Sharing a Bank Account
When in a committed relationship, should you share a bank account or keep your accounts separate? In my opinion, sharing an account is the way to go and here is why: Transparency is key Generally speaking, I believe in transparency and disclosure. Therefore, it only makes sense to share a bank account. Experts have been…
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Finance Goals In Your 30’s
Life in your 30’s can come with many great milestones, like starting a family, buying a house, etc. but for many it means that financial commitments have grown and juggling expenses and responsibilities with saving money for the future is harder than ever before. When people reach their 30’s, they need to start prioritizing commitments,…
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Keeping Your Vehicle
Every day at Welker & Associates, we field questions about whether or not people can keep their car when declaring bankruptcy. Terms like thresholds, equity and wholesale value get thrown around, and it can be confusing for people in an already complicated situation. In order to make it easy to understand, let me explain it…
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Starting Over After Bankruptcy in Ontario
Bankruptcy gives you an opportunity to get a fresh financial start. Having a bankruptcy on your record can cause problems if you need to apply for loans, mortgages and other financing. Though the impact of bankruptcy on your credit report and credit score can last up to 10 years, you can improve your scores quicker…
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Is bankruptcy bad?
The short answer to the question “Is bankruptcy bad?” is no. When a lender borrows money, they are gambling that the borrower cannot only repay the debt – but also that the borrower is going to pay them a fee for doing so. The borrower is betting that they can utilize the borrowed funds to…
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Is my debt also my spouse’s debt?
Your debts do not affect your spouse’s credit rating! Regardless of your relationship status, whether you are married or common law, you and your spouse are two separate legal entities. Your spouse is not automatically responsible for your debts simply because they are your spouse or may have a spousal card on one of your accounts….
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Business Management is Key
When a business owner starts their own business, they have high hopes and big dreams. It’s important to have a positive outlook when starting your business, but it’s even more important that the business is managed well. In most cases businesses fail because of poor business management. Through the years I have helped a lot…
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Why do I need credit counselling?
After filing bankruptcy, you are expected to attend two mandatory credit counselling sessions, required under the Bankruptcy Insolvency Act, to aid in your financial rebuilding process. Credit counseling is there for good reason. Multiple bankruptcy filings are not uncommon in Canada — in fact, they’re becoming more and more frequent. While it’s impossible to educate a person…
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Are you still receiving statements from creditors?
After filing bankruptcy, you should no longer receive statements from creditors. But, in some instances, you may still receive some statements. Don’t worry. If you’ve filed bankruptcy or make a consumer proposal, there is no need to worry about the statements. The reason statements are sent has to do with timing, computer generation, lack of…
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Avoiding a Second Bankruptcy
Filing bankruptcy may not be desirable but in many cases, it’s the only option. It is a great way to get your finances back on track, but it comes with a price when it comes to your credit score. Therefore, it is desirable to find an alternative to filing a second time. Let’s consider some…
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