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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 ...

Bankruptcy-Discharge

Bankruptcy Discharge

After making an assignment in bankruptcy with a licensed Trustee, you must complete a number of duties, including, but not limited to: 1) Attending two credit counselling sessions; 2) Reporting your income on a monthly basis; and 3) Making all required payments. If you are a first or second time bankrupt, and fulfill all of your duties prior to your scheduled discharge then you will receive what is called an Automatic Discharge.  It is at this time that your ...

Bankruptcy-is-Not-Contagious

Bankruptcy Isn’t Contagious…

Bankruptcy isn’t contagious While I’m not a medical doctor there’s one thing I’m sure of: You can’t become bankrupt simply by calling a Trustee. While an overwhelming majority of debtors express their feeling of relief after leaving my office, so many delay asking for help.  So why do so many people delay reaching out for help?  In my experience, there are a number of reasons. Reason #1 – People don’t understand the bankruptcy process Common misconceptions are numerous.  Few people ...

High-Personal-Income-Tax-Debt

High Personal Income Tax Debtors and Bankruptcy

Surprise, surprise: The Federal Government’s laws make your life difficult if you don’t pay them.  In this case, its s172.1 of the Bankruptcy and Insolvency Act.  The majority of bankrupts never have to attend court, or appear before a judge, but this isn’t the case for “High Personal Income Tax Debtors” who have more than $200,000 of personal income tax debt that represents more than 75% of their total unsecured debt. (Mortgages, and most car loans are secured debt, not unsecured debt). ...

407-Debt

407 Debt

The Short Story: As of January 27, 2015, people who have completed their bankruptcy or consumer proposal still can’t renew their license plates or obtain new ones until their 407 debt has been paid in full. The Long Story: When the 407 was built, provincial legislation called the “407 Act” was passed by Ontario’s legislature.  This allowed the 407 to report non-payment of tolls to Ontario’s Registrar of Motor Vehicles.  Once reported to the Registrar, individuals with unpaid tolls ...

Information For Creditors On Bankruptcy and Consumer Proposals

Information For Creditors On Bankruptcy and Consumer Proposals

Information For Creditors On Bankruptcy and Consumer Proposals Insolvency involves a lot of paperwork.  All of these forms and documents can become quite confusing at times, so we thought we’d write a blog post with information for creditors out there who have received a creditor’s package; perhaps for the first time. There are generally two types of creditors who Trustees in Bankruptcy send notices to.  The first are the usual suspects: major banks, collection companies, and claims processing centres.  These ...

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