How To Get Debt Relief in Toronto, ON
Are you struggling with debt and need relief in Toronto?
Discover the debt relief answers you need so that you can break free.
If you are swimming in levels of seemingly unmanageable levels of debt, it can seem hopeless.
However, it is important to be aware that as a Toronto resident, there are options available to you.
You might think that your financial situation can be so terrible there are no choices left.
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However, we are pleased to say that this is not the case.
There are always possibilities.
You just need to find the one that matches your current situation and the level of debt that you have accumulated.
Debt can have a devastating effect on your life.
It can make you feel alone, isolated, stressed, and diminish your quality of life.
But, help is at hand and once you find the right debt relief solution it becomes far easier to deal with.
So, what debt relief is available to a citizen of Toronto?
Debt Consolidation in Toronto
You might want to think about debt consolidation.
The big benefit of debt consolidation is that you will be able to reduce the interest that you are paying on your current debts to creditors.
Interest can hit hard and could be the reason why so many people struggle to break free from their debt.
Debt consolidation also ensures that you don’t have to worry about problems with multiple payments that become confusing and stressful.
Be aware that a debt consolidation plan is a loan.
You take out a loan to cover the cost of the original debts to creditors.
The actual total debt remains the same and must be repaid over a set period.
As such it is important to ensure that you are able to afford the payments and that the interest rate makes the plan worth it.
Consumer Proposals in Toronto
Alternatively, you could explore the option of a consumer proposal.
The benefit of this is that you will provide an offer to the creditors who you owe money to.
They will then accept or reject the offer.
If they accept it, you can pay far less back than you originally anticipated.
This makes the debt more manageable and you get the added benefit of consolidation.
Instead of paying all the different creditors, you provide the payments to the trustee.
They then handle ensuring that everyone gets the right amount.
A key advantage is that all creditors are legally bound by the agreement and any actions must stop.
This is the case, even if not all creditors agree.
Any actions from creditors must also stop and this includes seeking out legal action to claim the money that they are owed from you.
Interest charges stop too and you are often provided up to five years to pay back to money you owe in a payment plan that is going to be far more affordable.
Toronto Credit Counselling
Another option would be to explore credit counselling.
This can be useful if you have the right financial set up to manage your debt with just a little more help.
Be aware that credit counselling in Toronto does pose some issues including managing your budget effectively enough to make the payments.
It also won’t typically lead to a significant reduction in the level of debt that you need to pay back or your interest.
If you are looking to eliminate your debt, we can help you find the right solution to your financial problems.
Depending on your situation, you might look into a debt management program, a debt consolidation loan, or a bankruptcy filing as a debt relief option.
If you are struggling with your credit cards and have built up unmanageable credit card debt, we are here to assist you get out from under all the weight of that debt.
Working with a Licensed Insolvency Trustee can help you clear your unsecured debt and get a fresh financial start.
If you have a steady income and can make reasonable monthly payments to your creditors, a consumer proposal is often a better choice than going bankrupt.
When you get out of debt through an insolvency case, you can get a fresh start.
Once you are out of debt, financial institutions will work with you again to provide lending.
Bankruptcy in Toronto
Bankruptcy is also a possibility.
However, this should be considered a last resort.
With bankruptcy, you are provided a completely fresh start where the vast majority of your debt is wiped clean.
This is accomplished by using your income and some of your assets.
Be aware that certain assets will be exempt to ensure that you are not left with nothing.
The whole process can take between nine and twenty-one months.
While not as damaging as most people fear, bankruptcy in Toronto could leave you in a difficult situation because you will be back to square one.
Your credit report will also make it more difficult to claim credit when you might need it.
If you are keen to learn more about Toronto debt relief, please do make sure that you contact us today.
We will be happy to assist you and ensure that you find the answers you need.
We have successfully helped more than 100,000 Canadians find relief and we are confident that we can help you too.
You can either contact our team of professionals by phone or fill in an evaluation form and we will get back to you as soon as possible.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
Canadian Bankruptcies
How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?
