Category: Bankruptcy

Renting And Dealing With Debt

The majority of people who make consumer proposals or file personal bankruptcy with our office are renters. These are some of the common questions: Will this affect my current rental agreement? Making a consumer proposal or filing personal bankruptcy does not affect your current rental agreement. As long as you are current with your rental payments, and therefore there…
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To Bankrupt Your Company Or Not; That Is The Question

At Welker & Associates we help owners of incorporated companies deal with their debt issues.   Should you bankrupt the company? Many people think that if they bankrupt their corporation it will solve their debt issues. Bankrupting the corporation will only end the corporation’s legal obligation to pay its’ debts. It will not affect any personal obligations…
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Do I have to pay for a referral to a trustee?

Welker & Associates offers free consultations to anyone who is looking for help with their financial situation. Some companies, however, act as consultants and a representative from the company will meet with you to discuss your financial options. In most cases, the representative is NOT a Trustee. Since Trustees in Bankruptcy are the ONLY professionals who can help…
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In debt? Know your options.

Everyone trying to get out of debt has the same options to choose from:  Deal with creditors directly Get a consolidation loan Form a debt management plan with a credit counsellor Make a consumer proposal File personal bankruptcy Your best option needs to be both affordable and effective. Use our Debt Options Calculator to determine…
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Will you lose your leased vehicle if you claim bankruptcy?

JILL ASKED: I have a lease-to-own vehicle and I’m a year+ into a 5-year lease. I need my car for work. If I claim bankruptcy, can I keep the car? ANSWER: The simple answer to your question is, yes. You can keep your leased vehicle after filing personal bankruptcy as long as you continue to make…
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Divorce And Debt In Ontario

When divorce occurs, household expenses essentially double, which alters your current financial situation. Separation causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Support payments when facing financial difficulty The financial responsibility of the child(ren) falls on both parents. If you do not…
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Self-employed (sole proprietorship or partnership) and considering bankruptcy?

We recognize that every business is unique with its own issues and complexities. Therefore we recommend that you review your situation with one of our licensed trustees in bankruptcy. Deciding whether or not to continue being self-employed Filing a consumer proposal or personal bankruptcy does not prevent you from continuing to be self-employed or starting a…
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Surrendering A Secured Asset: Your Home

Some people who own their own home can’t or don’t want to keep it. Common reasons why someone might not want to keep their home are: Can’t afford the payments The house value is far less than the mortgage balance owed Marital/relationship breakdown The biggest challenge facing a homeowner who wants to surrender their home is…
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Filing Personal Bankruptcy And Your Student Loans

What happens to student loans when you file for personal bankruptcy? Student loan debts will be eliminated provided that you have ceased being a full or part-time student for a minimum of 7 years, as at the date of filing. If it has not been 7 years since you ceased being a full or part-time…
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