Debt Relief Options for Financial Distress
There’s nothing worse than the anxiety and stress that comes from financial insecurity. Many people feel that they are in a no win situation with no solutions in sight. While bankruptcy offers a certain amount of relief, many people are rightly concerned about the long term impact it will have on their financial well being. The good news is, there are other options available to people in financial distress.
For many people, a review of finances and some helpful guidance towards a heathier financial outlook is all it takes to make some major improvements. Establishing a reasonable budget, making use of good interest rates and getting on top of outstanding debt are all ways to get back on track. Our helpful team of experienced advisors can help you get yourself on the road to financial stability.
Sometimes the best way to improve your financial situation is to amalgamate a number of high interest debts into one single payment. Payment plans can often be negotiated that would include lower overall payments at a more appealing interest rate. This allows the consumer to service their debt while still managing their finances within their budget.
A consumer proposal is an arrangement that is negotiated with your lenders and is a binding agreement amongst you, your lenders. A Consumer Proposal is administered by a Licensed Insolvency Trustee. A Proposal is the only other a legal alternative in Canada other than Bankruptcy. This alternative allows you to negotiate a settlement with your creditors and make debt payments at a pace that is reasonable for you in your current financial state. Lenders will often agree to eliminate interest charges or will accept a smaller amount than what is owed in order to garner what they can from the loan. Over time, a properly serviced consumer proposal can help you rebuild your credit rating and improve your overall financial health.
Bankruptcy is often viewed as the last resort – and for the most part, it is. But sometimes it is the best solution available. Although bankruptcy does bring with it some challenges, it also affords you relief from creditors and a long term solution to insurmountable debt. Our Licensed Insolvency Trustees and Estate Administrators will help you negotiate the process from beginning to end, and will help you to establish good habits and routines going forward to make sure your financial future is secure.
If you are suffering with the overwhelming stress and anxiety of financial distress, don’t wait to get started on a solution. Speak to a member of our professional team about a complimentary consultation.