Do I need a referral?
At Welker & Associates, we offer free consultations to anyone who is looking for help with their financial situation. You should never have to pay a trustee up front to discuss options. However, there are some companies who act as consultants for trustees and a representative from the company will meet with you to discuss your financial options. In most cases,…
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Re-establishing Credit After Bankruptcy
People often express concern over the affect filing bankruptcy will have on their credit score, as well as their ability to re-establish credit after filing bankruptcy. The answers to these questions can be somewhat complex, depending on the circumstances. One thing is for sure, people contemplating bankruptcy frequently have low credit scores to begin with. Therefore,…
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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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What Not To Do Before Bankruptcy
While most of our potential clients ask about what happens when they file bankruptcy, and what they need to do when they’re filing, many don’t ask what NOT to do. The things you shouldn’t do before filing are just as important as what comes afterwards. In fact, there are certain things you could do before bankruptcy…
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Debt Settlement Companies Are Most Likely NOT the Answer
If you’ve been considering filing bankruptcy in Ontario, chances are you’ve exhausted many other options to try and dig yourself out of debt. One way to take care of debt that many people look into is working with a debt settlement company. The problem with many of these companies is that their services aren’t very…
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Debt in Canada and the USA is Not the Same
Although personal debt is an issue that can touch anyone, it’s not the same for everyone. In Ontario, we are seeing a significant increase in both the information available through the media that discusses personal debt action plans and offers advice. As a Canadian, you may not realize that a lot of these articles are coming from sources in the U.S. This…
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The Cost of Being in Debt
When you’re overwhelmed by debt, it’s often difficult to look beyond the “minimum payment due” box on your bills. Constantly racing against disconnection dates, juggling payments, and fielding debt collection calls leaves little time or energy for long-term planning. Often, the loudest debt collector or the one with the most intimidating threat gets whatever funds…
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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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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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