Author: welker

Can you consolidate credit card debt?

LORI ASKED: Can I consolidate all my credit card debt into one LOW monthly payment without filing for bankruptcy? ANSWER: There are three ways to “consolidate” all of your personal credit card debts into one low monthly payment: Consolidation Loan Debt Management Plan Consumer Proposal Each of these options has advantages and disadvantages. To see how much each…
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How To Pay A Consumer Proposal Off Early

As I mentioned in my previous blog post, Can I pay off my consumer proposal early?, you are allowed to pay off a consumer proposal early. The biggest advantage to doing this is that your proposal information will purge from your credit report sooner. In other words, you will be able to rebuild your credit score…
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Opening January 1, 2015 – Our new Windsor office!

Effective January 1, 2015 Welker & Associates will be opening a new location in Windsor, Ontario. Although we won’t “officially” be open until January 1, if you would like to book an appointment before then, we will be happy to meet with you.  We will be using space at 720 Ouellette Avenue, Windsor, Ontario. We look forward to being able…
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Getting Financial Help For The First Time

Many people I meet with tell me that they were nervous to call me because they have never made a consumer proposal or filed personal bankruptcy before. This is a good thing. You don’t want to have much experience with consumer proposals or personal bankruptcy. True, unless you’re a licensed trustee in bankruptcy. While there are…
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How many payments is a consumer proposal?

Consumer proposals can be filed for as few as one lump-sum payment to as many as sixty monthly payments. Sixty months is the longest term under the Bankruptcy and Insolvency Act. Most of the consumer proposals I help people to file are set up at sixty months. The main reason for this is because I want to…
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Ripped off by a Debt Settlement Company?

I’ve met many people who feel they have been ripped off by debt settlement companies in Canada. Unfortunately, it’s almost impossible for the average consumer to discern who they can trust. If you are one of the thousands of Canadians who feel they’ve been ripped off by a debt settlement company, you should consider taking…
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Can personal loans from friends be included in a personal bankruptcy?

JOE ASKED: I have personal loans with two different friends that alone equal $15,000. Can these loans be eliminated with personal bankruptcy? Can I keep my mortgage? Personal loans are no different than any other debt. Filing personal bankruptcy can definitely eliminate personal loans owed to friends. There is a short list of debts which are not eliminated by filing…
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Can I pay off my consumer proposal early?

A clause allows you to pay-off and complete your consumer proposal at any time. Every consumer proposal that is filed by my office includes a clause that states as soon as the total due is paid, the consumer proposal is deemed fully-performed. This clause allows you to pay-off and complete your consumer proposal at any time….
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Dealing With Your Debt Doesn’t Have To Be Scary

Are debt issues scaring you most this Halloween? If the things you’re most afraid of this Halloween are dealing with collection calls or opening creditor letters, it’s probably time to get some help with your personal debt problems. Meeting with a trustee isn’t scary and most people are shocked to find out how simple filing…
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