You’re not alone! Almost half of Canadians are concerned about the amount of debt they are carrying, and a quarter say they are unable to pay all their bills every month.
D Thode and Associates Inc. is here to help you get rid of your debt and get back on track with your personal finances. We have offices in Victoria, Vancouver, Kamloops, Kelowna, Burnaby, Surrey, Vancouver, Chilliwack, and Penticton.
We offer a FREE “Know your Alternatives” consultation with our Licenced Insolvency Trustees, so that you can get all the information you need to make a decision about how you want to get out of debt.
We understand debt happens to the best of us, and too much debt is something we never planned to have. Regardless of how you got into debt, you leave your appointment with a plan to get out of debt.
Having Your Debt Solved means taking Control of your Finances for Good.
You know what it feels like to worry about money, but now you can learn what it feels like to be excited about your future. Getting financial help is not any easy choice, but it does get harder with time – as your options also become limited.
Your debt solution may not involve bankruptcy. Many clients prefer to go the route of a Consumer Proposal.
What is the process for filing for bankruptcy?
Once you have established that bankruptcy is the best way for you to manage your debts, your Licensed Insolvency Trustee will proceed to prepare and file all of the necessary paperwork with the Superintendent of Bankruptcy. Once filed, there will be a legal stay of proceedings, which means that creditors can no longer contact you, file a lawsuit against you or garnishee your wages to pay off your debt. Your obligation to your unsecured creditors will be expunged and you will no longer owe these debts.
What is Credit Counselling?
Credit Counselling is a process for assisting individuals with debt settlement through education, budgeting, and a variety of other tools with a goal of reducing and ultimately eliminating their debt.
What are Debt Management Programs?
In British Columbia, Debt Management Programs can only be offered by firms registered as Debt Repayment Agents under the Business Practices and Consumer Protection Act of British Columbia. These firms are registered under the same legislation as debt collectors. The biggest difference is they can pool your funds to be distributed to multiple creditors.
A Debt Management Program does not necessarily allow for a person’s debts to be compromised, nor does it necessarily protect the debtor from harassment, continued collection efforts, or legal actions by creditors not participating or ceasing to participate in the program.
Consumer Proposals vs, Debt Management Programs
In most cases, a Consumer Proposal is a better alternative to a Debt Management Program. A Consumer Proposal is a formal agreement that is legislated under the Bankruptcy and Insolvency Act of Canada between the debtor and all their unsecured creditors, including Government debts. Unsecured debts include shortfalls on secured debt where the debtor voluntarily surrenders the asset or allows the asset to be seized. An example would be a shortfall on a mortgage balance after the secured creditor forecloses on the property.
We want to help you to get out of debt. Don’t hesitate to contact us if you would like to learn more about bankruptcy alternatives like debt consolidation. Contact us today for more information or call us at 1-866-712-5353