Ground Hog Day Debt Is Debt Shadowing You

My clients often tell me they can't sleep at night. Many confide that, despite working hard, they haven't been able to take a vacation in over a decade. Some have even likened the burden of carrying debt to a looming shadow that follows them wherever they go. Every day feels the same – worrying about debt, haunted by their creditors, feeling like they're running around in circles and never making progress.

There are many barriers that prevent people from getting help, but fear of the unknown is certainly the most common. Despite its effectiveness, bankruptcy continues to be mired in stigma and misinformation. And other options, such as Consumer Proposal, remain relatively unknown and under-utilized. This causes people who could benefit greatly from a Life-Changing Debt Solution to continue struggling in silence when they could be well on their way toward a financial fresh start.

With debt, as in many areas of life, knowledge is power. Equipping yourself with information is the first and most important step to dealing with your financial difficulty and being done with it once and for all.

That's where a Licensed Insolvency Trustee can help. Licensed and regulated by the federal government, they are bound by a strict code of ethics and are the only professionals qualified to administer both personal bankruptcy proceedings and Consumer Proposals. Moreover, they will always provide you with a Free Confidential Consultation to review your financial situation, explain the options available and help you find the Life-Changing Debt Solution that's right for you.

Financial Review

Prior to your Free Confidential Consultation, your Licensed Insolvency Trustee will request you bring as much information and documentation as possible about your debts, current income and expenses. During your meeting, you will also be asked some further questions to dive at the heart of your financial difficulties and what might be causing them. The more honest and transparent you are through this process, the better able your Licensed Insolvency Trustee will be to weigh all your options and tailor a Life-Changing Debt Solutions to your unique needs.  

Weighing Options

Once your Licensed Insolvency Trustee has a clear idea of your situation and challenges, they will present several options to you. They will also offer recommendations for which would be the most beneficial and why. Together, you will evaluate the benefits and drawbacks of each, so you can make the most educated decision about what direction will be best for you over the near and long term.

Although these options will often include personal bankruptcy or Consumer Proposal, they may also include other resources your Licensed Insolvency Trustee has access to – such as financial counseling – if they would offer a better or less expensive path to debt freedom.

Life-Changing Debt Solutions

If you decide to move forward with filing a personal bankruptcy or Consumer Proposal, your Licensed Insolvency Trustee will walk you through each step of the process – beginning with preparing the necessary documentation and filing it on your behalf. Once in the hands of the Office of the Superintendent of Bankruptcy, your Licensed Insolvency Trustee will administer your file and perform all statutory duties required, including making payments to your creditors, liquidating assets (if required), connecting you with the necessary resources and ensuring you're meeting all legal requirements of the process.

In both cases, you will be required to attend at least two financial counseling sessions. These will equip you with skills to prevent falling back into debt when your Consumer Proposal or bankruptcy are complete. You'll learn effective ways to use consumer credit, common traps to avoid, budgeting principles, strategies for achieving financial goals and how to recover from setbacks. If your debt is the result of a non-budgetary cause – such as gambling or addiction – your Licensed Insolvency Trustee can also make a referral to help you deal with those issues.

Upon completion of your bankruptcy or Consumer Proposal, your debts will be discharged, and you will have the opportunity to make a fresh start. Depending on your stage in life, you may want to start rebuilding your credit. If so, secured credit cards and RRSP loans are a great place to start. Only once you have improved your credit rating will you want to consider larger financial instruments such as a mortgage or new vehicle loan. That way you improve your chances of receiving more reasonable terms and rates.

Make a Permanent Change

If you feel like debt is following your everywhere, meeting with a Licensed Insolvency Trustee can cast light on that looming shadow. Call us for a no-obligation, Free Confidential Consultation today to learn your options and whether a Life-Changing Debt Solution may be right for you.