What Happens to a Financed or Leased Car in Bankruptcy?

What Happens to a Financed or Leased Car in Bankruptcy?

by | Bankruptcy, car financed, Car Leased, Credit Repair, Insolvency

Fighting with your financial resources is tough enough; however, deciphering what debt solutions are available to you, as well as which of your properties, if any, are protected, call for expert suggestions. A lot of people that owe cash can really feel overwhelmed. Thankfully, some organizations can use financial debt help across Canada.

One alternative, depending on your situation, is filing for personal bankruptcy or a consumer proposition. In such situations, only unsecured financial debts are usually impacted, i.e., lending not attached to certain properties. The safety and security of your protected financial debts, on the other hand, is primarily based on whether you can afford to keep making payments on them.

  • Secured financial debt versus unsecured debt

Unsecured debts normally include such items as credit cards, individual loans, earnings tax obligations, etc. On the other hand, secured financial obligations are those where the financial debt is tied to an asset, such as a mortgage, real estate, a vehicle loan, or auto lease, which is safeguarded by your automobiles.

If you are leasing a car as well as you submit a customer proposition or for bankruptcy, you can technically hang on to it as long as you are continuing in making the payments. When you cannot, or you do not want to maintain the vehicle, you can do two things, voluntarily surrender the vehicle or start foreclosure.

 

  • Your choices as well as what occurs next

Leasing a car suggests you are paying for it and will utilize it up until the lease is up. Even if you declare insolvency, as long as you depend on day on your settlements for the leased vehicle and you can pay to continue making them, you are legitimately qualified to keep it as per the terms of the lease. You should additionally keep the insurance coverage in full force.

When speaking with an accredited bankruptcy trustee who can offer financial debt assistance, it is necessary to allow him/her to learn about your automobile lease upfront. Typically, the leasing company and the loan providers would choose that you remain to make the auto settlements.

Needing insurance policy as well 

Regardless of what you choose to do with the leased automobile after filing a customer proposition or insolvency, always preserve insurance coverage on the automobile till it is no longer in your belongings. If something should take place to it before you have returned it, as well as you are not insured, you will likely be called to pay. Also, without insurance, car accidents can impact your motorist’s license.

It is highly recommended that you contact an experienced company like gtacredit.com. If you have issued what so ever, feel free to call us at 416 650 1100

Best way to manage credit card debt

Best way to manage credit card debt

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

Managing your credit card debt is not something difficult as you think. That’s because you will have to focus on a few important tips and then work out a proper plan. This plan can deliver outstanding results to you with managing the overall credit card debt without any hassle.

Following are some of the most important and effective tips, which you can follow to manage your credit card debt in an effective manner

Figure out how much you owe

As the very first thing, you need to figure out how much credit card debt that you owe. If you have only one credit card, you will be able to simply take a look at your account online and get to know about the amount that you owe. However, some people tend to have more than one credit card. In such a situation, you will have to verify the details from all the credit card providers and note them down. Then you can determine the total amount of debt that you owe as well. This can help you to create a solid picture of the amount that you owe. Once you have such a solid picture of the overall credit card debt you have, you will be able to plan effectively and work out things.

Get in touch with the credit card providers

As the next thing, you will have to get in touch with the credit card providers. Your main objective in here would be to negotiate the matters and come up with a plan. Otherwise, you will keep on accumulating more interest along with time. This can make life difficult for you with settling outstanding debt in the future. Therefore, you should stop the further accumulation of debt, or you should at least get the interest rates reduced. That’s where the discussions that you have along with the credit card providers would come into play.

Create a monthly payment schedule

Once you negotiate things with the credit card provider, you will be able to create a monthly payment schedule. You should stick to this monthly payment schedule and then settle the credit card debt. While you do this, you need to make sure that you are not accumulating more debt on the credit cards. This can make the process even more difficult for you. That’s where you will have to come up with a proper plan to manage all your expenses. No matter what, you must make sure that you are sticking to the monthly payment schedule. This can provide great overall assistance to you with taking you out of credit card debt in a convenient manner.

