All posts by Steve Welker

Is A Proposal Legally Binding?

Is A Proposal Legally Binding?

A Proposal is a formal legal proceeding that can only be filed with the help of a Licensed Insolvency Trustee in accordance with section 50 or 66 of the Bankruptcy and Insolvency Act.  It’s a very specific, and highly regulated process under which both a debtor (the individual who owes money) and the creditor(s) (the people or companies that are owed money) have various rights and responsibilities.  Since it is a formal legal process, a proposal is legally binding ...

We Are Moving!

We’re excited to announce that our head office is moving to Suite 314 at 200 Ronson Drive in Etobicoke, near Martin Grove, Dixon, and the 401 effective June 10, 2019. Our Weston Road location will be closing as of June 7, 2019. Moving is never fun, but we’re so excited to serve our clients from our new head office location and look forward to seeing you there!

We’re Growing (again!)

Steve Welker and Company Inc. is a growing Licensed Insolvency Trustee practice in the Greater Toronto Area that provides insolvency services to consumer debtors. Due to strong demand for its services the firm’s growth requires an additional Licensed Insolvency Trustee with consumer insolvency experience to join its practice. A description of the role is broken into core functions and can be found below: CLIENT FACING: Perform initial assessments by phone Perform in person assessments of consumer debtors in accordance ...

Can a lawyer practice law while bankrupt?

Can A Bankrupt Lawyer Practice Law?

Yes, even lawyers can struggle with debt, and when they do their first question is often: How will a consumer proposal or assignment in bankruptcy affect my license with the Law Society of Upper Canada (the “LSUC”)? The short answer, is that the LSUC imposes no restrictions on debtors who file consumer proposals, while they impose a number of restrictions on debtors who make an assignment in bankruptcy. A member must notify the LSUC immediately upon making an assignment ...

407 Plate Denial: When Can I Renew My Plates After Filing A Consumer Proposal or Bankruptcy

So you owe the 407 and you can’t renew your plates through the Ministry of Transportation Ontario (MTO). If you file a consumer proposal, we will notify the 407 upon your proposal being accepted by your creditors.  This requires a minimum of 45 days from the date that you file your proposal.  After the 407 receives confirmation from us that your proposal was accepted they estimate that it will take them 10 additional days to remove your license from ...

Bankruptcy and RECO: Information for Realtors

The Real Estate Council of Ontario, or RECO, regulates real estate professionals in the province.  It enforces the Real Estate and Business Brokers Act (the “Act”). The Act aims to protect public interest by preventing individuals who cannot reasonably be expected to be financially responsible in the conduct of business, or whose past conduct affords reasonable grounds for belief that they will not carry on business in accordance with the law and with integrity and honesty.  The Act does ...

Welker and Company is Growing

Welker and Company is Growing!

Are you or someone you know interested in working with people in need of financial assistance?  We have an exciting opportunity that will allow the successful candidate to provide relief to those struggling with debt.  We have detailed the job description below and look forward to receiving applications from interested parties at apply@welkerandcompany.com. The Company – Welker and Company The Welker family has been in the personal insolvency industry since 1998.  While Peter Welker’s legacy firm flourishes under the ...

407 Debts Are Now Dischargeable by Bankruptcy and Consumer Proposals

Great News: The 407 can no longer prevent you from renewing your plates if your 407 debt was discharged by a consumer proposal or bankruptcy. Both bankruptcy and a consumer proposal are intended to provide a fresh start.  If you can’t renew your license plate after erasing your debt with a consumer proposal or bankruptcy, then your past debts would continue to affect your future; not much of a fresh start in our opinion. While we at Welker and ...

Collection Agency Rules

Nearly everyone struggling with debt suffers from daily calls from bill collectors.  While our services are a great way to stop these calls once and for all, it’s important to understand some of the rules that collection agencies must follow regardless of whether or not you file a consumer proposal or assignment in bankruptcy. Rule #1 Before a collection agency can contact you they need to send you a written notice by regular mail (email doesn’t count). The notice must ...

Can you pay off your debt on your own?

Why continue to pay off your debt when there’s no end in sight?  Too many people continue to make debt payments without reducing their debt; something that I refer to as “Treading Water“. If what you own and what you earn isn’t enough to pay off your debts in a reasonable time frame, then it’s important to consider your options. A lot of folks that I meet with have been doing their best to pay their debt without getting results.  They ...