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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 ...

Obtaining Your Free Credit Report

A credit report is a snapshot of your financial history. It lists credit that you’ve obtained from companies that report to a credit-reporting agency during the past 20 years. In Canada, there are two credit-reporting agencies: Equifax and TransUnion. Your relationship with companies that do not report to Equifax or TransUnion will not affect your credit history. It is important to review your credit report at least annually to ensure that it is correct as errors can be more ...

Money Management Systems

Once you’ve reviewed your spending and created a realistic monthly budget the next and equally important step is to manage your monthly income and stick to your budget. There are dozens of ways to manage your money so you’ll have to decide what works best for you. This process may involve trying a few different tactics or combining approaches to suit your needs. The most important thing is to stay diligent. Making a budget and not managing your income ...

Know Your Options

A Trustee in Bankruptcy is a licensed professional specializing in debt just like a medical doctor is a licensed professional specializing in your health. After a doctor performs an examination they’re able to provide you with your options and recommend a course of action to solve your health problems. A Trustee in Bankruptcy does the same thing during your free initial consultation. He takes the time to understand the specifics of your financial situation while focusing on what you ...

Tips for Seniors & Senior Discounts

Certain businesses treat seniors with the respect they deserve by offering discounts based on life experience.  Welker and Company understands how meaningful the discounts listed below can be for seniors on fixed incomes, and encourages seniors to take advantage of them whenever possible. Drugstores When Amount Age Rexall Drugs Tuesdays 20% 65+ Shoppers Drug Mart Thursdays 20% 55+ Clothing Salvation Army Everyday 10% 60+ Value Village Tuesdays 20% 60+ Goodwill Mondays 20% 55+ The Bay First Tuesday 15% 60+ ...

Surplus Income

The Short Version Bankruptcy is geared to income just like some rent is geared to income; the more you earn, the more you pay.  You report your income on a monthly basis during your bankruptcy and your payments will be based on your actual average earnings.  Unusual bonuses or irregular income will be averaged. The Longer Version The government decides how much it costs for a family of 1 to 7 people to live on a monthly basis each ...

Rebuilding Your Credit

Making a consumer proposal or assignment in bankruptcy results in R7 or R9 credit ratings respectively. An R7 rating remains on your credit report for 3 years after completing your proposal while an R9 credit rating remains on your credit report for 6 years after receiving your discharge from bankruptcy. Your credit rating is based on your credit history and isn’t determined by any single event. Re-establishing a strong credit rating requires you to consistently make the required payments ...

Pay Cheque Planner

A pay cheque planning tool can help you plan your pay cheques so that all of your bills are paid on time. By listing all of your regular or fixed monthly bills first like rent, utilities, insurance, car payments, and child care, you can see what you have left for variable expenses like entertainment, clothing, and dining out. By using this tool you have a better chance of paying your bills on time, avoiding late fees and penalties, and ...

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