Can filing bankruptcy eliminate child support payments?
Many people consider filing for bankruptcy when their debts become far greater than what they can afford to pay. Bankruptcy helps you eliminate or pay off past due bills, which allows you to get caught up and start over. One question you may have when considering bankruptcy is if it will get rid of everything you owe,…
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What Not To Do If You’re Thinking of Filing Bankruptcy
People who are considering filing for bankruptcy often think about what they need to do to prepare for their case, such as gathering their bills, collecting paystubs, and consulting a Licensed Insolvency Trustee like Welker & Associates. There are also several things you should definitely not do if you’re thinking about bankruptcy. To ensure your…
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Do Not Let Debt Overshadow Your Thanksgiving
All Canadians in debt should be thankful for the Bankruptcy and Insolvency Act. The Bankruptcy and Insolvency Act was designed to help people who are struggling with debt, and as a Licensed Insolvency Trustee, I am thankful that I can use this legislation to help the people that I meet with. The Bankruptcy and Insolvency Act also works with provincial legislation to…
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Bankruptcy and Credit: Will I still be able to get credit in the future?
Thousands of Canadians file bankruptcy every year, and most of those Canadians have similar concerns. One common concern is that they will end up with terrible credit after the bankruptcy process is complete. It’s true, bankruptcy will adversely affect your credit score. When you want to apply for a mortgage, credit card, or any type of…
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Bankruptcy Today Makes For a Better Financial Future
Some people believe that filing for bankruptcy is synonymous with the end of the world as they know it – a complete breakdown of their personal finances. But in reality, bankruptcy is a lot less dramatic than that. Although it may feel like a significant setback, bankruptcy can actually improve your situation, solve your unsecured debt…
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Should seniors file bankruptcy?
You may be surprised to know that the fastest growing demographic group of bankruptcy filers is those over 65. This is because there fewer traditional pensions, there was a lot of availability to easy credit before the Great Recession, and seniors have been supporting younger family members more now than ever before. But, if you…
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What to expect when filing bankruptcy
Filing bankruptcy in Ontario is a legal process that can only be completed by a licensed insolvency trustee. As part of the bankruptcy process, your licensed insolvency trustee will help you prepare a budget and provide credit counselling to improve your money management skills. Filing personal bankruptcy in Ontario ends your legal obligation to pay your…
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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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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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So, what exactly is bankruptcy?
Many people find themselves drowning in debt but the thought of bankruptcy is so scary to them, they are willing to go further and further into debt. To those people I say, bankruptcy isn’t something to be afraid of. In fact, bankruptcy is often times describe by many bankrupts as a way out, or a…
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