The “Golden Years” May Not Always Be Golden
Retirement is often described as “the golden years,” the time when our many years of hard work and dedication will allow us to enjoy the rest of our days in relative comfort. However, would you be surprised if I told you that the fastest growing demographic group of bankruptcy filers is those over 65? It’s…
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How can I save money?
A question I often get after someone files bankruptcy, or after they are discharged from bankruptcy, is “how do I start saving money?” Once someone has been in debt, and have gone through the steps to get out, they never want to get into debt again. So this is a legitimate question. It’s good to…
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Re-establishing Credit After Bankruptcy
People often express concern over the affect filing bankruptcy will have on their credit score, as well as their ability to re-establish credit after filing bankruptcy. The answers to these questions can be somewhat complex, depending on the circumstances. One thing is for sure, people contemplating bankruptcy frequently have low credit scores to begin with. Therefore,…
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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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What Does That Really Mean? Common Bankruptcy Terms Explained
When the Licensed Insolvency Trustees speak with someone who is thinking about filing bankruptcy, we try to use simple terms and phrases so we don’t leave them with more questions than they had when they walked through the doors. There is a lot of technical, legal mumbo jumbo involved in the bankruptcy process, and it is our goal to…
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Do I need a referral?
At Welker & Associates, we offer free consultations to anyone who is looking for help with their financial situation. You should never have to pay a trustee up front to discuss options. However, there are some companies who act as consultants for trustees and a representative from the company will meet with you to discuss your financial options. In most cases,…
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