If I make a consumer proposal, will I lose my home?
A top concern when meeting with people is whether or not they will be able to keep their home. It’s a scary thing to have to give up your home because of the overwhelming amount of debt people have obtained. The good news is, when you make a consumer proposal, your home and related equity is unaffected. You retain possession and…
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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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Keeping your Savings with a Consumer Proposal
How does making a consumer proposal affect your TFSAs and RRSPs? With a consumer proposal, you get to keep your assets, which includes your tax free savings account and your RRSPs. When you make a consumer proposal, you are offering your creditors a settlement, which is more than what they would get if you were to go bankrupt. Essentially you are saying, “let me keep all of my…
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What would you do if you were me?
This is a question I often times hear from people who meet with me. It’s a question I can’t answer unless I have more information. I also can’t tell someone what to do, as it’s ultimately a decision they need to make. But, the fact that this question is being asked in my office is…
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