Are your debt problems causing you sleepless nights?
If so, you are not alone. An estimated one in six people, whether in Calgary, Edmonton, or throughout Alberta, are having serious financial difficulties and need help with their debt. Worry and stress caused by excessive debt is unhealthy and can affect every area of your life.
You may find yourself in financial distress due to: disability or illness, the loss of your job, a business failure or family problems. Many of these situations are beyond your control. We can help.
Are your creditors constantly contacting you for payment of overdue bills? Are you always only making the minimum payment on your credit cards? Do you need help getting out of debt?
If you are in debt and unable to pay your mortgage, the Bank (or lender) may take legal action to recover what you owe on your home or in missed payments.
A secured creditor is a creditor to whom you have either given up one of your assets as collateral to obtain a loan or mortgage or you needed a loan or mortgage to obtain the asset.
Credit card debt is one of the most common ways people get into financial difficulty. You should always try to make the minimum payment on your credit cards. There are consequences for missing credit card payments.
If you have outstanding income tax debt, there are options available to help you deal with this debt. You can often make a deal with the Canada Revenue Agency (CRA) for taxes you owe. You can either negotiate payment terms or file a proposal under the Bankruptcy and Insolvency Act (BIA) to avoid filing for bankruptcy.
The Canada Student Loans Program (CSLP) has implemented changes that allow borrowers who participate in a bankruptcy-related event to apply for new federal loans while in-study and for debt management measures while in repayment. A bankruptcy-related event includes: bankruptcy, filing a consumer proposal and/or participating in a provincial scheme for the Orderly Payment of Debts.
With so many retirement-age Canadians and seniors carrying increased levels of debt, many will face a choice: accept a reduced standard of living or carry more debt to compensate. This can put a strain not only seniors, but on their adult children who may need to support them.
If you are a farmer in debt and facing financial difficulties there are unique treatments applicable to the agricultural sector under the Bankruptcy and Insolvency Act (BIA) and under various other governing acts.
Most people believe that when their debt gets out of control that they have to file bankruptcy. But there are other debt management solutions besides bankruptcy. We have helped many people find relief from debt through a consumer proposal, often helping people with a solution that means repaying back only a portion of the amount they owe.
Don't be discouraged. We can help you find solutions. Contact us toll free at 310-8888 in Alberta and take the first step towards solving your financial problems. We're here to help.
Our Licensed Insolvency Trustees (formerly called Trustee in Bankruptcy or Bankruptcy Trustee) and Estate Managers believe everyone deserves a financial fresh start, while being treated with dignity and respect. We have offices conveniently located in Calgary, Edmonton, throughout Alberta, and across Canada.
To speak to someone now call us at 310-8888 for a free, no obligation, confidential consultation.
© 2011 Grant Thornton Limited All rights reserved
Make an appointment