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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The “Golden Years” May Not Always Be Golden
Retirement is often described as “the golden years,” the time when our many years of hard work and dedication will allow us to enjoy the rest of our days in relative comfort. However, would you be surprised if I told you that the fastest growing demographic group of bankruptcy filers is those over 65? It’s…
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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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Reasons for Bankruptcy
No one likes to contemplate bankruptcy, which is understandable since bankruptcy will have an effect on your financial situation for several years to come. This may be one of the reasons why a lot of people don’t seek financial guidance in times of need, because they are under the common misconception that bankruptcy is the…
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What is the best option for Your Ontario Business?
There are many important things to consider when filing bankruptcy, and whatever decision you make, you’ll have to live with both positive and negative consequences. How is Corporate Bankruptcy different than personal bankruptcy? If your business is incorporated, then legally the business is a separate entity and its assets are owned by the business. In…
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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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