Category: Consumer Proposals

Is bankruptcy the only option after making a consumer proposal in the past?

The basic rule is that you can only make one consumer proposal to any one group of creditors. Therefore, if you made a consumer proposal in the past to a group of creditors, and you completed the proposal (it was fully performed), then you could make another consumer proposal to deal with any new creditors that you are struggling with today….
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Cashing In Retirement Savings Is A Poor Debt Settlement Strategy

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,…
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Is a spouse liable for my debt?

Your debts do not affect your spouse’s credit rating! Regardless of your relationship status, whether you are married or common law, you and your spouse are two separate legal entities. Your spouse is not automatically responsible for your debts simply because they are your spouse or may have a spousal card on one of your…
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Repaying Tax Debt

Government debts including income tax, HST and payroll source deductions are no different than any other debts you may owe. The only difference between Canada Revenue Agency and other creditors are their special collection rights. These rights include the ability to: Garnish wages and seize assets without a court order Register an involuntary mortgage on…
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Renting And Dealing With Debt

The majority of people who make consumer proposals or file personal bankruptcy with our office are renters. These are some of the common questions: Will this affect my current rental agreement? Making a consumer proposal or filing personal bankruptcy does not affect your current rental agreement. As long as you are current with your rental payments, and therefore there…
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To Bankrupt Your Company Or Not; That Is The Question

At Welker & Associates we help owners of incorporated companies deal with their debt issues.   Should you bankrupt the company? Many people think that if they bankrupt their corporation it will solve their debt issues. Bankrupting the corporation will only end the corporation’s legal obligation to pay its’ debts. It will not affect any personal obligations…
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Do I have to pay for a referral to a trustee?

Welker & Associates offers free consultations to anyone who is looking for help with their financial situation. Some companies, however, act as consultants and a representative from the company will meet with you to discuss your financial options. In most cases, the representative is NOT a Trustee. Since Trustees in Bankruptcy are the ONLY professionals who can help…
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Is a consumer proposal right for me?

Often the most affordable option with minimal impact on your credit is a consumer proposal. Why? It will stop all collection action and allow you and your creditors to settle on an amount to pay back. You can use our Debt Options Calculator to review your repayment options and estimate monthly payments to repay your debt over a…
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In debt? Know your options.

Everyone trying to get out of debt has the same options to choose from:  Deal with creditors directly Get a consolidation loan Form a debt management plan with a credit counsellor Make a consumer proposal File personal bankruptcy Your best option needs to be both affordable and effective. Use our Debt Options Calculator to determine…
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