10 Habits of People Who Are Debt Free
After helping consumers file bankruptcy for as many years as I have, I have become very aware of the power of debt and the havoc it can wreak on someone physically, mentally, and emotionally. I have seen marriages tested (or destroyed) because of money. I have met with clients who suffered heart attacks or stokes because…
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What should I do if creditors keep calling after bankruptcy?
After you’ve filed for bankruptcy, creditors must immediately put an end to their collection efforts. Unfortunately, this does not always occur, and you may continue to be harassed by creditors calling after bankruptcy. Understanding Stay of Proceedings Once you file your bankruptcy case, a stay of proceedings goes into effect. A stay of proceedings means…
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Do Not Let Debt Overshadow Your Thanksgiving
All Canadians in debt should be thankful for the Bankruptcy and Insolvency Act. The Bankruptcy and Insolvency Act was designed to help people who are struggling with debt, and as a Licensed Insolvency Trustee, I am thankful that I can use this legislation to help the people that I meet with. The Bankruptcy and Insolvency Act also works with provincial legislation to…
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What Not To Do If You’re Thinking of Filing Bankruptcy
People who are considering filing for bankruptcy often think about what they need to do to prepare for their case, such as gathering their bills, collecting paystubs, and consulting a Licensed Insolvency Trustee like Welker & Associates. There are also several things you should definitely not do if you’re thinking about bankruptcy. To ensure your…
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Many Millennials Are Facing Overwhelming Debt
Millennials can’t seem to catch a break. The generation born between the late 1980s and the early 2000s often gets ridiculed in society as a group of carefree hipsters who love the latest tech innovations but loathe work and real responsibility. Even if they can shake off this unsavory reputation, Millennials all seem to agree…
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RRSPs and Bank Loans
It’s that time of year again. It feels like it was just tax season, but alas, it’s arrived again. With tax season, come RRSP contributions. Some people set aside money throughout the year to contribute to their RRSP, and others tend to wait too long and when the RRSP deadline approaches (this year the deadline…
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5 Biggest Mistakes People Make When Paying Off Debt
The decision to get yourself out of debt is a life changer, if you are willing to make the necessary commitment that goes with that. Getting out of debt involves more than just paying off a few credit cards. It means: changing spending habits learning how to budget knowing who and how much you owe prioritizing debts creating emergency and retirement…
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Holiday Debt Hangover Cure
The celebrations have come and gone, the gifts have been opened, and now it’s time to think about how you’re going to pay off that holiday debt as quickly as possible. In a perfect world, you’d pay it all off on the next billing cycle to avoid accruing any interest. If that’s just not feasible,…
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Thinking of filing bankruptcy before the new year? It may be a good idea.
With the holidays coming to a close and the stress of your upcoming credit card statements rolling in, it may be a good time for you to file bankruptcy. But there might be another reason why it’s a good time to file bankruptcy now, instead of in the new year. HereI will explain a clear advantage to…
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Bankruptcy Can Stop Wage Garnishments
What is a Garnishment & How did I Get One? Wage garnishment is when money is deducted from an employee’s monetary compensation (including salary), usually as a result of a court order. If you stop paying a creditor and the creditor decides to take legal action, a creditor can garnish wages to collect a debt in Ontario…
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