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In Tough Economic Conditions, Canadians Have Financial Help!

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With uncertain financial times just around the corner, many Canadians will be faced with difficult challenges. The economic picture is simply not pretty with Canadians being laid off at an alarming rate, the real estate market crashing, and the stock markets losing ground daily, many Canadians are on the financial brink. If you are being forced to answer some tough finanical questions then we might be able to help. Are you in danger of losing your home? Are you having difficulty making your car payment? Is your credit card debt becoming a problem? Are you struggling with a heavy debt load, with barely enough money to live on? You are not alone! Many Canadians are facing similar situations and with the professional help of a trustee in bankruptcy, this doesn't have to be a life shattering event!

How You can Avoid Bankruptcy

Are you struggling to pay off your debts in time? You know you can pay them off, but you just need more time? Don’t want to declare bankruptcy? Consider a Consumer Proposal, Debt Counseling or a Debt Consolidation Loan and avoid bankruptcy.

What is Debt Assistance?

Ongoing budget counseling, classes and educational materials about managing debt. Often debt assistance companies can help you to reduce your overall debt load, work with your creditors to cut the interest you are paying and help you create a personal debt management plan.

What is a Consumer Proposal?

A Consumer Proposal gives you a way to adjust payments to your creditors, by either reducing the amount you must pay back or extending the time you have to pay them back. Consumer Proposals can cut the debt you pay back in half!

Not only do you settle your debts and avoid bankruptcy, but all other actions from creditors are stopped once the Consumer Proposal is filed. Imagine no more harassing phone calls and no more wage garnishment.

Do you qualify for a Consumer Proposal?

Do you owe between $1,000 and $75,000 to your creditors, not including your mortgage? Are you able to repay a portion of your debt? Then a Consumer Proposal may be right for you.

Advantages of Consumer Proposals

Thousands of Canadians like you have avoided bankruptcy with Consumer Proposals. Here is why:

• You only have to repay a portion of the debt you owe.
• Once you file, your interest rate freezes. No more unexpected interest rate increases.
• You gain more time to pay off creditors.
• One monthly payment means you don’t have to deal with multiple creditors.
• If the majority of your creditors accept your Consumer Proposal, all your creditors must accept it.
• Creditors are stopped from taking legal action against you

How does a Consumer Proposal work?

A Consumer Proposal begins when you contact a trustee in bankruptcy and file the necessary paperwork. A bankruptcy trustee will meet with you to discuss your financial situation, assess your debt, and advise on the best options available to you.

What are the major steps in a Consumer Proposal?

The major steps in a consumer proposal:

• Meet with bankruptcy trustee to review your financial position and receive counseling prior to filing a proposal. Counseling ensures that a consumer proposal is the right course of action.
• Once the proposal has been completed it is filed with the Official Receiver.
• Attend a meeting of creditors, if requested by the Official Receiver or at least 25% in dollar amount of your creditors.
• Make payments to the Trustee or Administrator, who distributes funds to the creditors.
• If the proposal is not accepted, or if you default on the proposal, there is no automatic bankruptcy, but all creditors are then allowed to take action against you.

What debts are covered by a Consumer Proposal?

Consumer Proposals only cover unsecured debt, which is a debt that isn’t tied to any asset. Unsecured debts include:

• Credit Cards
• Utility Bills
• Cell Phone Bills
• Lines of Credit
• Personal Loans
• Department Store Cards

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