If I make a consumer proposal or file personal bankruptcy will I be able to rent?
Making a consumer proposal or filing personal bankruptcy has a negative impact on your credit rating that may affect a landlord’s decision to accept your rental application. However, the majority of people that we deal with are renters and many of them move during the course of their consumer proposal or personal bankruptcy. Landlords, like any other creditor, are primarily…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
What happens when your consolidation loan isn’t keeping you out of debt?
KEVIN ASKED: Am I able to claim bankruptcy if I already consolidated my credit card, line of credit and overdraft debts into one consolidation loan? This person also has student and car loans that they’re paying, plus they just found out that they owe the government $3,400 in taxes. They feel like they’ll never get out…
Read More
Divorce And Debt In Ontario
When divorce occurs, household expenses essentially double, which alters your current financial situation. Separation causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Support payments when facing financial difficulty The financial responsibility of the child(ren) falls on both parents. If you do not…
Read More
Self-employed (sole proprietorship or partnership) and considering bankruptcy?
We recognize that every business is unique with its own issues and complexities. Therefore we recommend that you review your situation with one of our licensed trustees in bankruptcy. Deciding whether or not to continue being self-employed Filing a consumer proposal or personal bankruptcy does not prevent you from continuing to be self-employed or starting a…
Read More
Surrendering A Secured Asset: Your Home
Some people who own their own home can’t or don’t want to keep it. Common reasons why someone might not want to keep their home are: Can’t afford the payments The house value is far less than the mortgage balance owed Marital/relationship breakdown The biggest challenge facing a homeowner who wants to surrender their home is…
Read More