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Debt Matters is a resource site where Canadians can get the personal finance and money management information they need to improve their financial situation.
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Debt Matters Canada recommends speaking with an LIT to find out what options are available, because every financial situation is unique. That said, if you’re having money problems, you’ve likely thought about Bankruptcy, Consumer Proposals, and Credit Counselling as ways to deal with them. Here’s a bit of information on those services.
Typically considered a last resort for many debtors, Bankruptcy is a way toward debt relief for honest debtors who don’t have the assets to repay their debts as they come due. At the end of a Bankruptcy, all your debts are legally discharged, which means you have a debt-free, fresh start. Using the services of a Licensed Insolvency Trustee is necessary to file a Bankruptcy in Canada.
Bankruptcy does not have to be the only option. It depends on your circumstances, but the one thing that remains true is the sooner you get debt help from an LIT, the more options you may have available to you to deal with that debt.
A Consumer Proposal is a legally binding debt settlement agreement negotiated by an LIT on your behalf with your creditors. You agree to repay – over a maximum of 5 years – only a percentage of your debts in exchange for full forgiveness of the debt. This alternative to Bankruptcy can reduce the debts you owe by up to 80%.
Consumer Proposals deal with unsecured debts like credit card debt, bank loans, unsecured lines of credit, payday loans, overdue bills, tax debts, and even certain student loan debt. A Licensed Insolvency Trustee is necessary to file a Consumer Proposal in Canada.
Credit counselling services from the right professionals are an excellent way to become financially literate so you can make better choices moving forward. You’ll learn how to manage your debt and credit, and how to budget and save.
When you file for Bankruptcy or a Consumer Proposal actually receive two credit counselling sessions with their LIT to help them avoid making the same financial mistakes in the future.