All posts by Steve Welker

Erase Your Tax Debt

Has the tax man come calling?  Did you know that you can erase your tax debt by filing a Consumer Proposal or assignment in Bankruptcy no matter how large your debt? All types of tax debt are erased including income tax, payroll source deductions, and HST. The process begins with a meeting between you and one of Welker and Company’s licensed Trustees in Bankruptcy.  We’ll review your unique personal situation, and explain the different ways you can erase your tax ...

Am I eligible to file a consumer proposal?

Yes, you qualify for a consumer proposal  if you meet the following criteria: 1) You owe at least $1,000 to your creditors.  While this is the minimum required by law, Welker and Company doesn’t typically recommend consumer proposals to people with less than $10,000 in debt.  Also, the proposal process is more in-depth when you owe more than $250,000 (excluding mortgages or secured lines of credit). 2) The settlement that you propose to your creditors is better than what ...

More Canadians say they’re living paycheque to paycheque

On September 10th, CBC News posted an article with the same title.  The majority of Canadians would find it difficult to pay their bills if their paycheque were delayed by 1 week. This is a scary statistic as it means that the majority of Canadians are without an emergency fund.  While many professionals recommend having 3 months worth of expenses saved in an emergency fund it’s important to remember that something is always better than nothing. Take a look ...

Am I eligible to go bankrupt?

Yes, you are eligible to go bankrupt if: 1) You owe more than $1,000; and 2) Your are insolvent.  i.e. you can’t afford to pay your bills each month or what you own is worth less than what you owe. While those are the strict criteria, determining if bankruptcy is right for you is a big decision that we do not take lightly.  Only after a free no-obligation initial consultation can we accurately explain your options to you. That ...

Money Saving Tips

Money Saving Tips

Steve Welker is a frugal cat.  He’s had frugality instilled in him and it’s not going anywhere to his spouse’s chagrin.  It’s with absolute pleasure that he brings to you some of his favourite money saving tips to help you stretch your paycheque and free up more of your available income for savings.  If any of your favourite money saving tips are missing, please email Steve and let him know so that he can update this list. Groceries Discount ...

I can stop bill collectors from calling me?

Absolutely.  When you file a consumer proposal or assignment in bankruptcy the law prevents your creditors from continuing to contact you in any way; they are required to deal with your Trustee in Bankruptcy. If you receive a telephone call, email, or letter from someone you owe money to after filing with Welker and Company simply contact us and we`ll deal directly with your creditor by informing them of your consumer proposal or bankruptcy and the fact that they ...

You can keep your home and go bankrupt

It`s true.  You can declare bankruptcy and keep your home.  That said, there is a catch.  There`s always a catch… The bankruptcy system was designed with fairness in mind.  It wasn’t designed to leave bankrupts penniless, or allow them to drive Mercedes without paying their bills.  While some assets are exempt in the province of Ontario, a bankrupt’s home is not.  As a result, if you could turn your home into cash, then you have two options: 1) Have your ...

What is a Trustee in Bankruptcy?

From time to time, and for a variety of reasons, people often become unable to pay their debts.  This has been a long standing issue that the Canadian Government addressed by passing certain laws. Since the laws are complicated, the Government began to train and license specialists in debt management; they call these specialists Trustees in Bankruptcy.  (Not Trustees of Bankruptcy or Trustees and Bankruptcy). A Trustee in Bankruptcy is an officer of the court licensed by the Superintendent ...