Credit Cards After (And During) Bankruptcy
Many people are concerned that they won’t be approved for a credit card after being discharged from bankruptcy. The truth is, you can most definitely get a credit card at this time. Here are three ways to get a credit card after being discharged (and some during your bankruptcy). Secured Credit Card A secured credit…
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Key Differences: Trustee In Bankruptcy vs. Debt Settlement Companies
There are important reasons why using a Trustee in Bankruptcy, like Welker & Associates, will always be a better choice. These are the critical differences between a Trustee in Bankruptcy, like us, and Debt Settlement companies. A Trustee in Bankruptcy: Is Licensed by the federal government Office of the Superintendent of Bankruptcy, a division of…
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Myths About Bankruptcy
Many people wait too long to get the debt help they need. For most people experiencing money problems, the thought of filing personal bankruptcy or making a consumer proposal is a last resort. Their first instinct is often to sell assets. The problem with this strategy is that people are rarely able to get enough money from…
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Stop Paying Your Creditors
People are always surprised when I tell them to stop paying their creditors. In many cases it’s the best advice. Once you’ve determined that you can’t dig yourself out of your personal debt issues on your own, you should stop paying the creditors that will be included in your consumer proposal or personal bankruptcy filing. Making…
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What do I need for a meeting with a Trustee in Bankruptcy?
If you’re considering setting up a meeting to talk about your debts, you probably have an abundance of questions. One thing we are often asked is “What do I need to bring to a meeting?” To make the process run as smoothly as possible, here is a list of items you should compile before meeting…
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The Truth About Licensed Trustees In Bankruptcy
Licensed Trustees in Bankruptcy are officers of the court. I have seen and heard a lot of advertisements from various credit counseling firms warning people against dealing with a licensed trustee in bankruptcy. They make the case that they are working for you, the debtor, whereas a licensed trustee in bankruptcy is working for your…
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Is it better to make a consumer proposal or file bankruptcy when it comes to affecting credit rating?
We were asked: What’s the difference between a consumer proposal and filing bankruptcy when it comes to affecting your credit rating? My wife and I both have ratings in the mid to low 600s but payments are tight with a combined balance of approximately $50,000. Answer: Consumer proposal results in a R7 (bad) credit rating, which…
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Filing Personal Bankruptcy: A New Beginning NOT An End
For many people the thought of filing personal bankruptcy to deal with their money problems conjures up all sorts of horrible images of people losing their home, losing their car and destroying their credit rating forever. The reality is that the Bankruptcy and Insolvency Act (BIA) was created “to give an honest but unfortunate debtor…
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Is it a good idea to consider filing a consumer proposal if you have surplus income?
Yes! If you have surplus income and you file personal bankruptcy your process will be longer and you will be required to submit monthly surplus income reports. A first-time bankrupt with surplus income is not eligible for an automatic discharge for 24 months and a second-time bankrupt with surplus income is not eligible for an…
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Consumer Proposal vs. Bankruptcy
Why is it a good idea to consider making a consumer proposal if you have previously filed personal bankruptcy? Filing a consumer proposal is not bankruptcy. Therefore by filing a consumer proposal, someone that has been bankrupt previously can avoid a second personal bankruptcy filing. This is important because the personal bankruptcy process for a…
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