixed deposit can be considered as another straightforward method available for you to secure the financial future of your child. Even though the SIPs are a more lucrative option available to consider, they are linked with a higher rate of risk. On the other hand, the fixed deposits are more of a traditional investment method and you will be able to get guaranteed returns out of them.
Instead of investing in one fixed deposit, you can think about investing in a couple of fixed deposits. You can select the terms of the fixed deposits in a way so that the maturity coincides with the important milestones of your child. For example, you can assign the maturity of one of the FD milestones to a period where your child starts attending college. When you follow such an approach, your child will never face any negative consequences in the future.
5.Have a bank account for the child
Last but not least, you can think about having a bank account for your child. It may not sound as the biggest deal available for you to consider at the moment. However, it can provide great help to you when you come across unforeseen situations, such as bankruptcy. It is better if you can set up the bank account and deposit money in it, instead of giving pocket money for your child in cash. This will help you to teach the basics of baking to your child as well. In addition, you can make sure that your child is provided with the opportunity to learn how to budget the expenses. You will also be able to keep track of how much money you give to your child by following this approach. 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
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
