Business Bankruptcy in Canada is primarily governed by the Bankruptcy and Insolvency Act (BIA), a…
The pandemic is impacting every aspect of our lives, from social distancing at the grocery store to unemployment (and to far worse for those of us who have lost loved ones). If COVID-19 has pushed you and your family into financial uncertainty, you may be wondering whether there’s a way to get a financial consultation online.
The answer is yes. But before we go into more detail on this, you need to know…
You are not alone.
Canadians with lower incomes are suffering financially through this pandemic.
According to a poll conducted by Ipsos, things have only gotten worse for lower-income Canadians. In fact, 30% of respondents reported themselves as being insolvent.
This rings true in the United States as well. Almost half of lower-income Americans are struggling to pay their bills.
44% of our neighbours to the south think it will take three years or more to recover economically from the pandemic, and one in 10 believe they’ll never recover financially.
Why are lower-income Canadians being hit harder by the pandemic?
Canadians with higher incomes typically do work that can be performed remotely, so they can continue to get their paycheques despite COVID. This coupled with the fact that they shop and travel less due to lockdown restrictions means they’re able to save more than before the pandemic hit.
On the flip side, Canadians with lower incomes are more likely to have lost their jobs. They end up having to take on more debt in order to make ends meet.
And while Bankruptcies have actually gone down during the pandemic, insolvencies could increase in the medium term as government support is phased out and interest rates begin to rise with the reopening of the economy.
Long story short…
Lower-income Canadians who don’t have large amounts of money saved up are probably not prepared to make it through the long haul of the pandemic.
But the most important thing you need to recognize is that…
You can rebuild your financial foundation and work your way to a brighter financial future.
I’m drowning in debt. How do I fix my current situation? Should I file for Bankruptcy?
Before you can even think about the future, you need to fix the debt issues you’re having right at this very moment. Because if you don’t, your finances will only spiral further out of control and you’ll have even fewer options at your disposal to deal with your debt.
If you’re battling more debt that you can handle, you need help. And you need it immediately.
Whether or not that means you should file for Bankruptcy depends on your personal circumstances. Everyone’s situation is different.
The first step you need to take control of your debt is to contact a Licensed Insolvency Trustee (LIT).
LITs are arguably one of the nation’s best financial advisors. These federally licensed and regulated professionals have the education and credentials necessary to help you get out of debt. What’s more, they are bound by ethical rules and regulations, so you can rest assured that your financial interests will always be their priority.
Can I get a financial consultation online?
Adamson and Associates Licensed Insolvency Trustee can help you with your debt relief issues in-person or virtually. We are available by phone, email, and video call for a free financial consultation.
As seasoned professionals, we have helped thousands of Canadians in every different type of financial circumstance imaginable. We will take a comprehensive look at your particular financial situation and advise you on the full range of debt relief options available to you – from simple budgeting and debt consolidation all the way to Bankruptcy.
Can I file a Bankruptcy or Consumer Proposal online?
With the help of an LIT, Canadians can file either a Bankruptcy or Consumer Proposal online, from the comfort of their own homes.
How do I move myself into a brighter future?
If you find yourself in so much debt that you don’t believe you’ll be able to pay it back, you need to speak with a Licensed Insolvency Trustee today.
The solution may be a simple one, such as helping you to properly budget or manage your finances. Or it may be more complicated, like a loan consolidation or Consumer Proposal. But the sooner you consult with an LIT after realizing you’re having money troubles, the more options you’ll have available to you to deal with them.
Once you’ve resolved your current debt issues, you can start to focus on working toward a better financial future.
As the world slowly starts to reopen, hard-working Canadians won’t be able to return to the way life was before COVID. We need to significantly change how we spend and how we look at money.
An LIT not only helps you resolve your current debt problem, we also help you gain the tools and knowledge you need to put yourself on the right path moving forward. We help you understand how to better manage your finances.
Because as much as we may like you, or perhaps precisely because of that, we don’t want to see you suffer financial distress again.
It’s our mission to help you achieve a brighter financial future, and it’s a future that you deserve.
Adamson & Associates Inc. Licensed Insolvency Trustee Can Help
Our professionals are seasoned experts in the full range of debt relief options available. After a comprehensive review of your financial situation, we will provide you with your options so that you can pick the best solution to repay the money you owe. And we can do this either in person or virtually through phone, email, or video call.
We can help you drastically reduce or eliminate your credit card debt so you can see your way clear to a better financial future. Call Adamson & Associates Inc. today at 519-310-JOHN (3546) for a free, no-obligation consultation.