All posts by Steve Welker

Consumer Proposals and OSAP / Student Loans

When weighing your options to deal with your debt, its important to consider the implications of your potential decision.  Many debtors seek the help of a Licensed Insolvency Trustee to get a fresh start, and that fresh start often involves more education to increase their income and overall financial stability. As such, we’re happy to provide the following synopsis of OSAP’s eligibility criteria as it relates to bankruptcy and consumer proposals below.  You can find the application instructions in ...

Accountants (CPAs), Bankruptcy, and Consumer Proposals

The Chartered Professional Accountants (CPA) of Ontario require that applicants or members disclose making an assignment in bankruptcy or proposal to the registrar in accordance with by-law 7-1 (27). The Registrar requires a questionnaire concerning details of the member or applicant’s insolvency to be completed, and certain insolvency specific documents to be provided. Your trustee will assist you in assembling the documents required by CPA Ontario. CPA Ontario asks if any of your clients or firm’s clients were listed ...

Budget vs. Debt Problems

Debt problems don’t scare me. We offer solutions specifically designed to erase your debts. Budget problems are another matter. People often call me when their finances feel out of control. They know there is a problem, but aren’t sure exactly what it is or how to solve it. Diagnosing these situations and formulating a plan is what we live to do! Everyone needs to balance their budget. Running a deficit, in other words spending more than you earn, is ...

Sponsorship and Bankruptcy

Canada’s sponsorship application form asks: “Are you an undischarged bankrupt under the Bankruptcy and Insolvency Act” Answering yes will prevent you from sponsoring your family. A bankrupt is financially unable to reimburse the government if their sponsored family member receives government assistance while in Canada. That said, you can act as a sponsor after completing your bankruptcy and obtaining your discharge. Most bankruptcies only take 9 months, and you’re only prevented from sponsoring family during that time. If you ...

Switching Banks

A Consumer Proposal or Assignment in Bankruptcy represents a fresh start. In most cases, this requires a fresh start with a new bank as well. In our experience we have found that the administrative pain is well worth the effort to protect your income and prevent your monthly budget from being sorely disrupted. After you file you’ll need to avoid: Withdrawals from your account by any of your unsecured creditors; and Your current bank applying their right of offset ...

Coronavirus - COVID-19

Surplus Income Payments During COVID

I’m bankrupt and I have less income due to COVID, do I still need to make surplus income payments to my trustee? The Bad News: COVID is affecting everyone in Canada, and people are struggling. The Good News: The bankruptcy process has always accommodated changes in your income; the more you make, the more you pay, and the less you make, the less you pay. If your current income is substantially less due to COVID, then you can skip ...

Open During COVID-19

Yes, We’re Open! (COVID Update)

The last few weeks have been a challenging time for most Canadians, and just like the rest of Canada, we at Steve Welker and Company Inc. are rising to the challenge. Despite our physical offices being closed to protect our staffs’ health and flatten the curve, we continue to serve our existing clients and provide free advice to those currently struggling. Thanks to the Office of the Superintendent of Bankruptcy recognizing that the COVID-19 pandemic represents an extraordinary circumstance ...

COVID-19 Consumer Proposal Payment Arrears

APRIL 27, 2020 UPDATE An order of the Superior Court of Ontario, on application of the Office of the Superintendent of Bankruptcy was passed on April 27, 2020 that allows individuals who filed their consumer proposals prior to June 30, 2020 the ability to miss three additional payments before their consumer proposal is deemed annulled. Normally, if you fall three payments behind your consumer proposal is deemed annulled. Now, as a result of the COVID-19 pandemic, you can miss ...

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!