Dealing with credit card debt can be painful. That’s because you will see how your debt is increasing along with time due to high-interest rates. Hence, you need to take a look at this plan and work accordingly to overcome credit card debt. In case you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100

How to Help Curb your Spending

How to Help Curb your Spending

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

How to Help Curb your Spending

Saving money has become one of the biggest challenges that people in today’s world have to deal with. This can keep you away from achieving all your financial goals at the end of the month. As a result, you will run into many frustrating situations as well. That’s where you need to have a clear overall understanding of how to curb your spending. The following are some of the most effective tips, which you can follow with the objective of curbing your expenditures.

  1. Plan the budget

You need to come up with a plan so that you can manage your expenditures. In other words, you will need to keep track of all the expenditures. That’s where you can go ahead and log day to day expenditures within a budget spreadsheet. You can simply do it on your mobile phone as well. On the other hand, there are some excellent budget planning mobile applications available for you to get. You can download one such mobile app and make life easy for you with managing the expenditures.

  1. Define savings goals

You should also define savings goals at the time of making your financial plan. It is another excellent method available for you to manage all your expenditures in an effective manner. For example, if you are planning to save money to buy a new house or a car, you need to define how much money you will have to save by the end of the year. Then you need to come up with a plan to figure out how to achieve those goals. This can help you to stay away from distracted.

  1. Eat your food

When you take a look at the amount of money you are spending to eat out, you will figure out that you are spending a considerable amount of money unnecessarily. If you can eat your food, you will be able to save that amount. Therefore, you need to think about preparing your own meals. If you can do this for one month, you will be impressed to see the total amount of money that you can save at the end of the month. This would motivate you to go ahead with even better savings.

  1. Pay your bills first

It is recommended for you to think about paying off your bills first, before you focus on the other expenditures. This can help you to make sure that you don’t end up with any financial expenditures. You need to set aside money for the mandatory expenditures and keep the rest for other spending.

  1. Cancel the catalogs

When you take a look at your email inbox, you will be able to see a large number of catalogs sent by the retailers. When you are going through these catalogs, you will be tempted to spend your money. However, you need to make sure that you are not getting carried away by these. Instead, you need to try your best to curb the expenditures.  In case of you have credit or debt issues visit www.gtacredit.com or call 416 650 1100

 

Can I get OSAP While in Bankruptcy or Consumer Proposal?

Can I get OSAP While in Bankruptcy or Consumer Proposal?

by | Bankruptcy, Consumer Proposal, Student Loan

It is very common for people that when they filled a bankruptcy or consumer proposal. That many people have filed the bankruptcy and after that, return to finish their studies. If a person when files a bankruptcy or consumer proposal and getting funding through the Ontario Student Assistance Program (OSAP). Then they have to provide some additional details in order to apply for the OSAP scholarship. So, there is nothing such a case that stops anyone from applying for an OSAP scholarship. After filling the bankruptcy or consumer proposal, they just need to provide additional details for the purpose of the application review process.

And if a person doesn’t provide the additional details, then their application will be considered incomplete. No further actions will be taken on that application. So, it is better to fill out all the application form very carefully and provide all the necessary documents with it. And also, the additional details of filing the bankruptcy or consumer proposal. In order to get the loan. Only those applications will be considered whose applications are complete and provided all the necessary documents.

The situation is an important thing in the approval of the loan

The situation plays a vital role in the approval of the loan. The committee will decide the students of whom they want to give the loan. And the basic thing is first they will look for a complete application. And after that, they will look up to the situation of the student. So, if the student is applying for the first time then their chances are high that they will get the loan. And if someone has some default loans which are not being paid. Then the chances are less of getting the loan.

Provide all the documents about bankruptcy or consumer proposal

It is a very important thing in order to get the loan approved. And in section 610, the application asks the applicant that “Have you ever filed for bankruptcy or initiated a relevant event?” so, it becomes important for all the students to mention it correctly. And if the answer is yes then enclosing all the documents with it needed.

