Are credit card companies willing to lower interest rates?
AMANDA ASKED: How can I get my credit card company to lower my interest rate? ANSWER: As crazy as it might sound one of the ways to get your credit card company to lower their interest rate is to ask them. Surprisingly some creditors can be quite reasonable and willing to work with you. If your…
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How can I find out what it says on my credit check?
NANCY ASKED: When the bank says we have to do a credit check, is there any way I can find out what this says prior to the bank? ANSWER: When the bank says that they are going to do a “credit check” what they are referring to is your credit bureau report. There are two main…
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Consumer Proposals And Income Tax Refunds
Filing a consumer proposal does not affect your income tax refund. When you file a consumer proposal you file your own income tax return the same way you always would. Any refund that is owed will be paid to you directly. Filing a consumer proposal does not affect your ability to e-file your income tax return and…
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Guess what? We’re growing again…now helping Huron residents in Goderich and Exeter.
We’ve greatly appreciated that Huron county residents have come to London to see us, but we wanted to make your lives easier! Welker & Associates is pleased to be expanding into Exeter and Goderich to help more people: Welker & Associates Exeter 305 Main Street, S. (inside the Royal LePage office) Exeter, ON N0M 1S0…
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Why does the trustee file pre-bankruptcy income tax?
Filing personal bankruptcy deals with all debts which were incurred prior to filing. The reason the trustee files a pre-bankruptcy income tax return is because it needs to include income tax debt which was incurred right up to the date of filing personal bankruptcy. The pre income tax return deals with the period from January…
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How can I build my credit rating fast?
RACHEL ASKED: I claimed bankruptcy due to a divorce and was released two years ago. What is the best way to build my credit fast? ANSWER: It is possible to rebuild your credit rating after filing personal bankruptcy, however it does take time. Rebuilding your credit rating is a process. The first step when trying…
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Employed, but swimming in debt and can’t get caught up?
MIKE ASKED: I have built up a lot of debt over the past couple years and now I’m so far behind on everything and have companies calling me all the time. I have a steady job but always seem to be broke at the end of the week. I can’t get ahead or even pay…
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What are non-discretionary expenses listed under OTHER with a personal bankruptcy?
In my meetings with clients, I am often times asked “what are non-discretionary expenses listed under OTHER with a personal bankruptcy?”. The answer is, there is no list of ‘other non-discretionary expenses’ in the Bankruptcy and Insolvency Act (BIA). Let me first explain the process. When an individual files personal bankruptcy in Ontario, they are…
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Personal Bankruptcy And Tax Returns
There are two tax returns required with personal bankruptcy. The trustee is required to file your income tax return for the tax year in which you file personal bankruptcy. The tax return relating to the year in which you file personal bankruptcy is not standard. In fact it is not one tax return, instead it…
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Should I pay off my credit cards or pay down my mortgage?
I was recently asked by a friend if it was better for them to pay down their mortgage or pay off their credit cards. I answered him with a question of my own. I asked him if he was given the option of the following two investments which would he choose? INVESTMENT A: guaranteed rate…
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