What is Debt Restructuring in Ontario?
Ontario, ON Debt Restructuring
It’s all too easy for debt to become unmanageable.
People often find themselves with credit cards, payday loans, and other kinds of debt that never seems to stop building, no matter how hard they work to pay it all off.
This can easily overshadow the good things in a person’s life, making them feel stressed and concerned about their money all the time.
Thankfully, though, you have companies like Bankruptcy Canada to help you out with this.
Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation
What Does Debt Restructuring in Ontario Mean?
Debt restructuring is the process of changing the way that you manage your debt to make it easier to repay.
There are several different ways to approach this sort of action, and this can make it confusing for those who aren’t savvy with their finances.
Here at Bankruptcy Canada, we can help you to choose the best debt restructuring options based on your financial situation.
You need only get in touch for a confidential and obligation-free consultation, and we’ll start working to improve the state of your finances right away.
Your Debt Restructuring Options In Ontario
Canada’s debt and insolvency laws are largely built around protecting consumers.
This means that you can usually get help, even when your situation feels inescapable, though you have to make sure that you’re choosing the right path for you.
You can find some of the most common debt restructuring options below, though Bankruptcy Canada can help with just about any other tool you’d like to use to address your finances.
Talk To Your Lenders
While the people you’ve borrowed money from might seem scary, businesses like this understand that it can be hard to pay back debts.
Many will be happy to negotiate with you, but you have to make sure that you start this process before your financial situation gets too bad, as they are unlikely to stop legal action once it’s started.
Our financial experts can support you through this process, giving you everything you need to succeed when you’re talking to lenders.
File A Consumer Proposal
A consumer proposal is a much more formal alternative to the option above.
You will still have an opportunity to negotiate with your lenders, but this will be done through a rigid legal process, making it quite a lot more complicated.
In return for the extra work, you will benefit from a stay of proceedings when you file a consumer proposal, and this means that your lenders won’t be able to chase the money or file lawsuits against you anymore.
Filing a consumer proposal can be an excellent way to take some control back over your finances.
You will have the chance to arrange new payment terms, request lower interest rates, and even ask that they reduce your overall debt to make it more manageable.
Our team of financial experts can help you to file a consumer proposal that is likely to find success with the companies you’ve borrowed from.
File For Bankruptcy
Filing for bankruptcy is more extreme than submitting a consumer proposal and is a process that you won’t be able to escape until you’ve paid all of your debt.
You will work with a trustee like Bankruptcy Canada to design a plan that will enable you to pay back your debt, with the trustee making sure that payments are made when they are supposed to be.
Like a consumer proposal, this will come with a stay of proceedings.
You can only file for bankruptcy when you have run out of other options to manage your debt, and it isn’t always the best route to go down when you’re working to improve this side of your life.
Bankruptcy Canada can help you make the right choices as you fight to improve your finances, ensuring that you’re always on the right track.
Getting Help From Bankruptcy Canada
Choosing the best way to restructure your debt can be confusing, and this is before you even get into the real work.
People often encounter difficulties as they go through this, with mistakes being common when they don’t know what they’re doing.
Here at Bankruptcy Canada, we pride ourselves on making debt restructuring as easy as possible for our clients, taking all of the hard work out of their hands.
You can get in touch with our friendly team by calling at 1-877-879-4770 or sending an email to Gordon@BankruptcyCanada.com, and we’ll happily provide you with confidential and obligation-free advice to get you started.
We encourage anyone who is looking to improve their financial life to give us a call.
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?
How to File for Bankruptcy
What is Bankruptcy?
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?