Take the help of professionals

Many companies in the market can help students in such cases. Just ask for their help, and they will give the best advice on such topics, and get relief from such problems are prevailing.  In case you have credit or debt issues visit www.gtacredit.com or call 416 650 1100

 

 

Choosing Between A Consumer Proposal and Bankruptcy:

Choosing Between A Consumer Proposal and Bankruptcy:

by | Bankruptcy, Budgeting, Consumer Proposal, Credit Counseling, Credit Repair, Job Loss

The major difference between the consumer proposal and bankruptcy is that the consumer proposal gives the person more rights on their assets. It means that the person can learn more of their assets. And also, it has less effect on the credit score of a person. That can stay only three years in comparison to 6 years of bankruptcy. But both of the solutions are made to clear out the debt on the person. In a consumer proposal, the person gives some percentage of the amount of debt money. And can hold more of their assets.

Whereas in bankruptcy, the asset will be sold out. And from selling those assets the debt amount will be cleared. But in a consumer proposal, not many items will be sold. The person needs to pay some percentage of the debt amount to the creditor and can possess more of their assets. And the rest amount which will be paid monthly or something will be decided by the committee. It depends upon the income of the person and what the person has in their asset list. So, just choose wisely which one to go with.

According to the experts, the consumer proposal is good to go with

Many financial experts suggest that consumer proposal is the best solution in, debt relief solution. Because in consumer proposal the person needs to pay some fixed amount decided by the person and the creditor. And it is good so, even a person is making some more money at some time. They only need to give only a fixed portion of their money. And it also allows possessing more assets. So, it is better to go with it.

Consumer proposal mainly have a lower monthly payment

In a consumer proposal, the monthly payment is always lower. But when a person filed bankruptcy, they need to show the trustees about their growth in income. And that could trigger the surplus charges on recovering the debt amount. While in a consumer proposal, the monthly amount doesn’t change and is less than bankruptcy.

Get help from the professions

Always take help from the professional. Because they are the person who regularly deals with such a case. So, it is better to ask for their advice on this case. In case you have the credit or debt issues visit www.gtacredit.com or call 416 650 1100

What to Choose Between A Consumer Proposal and Bankruptcy?

What to Choose Between A Consumer Proposal and Bankruptcy?

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

The major difference between the consumer proposal and bankruptcy is that the consumer proposal gives the person more rights on their assets. It means that the person can learn more of their assets. And also, it has less effect on the credit score of a person. That can stay of only three years in comparison to 6 years of the bankruptcy. But both of the solutions are made to clear out the debt on the person. In a consumer proposal, the person gives some percentage of amount of debt money. And can hold more of their assets. Then pay the rest amount after some time. Or can be paid monthly or annually depends on the condition of the person.

Whereas in bankruptcy, the asset will be sold out. And from selling those assets the debt amount will be cleared. But in a consumer proposal, not many items will be sold. The person needs to pay some percentage of the debt amount to the creditor and can possess more of their assets. And the rest amount which will be paid monthly or something will be decided by the committee. It depends upon the income of the person and what the person has in their asset list. So, just choose wisely which one to go with.

According to the experts, the consumer proposal is good to go with

Many financial experts suggest that consumer proposal is the best solution in, debt relief solution. Because in consumer proposal the person needs to pay some fixed amount decided by the person and the creditor. And it is good so, even a person is making some more money at some time. They only need to give only a fixed portion of their money. And it also allows possessing more assets. So, it is better to go with it.

Consumer proposal mainly have a lower monthly payment

In a consumer proposal, the monthly payment is always lower. But when a person filed bankruptcy, they need to show the trustees about their growth in income. And that could trigger the surplus charges on recovering the debt amount. While in a consumer proposal, the monthly amount doesn’t change and is less than bankruptcy.

Get help from the professions

Always take help from the professional. Because they are the person who regularly deals with such a case. So, it is better to ask their advice on this case. In case of you have credit or debt issues visit www.gtacredit.com or call 416 650 1100