You don’t have to navigate your way out of debt in the dark. A local licensed trustee can light up the way for you
When you’re looking to get out of debt and back on the front foot financially, it’s important to have the right people fighting your corner, looking out for your best interests.
Friends and family often have the best intentions, but there just isn’t a substitute for sound advice – especially when it comes to money matters.
That’s one reason why, if you live in Newmarket-Aurora, licensed insolvency trustee and consumer proposal administrator services are vital when it comes to getting you back on your feet.
Find out why that is and how you can get the best advice available in our guide.
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In debt? Take a deep breath and talk to the right people
At BankruptcyCanada, we know the heartache debt can cause.
We’ve seen it so much over the years we’ve been helping Canadians deal with debt.
The sleepless nights and the worry, that feeling you’re always swimming against the tide.
It can get to be a very lonesome, hopeless situation, and you might feel like there’s no end in sight.
That doesn’t have to be the case, however.
Often, taking back control is as simple as talking to the right professionals.
The solution you need is probably far closer than you think.
Most people in debt have one primary problem.
Their situation is one that’s ended up out of their control.
They’re not used to that, and it’s hard to deal with something unknown when they seem to be sinking deeper and deeper every day.
It’s essential to push reset when you’re experiencing debt problems.
Once you do, you’ll begin to see options and avenues out of your debt that you hadn’t been able to see before.
That’s where licensed insolvency trustees come in.
Your Local Newmarket-Aurora Licensed Insolvency Trustee is the Person You Should Turn To
Stopping and pushing that reset button is hard enough when you’re having problems with credit – but it provides an opportunity to take stock when you do.
You’ll be better able to assess your options and move forward.
What’s doubly important, though, is that you choose the right advice at this point in your life.
Only a licensed insolvency trustee can give you unbiased information concerning your specific situation – free from the ulterior motives a commercial organization might have.
When it comes to addressing your problems with debt, it’s vital you go down the non-profit route.
There are far too many businesses out there that will look to make a profit from your misfortune if you let them.
What you need at this point is the best method for you – not for the balance sheet of some mercenary debt-settlement company.
What is a Consumer Proposal?
Not everyone who talks to an insolvency trustee ends up going down the bankruptcy route.
For many, bankruptcy won’t be the most appropriate option – and if that’s the case in your situation, your trustee will tell you.
In many cases, after assessing your specific circumstances and assets, along with the level and type of your debt, your trustee will recommend a consumer proposal as the best way to proceed.
Licensed insolvency trustees in Newmarket are qualified as consumer proposal administrators.
Firstly, you get to keep assets you’d lose in bankruptcy.
Secondly, creditors like banks and even the Canada Revenue Agency are prohibited from chasing your debts due to a “stay of proceedings” order.
That also means existing or proposed wage garnishment orders will stop.
During the proceedings, your Newmarket-Aurora licensed insolvency trustee and consumer proposal administrator will deal with all your creditors.
You won’t need to face collection calls any longer.
Everything gets condensed into a single affordable monthly payment for the term of the proposal.
If your finances start to improve for the better during that time, you’ll be free to make extra payments and shorten the process.
What is a Debt Consolidation Loan?
A debt consolidation loan is another alternative option to bankruptcy.
Sometimes, the main source of your difficulties will be mounting interest payments on multiple debts.
If that’s the case, then it often makes sense to consolidate all your payments into a single monthly sum.
That will usually result in you paying far less in interest, and that can be enough to make your debt manageable again.
Your local Newmarket-Aurora licensed insolvency trustee can make that happen.
As with most things financial, debt consolidation presents several options, so it’s essential to get sound, unbiased advice.
Loans in this class can be either secured or unsecured – so, you may get better terms if you’re offering collateral.
Debt consolidation loans can also form part of a consumer proposal.
Some lenders will approve you for a loan of that type once you’ve reached agreements with several creditors.
It’s essential to discuss all of the options available around debt consolidation with a licensed practitioner.
It’s a sure-fire way to find the best solution for your circumstances and the best outcome.
Talk to the people you can trust and get advice that will get you out of debt
Here at BankruptcyCanada, our goal is your financial wellbeing.
We look to put you back in control of your finances by putting you in touch with the people who can help.
Doing that is about letting you know that you’re not at the mercy of parties that look to make money from your situation.
We choose to be a part of a network that exists to give you the best advice and assistance possible, for all the right reasons.
You can talk to our friendly and experienced team by calling (877) 879-4770 (24/7).
We’re always free to discuss your issues, and we’ll welcome your call.
Finding your way out of debt is often just a case of finding your local licensed insolvency trustee.
We’ve been helping Canadians like you to do exactly that for years.