The 411 on Consumer Proposals
Most, if not all people over the age of 18 have a pretty good idea of what bankruptcy is. If you don’t know someone who has personally filed bankruptcy, you have definitely heard of popular celebrities like Kim Basinger, Larry King, and Mike Tyson filing bankruptcy. Celebrities who have gone bankrupt aren’t the only bankruptcy…
Read More
Bankruptcy Misconception
We often meet with clients who are in so much debt that it has created problems with their physical and emotional well-being. When people are in debt, it can seem impossible to escape the continuing stress of credit cards, student loans, car loans, etc. Collection calls, past due bills and bank over-draft are constant reminders…
Read More
Government Debt and Your Company
Filing for bankruptcy is never an easy option for business owners. The decision can feel like a personal failure and may leave one unsure about the future. Bankruptcy can certainly be difficult, it can also provide relief for those struggling to keep up with debts. At Welker & Associates we help owners of incorporated companies…
Read More
What are Licensed Insolvency Trustees?
Licensed Insolvency Trustees (LITs) are federally regulated professionals who provide advice and services to individuals and businesses with debt problems. LITs help people make informed choices to deal with their financial difficulties. If you’re in debt, LITs can provide a full range of options. LITs are the only professionals authorized to administer government-regulated insolvency proceedings…
Read More
Are you insolvent?
Debt is one thing that all people I meet with have in common. Obviously. The extent of that debt may be more than it is for others. Some people may feel like they are drowning in debt, but are actually not insolvent. They have the means to dig themselves out of debt on their own…
Read More
Is a Consumer Proposal the right decision for you?
Many people come to our offices and think that bankruptcy is their only option. Depending on your situation, you may be surprised that you have several options to choose form. One of those options is a consumer proposal. Consumer proposals have many of the same benefits as bankruptcy, but with less of the downfalls. Some…
Read More
Consumer Proposals and Student Loans
If your student loan is causing you financial hardship, it is a good idea to have an in-depth discussion with a bankruptcy trustee. Student loans through the Canada Student Loans Program can be included in a bankruptcy if they are more than seven years old. That is – if your end-of-study date is more than…
Read More
Consumer Proposal: Will I lose my home?
When you make a consumer proposal, your home and related equity is unaffected. You retain possession and control of your assets. The trustee and creditors will not take possession of your property and you will be able to keep any house equity that you have accumulated. They have no interest in any of your property. When you make a consumer proposal, what you are essentially…
Read More
Saving or Paying – Which is better?
As a rule of thumb, I always say that having an emergency savings with three months of expenses (at least) can protect you from relying on credit during a financial bind. But, I understand that in many cases, it’s hard to grow that fund. So, it makes sense that many clients ask me if they…
Read More
Should I use my RRSP savings to pay off debt?
We understand that most people who are in debt want to deal with their obligations, and don’t want to see a trustee in bankruptcy, make a consumer proposal or file personal bankruptcy. As a result they do what they can to attempt to deal with their debts on their own. Often this includes cashing-in retirement savings. Unfortunately, in…
Read More
