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What Happens to My professional Designation If I File Bankruptcy or Consumer Proposal?

What Happens to My professional Designation If I File Bankruptcy or Consumer Proposal?

by | Bankruptcy, Budgeting, collection calls, Consumer Proposal, Credit Counseling, Insolvency

Nothing would happen to any person if they filed bankruptcy. The law prohibits both the government and private companies from terminating their employment. Just because the person filed bankruptcy, but it can affect when a person applies for a new job or search for a new job. In that case the situation is not that good in many private companies. But filing bankruptcy doesn’t mean that the person is not qualified for the job or anything. If the person is qualified then the company should hire that person.

But in some cases, the company doesn’t hire a new employee if the employee has filed a bankruptcy or consumer proposal. And it is just the mindset of some people. But no law states that if a person has filed bankruptcy is not eligible for a job. They have all the right to apply for the job and get that job if that person is eligible for the job. And most of the company doesn’t mind hiring a person who has filed bankruptcy or not. They just want the skills for that job, and if the candidate has those skills then the candidate will get the job.

Any effect on credit score after filling consumer proposal

Yes, after filling bankruptcy or consumer proposal, it affects the credit score of any person. The credit score can go to negative. Because filing the bankruptcy or consumer proposal means the person is telling the bank that the person has no money. And that is why that person is filling the consumer proposal. It means that the consumer is not able to pay the debt amount or anything. So, the credit score can automatically go to negative.

Think about the long-term perspective

The credit score is temporary, and one can get a good credit score after a certain time of period. But if someone is in a situation where they can’t pay the debt amount. So, they better file the consumer proposal. It is a good step that a person is taking. By doing so, one can get debt relief. And after paying all the debts one can increase their credit score.

Maintain your credit score

After paying the debt amount to start paying the credit card bills on time. So, the credit score never goes to negative or something. And the bank can trust their consumer easily.

In case of you have credit or debt issues visit www.gtacredit.com or call 416 650 1100

 

 

Will I Lose My Real Estate License If I File Bankruptcy or Consumer Proposal in Ontario?

Will I Lose My Real Estate License If I File Bankruptcy or Consumer Proposal in Ontario?

by | Bankruptcy, Consumer Proposal, Credit Counseling, Insolvency, Realtor

No, filing a bankruptcy or consumer proposal does not mean that one can lose their real estate license. And it is according to the Real Estate Council of Ontario (RECO).  RECO doesn’t say anything like filing a bankruptcy or consumer proposal means the license will be ceased or something. So, if someone has such questions that they might lose their license or something. Then it is just a piece of false news that someone has spread. And the main government of this thing RECO doesn’t say anything like that. So, don’t believe in such things.

There will be no termination of license even the person has filed bankruptcy. One can have their real estate license even when they file bankruptcy. And nothing will happen to their licenses. Neither they will lose their job or something. And it is a government law that prohibits all the government and private companies from terminating their employees. One can continue what they were doing in their life.

Things to know before filing bankruptcy if someone has a real estate license

If someone is going to file their bankruptcy and if that person owns a real estate license. Then they have to inform the registrar’s office within five days of applying for bankruptcy or consumer proposal. And these documents are needed

  • Proper reason for filing the bankruptcy with signed and dated
  • Form 69: Bankruptcy assignment
  • Form 79: Statement of all the possession and liabilities
  • Form 65: Monthly expenditure statement
  • Form 85: Discharge certificate but only if it is applicable

These are documents that will be needed in the registrar’s office.

A person can apply for real estate license after filing bankruptcy or not

As the RECO says that bankruptcy doesn’t prevent anyone from losing their license or registering for a license in RECO. So, a person can apply for the real estate license even that person has filed bankruptcy or not. But the person needs to disclose that they have applied for bankruptcy. Only after proper checking one can get their license.

Just disclose each and everything

Before registration, a person needs to disclose the proper reason for filing their bankruptcy, credit score, and a financial image. And the RECO official will take a complete check on those things. So, that they can know the person will be able to perform the job or not.

In case of you have credit or debt issues visit www.gtacredit.com or call 416 650 1100

Saving for unforeseen debt issues

Saving for unforeseen debt issues

by | Bankruptcy, Budgeting, collection calls, Consumer Proposal, Credit Counseling, Insolvency, unforeseen debt

Unforeseen debt issues can be painful. They can lead you to a lot of frustration as well. Therefore, it is extremely important for you to plan ahead of time and make sure that you come up with a proper strategy to overcome the unforeseen debt issues. In order to make life easy for you, we will be providing you with some of the most effective tips, which you can follow in order to save for the unforeseen debt issues. This can help you to overcome frustration once you are dealing with debt.

  • Define your savings goals

You need to define your savings goals while you are trying to save for unforeseen debt issues. In other words, you need to start saving after coming up with a proper plan. Then you will be able to minimize the chances available for you to get distracted. Once you define the plan, you just need to follow it and you will be able to end up with achieving the milestones as defined in your plan. Therefore, you will be able to end up saving enough money.

  • Create an emergency fund

Upon creating your goals, you should take appropriate measures to implement an emergency fund. The emergency fund should be in a position to help you with covering up your expenses at least for a duration of six months. Then you will be able to survive the difficult period in your life without going through a lot of frustration.

While you are creating the emergency fund, you should never ignore the annual insurance premiums as well. They are some of the mandatory expenses that you have to play. Hence, you shouldn’t ignore them and move forward. You need to make sure that you take a look at all your obligations and then create the emergency savings fund.

  • Work more

When you work more, you will be able to save more. That’s the right strategy available for you to follow while saving money for your unforeseen debt issues. If you are working for a traditional 9 to 5 job, you will feel that there is no possibility for you to work more. However, you can keep on building a side hustle. On the other hand, you can also think about developing a source of passive income. It can contribute a lot towards helping you to achieve your financial goals. Therefore, you can end up saving enough money to overcome unforeseen debt issues.

  • Get rid of unwanted expenses

You need to sit down and take a look at all your expenditures. That’s where you will figure out that you are spending your money on unwanted expenses as well. You need to take appropriate measures to get rid of all those unwanted expenditures. It is better if you can make the habit to think twice before you spend on something. This can help you to save more money, which can eventually help you when dealing with unforeseen debt issues. In case of you have credit or debt issues visit www.gtacredit.com or call 416 650 1100