Welker & Associates Inc. — Trustee in Bankruptcy

Time 2020-09-20 04:03:26

Web Name: Welker & Associates Inc. — Trustee in Bankruptcy

WebSite: http://welker.ca

ID:52859

Keywords:

Inc,Associates,Welker,

Description:

Over the years we have helped thousands of people solve their money problems. No matter how bad your situation, we can help. Schedule an Appointment Now! Have Questions? Get Answers! Free Debt Consultations anytime. Get the information you need without charge. A consumer proposal is a formal debt settlement option legislated under the Bankruptcy and Insolvency Act and is filed with a licensed insolvency trustee. This option stops further creditor action and allows your debts to be compromised. Filing personal bankruptcy allows you to be released from most of your debts. It is a formal process under the Bankruptcy and Insolvency Act and is filed by a licensed insolvency trustee. Debt Consolidation Loans are a popular debt management option for people who are experiencing money problems. Consolidation Loans consolidate your personal debts into one monthly payment, reduce interest charges and will not damage your credit rating. Credit Counsellors can help you with budgeting and money management, filing a Debt Management Plan or by helping you communicate with your creditors. It typically makes sense to use a credit counsellor if you have a relatively small amount of debt. Collection Agencies may take legal action against you if you owe money to your creditors and do not make payments. Collection Agencies must follow rules outlined in the Collection Agencies Act, which is regulated by the government. Credit rating is a fluid concept and is always changing. No matter what you do, including filing personal bankruptcy or a consumer proposal, you can always rebuild your credit rating. Prevents creditor action including collection activity and wage garnishments Stops all interest charges Allows you to compromise (pay a portion acceptable to your creditors and yourself) your total debt Are able to make monthly payments Are not able to make the required monthly payments on current debts Prevents creditor legal or collection action against you Allows an honest, but unfortunate debtor, to get a fresh start Discharges you from most of your debts Do not have assets which would be at risk Have low income and are unable to make a consumer proposal If you need help dealing with your creditors, but don’t want to file personal bankruptcy we may be able to help you avoid bankruptcy by making a consumer proposal. Cost to go bankrupt? There is no set cost or fee for filing personal bankruptcy, though the typical minimum fee is $1,800 paid in nine monthly installments of $200 each. The maximum amount you pay is based upon your income and ability to pay. The surplus income formula used to calculate these payments is legislated under the Bankruptcy Insolvency Act and therefore the calculated payment amounts will be the same for all trustees. How long is the bankruptcy process? The length of the bankruptcy process is legislated under the Bankruptcy and Insolvency Act, and is determined by two factors: Based on your answers to these questions the length of your bankruptcy process would be as follows: First time bankrupt without surplus income 9 months First time bankrupt with surplus income 21 months Second time bankrupt without surplus income 24 months Second time bankrupt with surplus income 36 months Third time or more bankrupt 36+ months as determined by the court Must have an excellent credit rating Collateral is often required (house equity, car, etc.) May need a co-signer Creditors will often consolidate their own debts but not others Not a good option unless all personal debts are included Payments include 100% of amount owed plus interest Higher payments than other debt settlement options More assets than personal debts (not insolvent) High income and can afford to pay all debts including interest Own assets that can be used as collateral for loan An excellent credit rating Welker Associates Inc. provides two credit counselling sessions, as required under the Bankruptcy Insolvency Act, to aid in the financial rebuilding process, for everyone filing personal bankruptcy or making a consumer proposal. Be wary of fraudulent credit counsellors. Although some credit counselling companies are legitimate, there are many fraudulent credit counsellors who charge high fees, provide little or no service and warn against discussing your money problems with a licensed trustee in bankruptcy. A credit counsellor has no greater ability to negotiate with your creditors than you do. The credit counselling industry is unregulated and anyone can claim to be a credit counsellor. How to spot a legitimate credit counsellor: Never charge fees upfront Accredited by the Ontario Association of Credit Counselling Services (OACCS) Recommend reviewing your situation with a licensed trustee in bankruptcy No cost referral for you to meet with a licensed trustee in bankruptcy Over the years, we have developed relationships with credit counsellors across Ontario. Find a trusted credit counsellor in your area. Credit counsellors CAN help you by: Compromise the total amount that you owe Stop, by