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,…
Read More
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…
Read More
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…
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
We were asked: What credit rating penalties would apply to our services?
We offer two main services: a consumer proposal, which is a formal debt settlement, and bankruptcy. Consumer Proposal and Credit Rating Penalties Filing a consumer proposal, which stops interest, prevents creditor action and compromises debt, results in a R7 (bad) credit rating. This would stay on your credit bureau report for three years after your proposal…
Read More
‘Judgements’ & ‘Garnishing Wages’ – what does it all mean?
People in debt have something in common – a sense of being overwhelmed – not just by debt but by how complicated they feel resolution may be. A recent client had a fairly large amount of debt (large to them) – close to $100,000. They knew for some time that they really needed to take…
Read More
Worried that you’ll lose your car loan by taking debt action?
JOE ASKED: I am struggling with a lot of debt, but if I take action, will I lose my car loan? ANSWER: I’m sorry to hear that you are struggling. When you are dealing with debt it is important to understand that there are two types of creditors, secured creditors and unsecured creditors: Secured creditors,…
Read More
Repercussions Of A Joint Credit Card When Filing A Consumer Proposal
DYLAN ASKED: My credit card is in both mine and my dad’s name. Will including that debt in a consumer proposal hurt his credit rating? The credit card that you have with your dad is a joint account. It doesn’t matter who is primary or secondary on the account; if two people have borrowed money…
Read More
If you have money problems, who can you trust?
A licensed trustee in bankruptcy is part of a highly regulated industry. All of our trustees are licensed by the Office of the Superintendent of Bankruptcy, which is a division of Industry Canada, a part of the federal government. Our trustees have completed a number of courses and written exams to prove their competency. Our licensed trustees…
Read More
