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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 ...

Can I lose my job for filing a consumer proposal?

No, absolutely not!  You cannot lose your job for filing a consumer proposal.  Section 66.36 of the Bankruptcy and Insolvency Act states that “No employer shall dismiss, suspend, lay off or otherwise discipline a consumer debtor on the sole ground that a consumer proposal has been filed in respect of that consumer debtor.” Therefore, your employer would be in contravention of federal legislation if they terminated or disciplined you as a result of filing a Consumer Proposal. Debt problems ...

Welker and Company is Growing

Welker and Company is Growing!

Welker and Company is pleased to announce that it is searching for a qualified candidate to fill the role of Estate Administrator.  If you or someone you know is interested in the job opportunity described below, please forward your resume to 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 Welker and Associates banner in South Western Ontario, Welker and Company ...

Pay Off Debt

Paying Off Debt

There is no magic pill, despite what the internet may tell you.  Paying off debt is no different then losing weight in that it takes perseverance and time.  In our experience, if a debt solution sounds to good to be true, then it probably is. If you want to lose 10 or 20 pounds then a minor change in your diet or exercising a few times per week may do the trick.  Similarly, If you have a manageable debt problem, which ...

Treading Water - Debt's Vicious Cycle

Treading Water: Debt’s Vicious Cycle

“Treading Water” = Simply keeping your head above water, struggling without progress, or fruitless efforts. For many, making debt payments and then re-borrowing, or “Treading Water”, is a vicious cycle that perpetuates stress and anxiety.  When you aren’t consistently reducing your debt on a monthly basis despite paying what you can afford, then you are “Treading Water” and need to reassess your situation before you drown. It’s important to consider: Is your total debt load decreasing every month? Can you afford ...

Better Business Bureau - Welker and Company

Better Business Bureau

Welker and Company is pleased to announce its membership in the Better Business Bureau! The Better Business Bureau: Sets standards for ethical business behavior and monitors compliance; Helps consumers identify trustworthy businesses, and those that aren’t, through more than 4 million BBB Business Reviews; and Sets standards for and evaluates thousands of advertisements each year to ensure that people can trust what advertisers say. The debt management industry is home to a variety of highly reputable, as well as far ...

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