legislation, creditors from garnisheeing your wages Once you’ve been contacted by a collection agency, it’s hard to get them to stop calling. In order to stop them from calling, you need to do one of the following: Must wait six days to contact you after sending you written notice of the name of the creditor, the balance owing and the name of the agency and its authority to demand payment May not continue to contact you if notice was not received May not suggest to you that a matter can be handled outside of court, if you send a registered letter disputing the debt May not use threatening, profane, intimidating or coercive language, or use undue, excessive or unreasonable pressure May not provide false or misleading information to any person Must first send you notice, before recommending to a creditor that legal action be taken against you May only contact your employer on one occasion to obtain your employment information Cannot contact partners, relatives or friends to obtain your contact information, unless that person has guaranteed the debt If they have been notified by registered mail to communicate only with your lawyer On a holiday or Sunday, except between the hours of 1 p.m. and 5 p.m After initial verbal contact, more than three times in seven days without your consent (mail contact is excluded) If they have been notified that you are not the debtor they are looking for If a collection agency has engaged in any of these prohibited acts, you may file a complaint with the Consumer Protection Branch. If you owe money to your creditors and do not make payments your creditors may take legal action against you. The result of this legal action is something called a judgment. A judgment is a court order that allows your creditors to deduct payments directly from your wages and to seize assets. How do I prevent or stop creditors from garnisheeing my wages? Filing a Debt Management Plan with a credit counsellor does not stop wage garnishment. However, the following actions stop wage garnishment even if the process has already begun: Anyone that doesn’t receive employment income and doesn’t own property. E.g.: people receiving pension income (disability, CPP, OAS etc.). These people are often referred to as being “creditor proof” or “judgment proof”. Just because creditors may not be able to garnishee your wages does not mean you’re free of creditor harassment, it simply means that your creditors cannot collect money from you by legal means at this time. Credit rating only focuses on payment history and is not related to your net worth. Many people borrow from one creditor to pay another which allows them to temporarily maintain their “excellent” credit rating, however their financial health is actually getting worse and they end up going further and further into debt. How can I find out what is listed on my credit report? Contact one of the credit reporting agencies: www.equifax.ca or www.transunion.ca How do you read your credit report? Your credit report is like a report card and each creditor assigns a mark. The best credit ratings are R1 or I1 “R” applies to revolving lines of credit and credit cards “I” applies to instalment payment loans like mortgages and vehicle loans The number represents the period or periods between payments Your credit rating is like a report card. Having money problems, filing personal bankruptcy or making a consumer proposal will result in a bad mark on your credit report card. Therefore to rebuild your credit rating you have to get as many good marks as possible. The only way to get a good mark is to borrow money and pay it back within the time restrictions. The way to get a bank or credit card company to lend you money despite your poor credit rating is to: You and the co-signer become jointly liable for 100% of the debt. If you are unable to make payments, the co-signer will have to maintain the payments or his/her credit rating will be affected. What are the differences between a cash card and a secured credit card? Cash cards/pre-paid credit cards: Do not involve credit and therefore don’t improve your credit rating You deposit money into a “credit account” which is used to make purchases and must be refilled No monthly statements Offered by payday-loan companies Involve credit and help to improve your credit rating Money is deposited with a bank or credit card company and held as collateral You will receive regular monthly statements and be required to make payments Offered by banks and other credit card companies Two common questions I get asked when I meet with clients is, "Will my credit rating will be ruined if I file for bankruptcy?" and "Will I be able to get credit again if I file bankruptcy?" September 11, 2020 Bankruptcy Consumers get into financial trouble for a variety of reasons, none of which will exclude them from filing a bankruptcy and subsequently obtaining a discharge. September 5, 2020 Bankruptcy, Money Management A common question I get asked is "will I lose my house if I file bankruptcy?" It's a common questions because there is a misconception when it comes to bankruptcy that if you file, you will lose everything you own.  August 27, 2020 Bankruptcy

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