Debt Solutions Group

What's the best debt relief option for you?

There are some great debt relief solutions available, as well as others that may cause more financial difficulty.

At our company, we are dedicated to assisting you in becoming debt-free and always prioritize your well-being. We will work with you to determine the most appropriate debt relief alternative for your specific circumstances.

Opting for a consumer proposal involves consolidating all of your debts and proposing to pay your creditors a reduced percentage of the amount owed. It's a legal agreement that is facilitated by a Licensed Insolvency Trustee and is regulated by the federal government.

Filing a consumer proposal

Before submitting a consumer proposal, it's important to work with a Qualified and Experienced Credit Counsellor to determine if it's the right solution for your financial situation. We will review your debts, income, expenses, and assets to determine if a consumer proposal is a viable option for you. We will also help you develop a repayment plan that is tailored to your specific financial situation and that will help you achieve your debt repayment goals.

It's worth noting that a consumer proposal will affect your credit score and will appear on your credit report for a period of time. However, it is generally seen as less damaging to your credit score than filing for bankruptcy. Additionally, once you have successfully completed your consumer proposal, you will be able to start rebuilding your credit and working towards a more stable financial future.

Declaring personal bankruptcy

Declaring personal bankruptcy is not a decision to be made lightly and should only be done after consulting with a Qualified and Experienced Credit Counsellor. At our company, we have assisted countless clients in assessing the advantages and disadvantages of declaring personal bankruptcy and, if necessary, guiding them through the process.

When you file for personal bankruptcy in Canada, you are informing the courts and creditors that you are unable to pay off your debts on time and have insufficient assets to do so.