Can you file bankruptcy while renting?
The majority of people who make consumer proposals or file personal bankruptcy with our office are renters. Most of those people have questions surrounding their current and future rental agreements. Here are some of the common questions we are asked: Will this affect my current rental agreement? Making a consumer proposal or filing personal bankruptcy does not affect your current rental…
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Surrendering Credit Cards In Bankruptcy
When you decide to file personal bankruptcy, you are required by law to give all of your credit cards to the trustee for cancellation. A common question that arises when I inform a client of this requirement is, “do I still have to surrender a credit card if it has a zero balance?” The answer…
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RESPs and Debt Settlement Options
Many people with children plan ahead for their children’s post-secondary education by investing in a Registered Education Savings Plan (RESP). Most people with RESPs who come into our office are concerned about what will happen with their RESP if they choose to file bankruptcy or make a consumer proposal. First of all, I’ll explain what…
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Bankruptcy and Co-signers
Many people who are in debt need a co-signer to sign loans, which is a great way for a debtor to build their credit score. The problem is, it might be hard to get a co-signer to sign your loan. That is because a co-signer is essentially on the hook and responsible for paying back…
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Debt Management Tips for Seniors
No one wants to spend their golden years struggling with credit-card debt. But, sadly, an increasing number of seniors are doing exactly that. For people living on fixed incomes, escalating debt can lead to financial ruin. Many of the debt-management options available to younger people — like getting a second job to pay off the…
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If possible, should you pay off your bankruptcy early?
Believe it or not, we have had several clients who have filed bankruptcy and then found themselves in financial excess. When this happens, clients often ask the question “can I pay off my bankruptcy and be discharged faster?” If you’re in the middle of a bankruptcy, and your financial picture starts looking rosy, it’s understandable…
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Bankruptcy and the Economy
Many people look at the statistics published by the Office of the Superintendent of Bankruptcy Canada regarding the numbers of people filing for personal bankruptcy or making a consumer proposal as an indicator of the overall health of our economy and a bad omen for the stock market. The reality is that this is a trailing indicator of…
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Can a person have savings during bankruptcy?
The short answer is “Yes”. By definition, savings can consist of actual cash holdings, RRSPs and other investment products, pensions, and the cash surrender value of insurance policies. Your bankruptcy trustee will recover any non-exempt portion of your savings for the benefit of unsecured creditors at the time of filing. Your bankruptcy estate is also made up…
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How Student Loans Can Impact Your Financial Future
When I was growing up, basically the only option you had as a high school graduate was to go to post-secondary school. For many people, that was the only option even if you didn’t know what you “wanted to be when you grew up”. The basic thinking was that if you had a degree, it…
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Government Debt and Your Company
Filing for bankruptcy is never an easy option for business owners. The decision can feel like a personal failure and may leave one unsure about the future. Bankruptcy can certainly be difficult, it can also provide relief for those struggling to keep up with debts. At Welker & Associates we help owners of incorporated companies…
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