Did you know that an Ontario bankruptcy is not your only option when you have too much debt? It’s true…you actually have three main options.
And…did you know that the only person to help you with all three options is a licensed insolvency trustee?
You may wonder…why a licensed insolvency trustee? Is it the same as a credit counsellor? In short: no.
A licensed insolvency trustee or LIT is a federally regulated debt professional who can present you with all your choices.
LITs are the only people who can file an Ontario bankruptcy or a consumer proposal on your behalf. Credit counsellors can’t do that.
Ever hear the saying “if all you have is a hammer, everything looks like a nail”? Well, licensed insolvency trustees have every available tool.
Here are the three things an LIT can do for you.
Option #1: Credit Counseling
Option number one: Licensed insolvency trustees can do what credit counsellors do. And more.
A licensed insolvency trustee can tell you if credit counselling is your best option. They’ll help you manage your money and focus on paying off your debt.
A credit counsellor, on the other hand, may tell you it’s your only option. In reality, it’s the only solution they have to offer. So it’s the solution you’ll get, no matter what.
But what if you need something else. Then, your LIT will talk to you about…
Option #2: Consumer Proposal
Option number two: If credit counselling just isn’t enough to help you get out of debt, you’ll want to consider a consumer proposal.
The best part about consumer proposals is that you can end up paying only a portion of what you owe. Your LIT works with you to determine how much you can afford to pay your creditors.
If the majority accept the agreement, they all have to accept the proposal. Once they accept, the affordable monthly payment will never change…even if a windfall comes your way.
You walk away debt-free much sooner because you’ll pay less. That’s something no credit counsellor can do for you.
Option #3: Bankruptcy
Now, let’s talk about option number three: Bankruptcy in Ontario obviously it isn’t your only choice, but it is something to consider.
The only professional who can file bankruptcy on your behalf is a Licensed Insolvency Trustee (formerly Bankruptcy Trustee). An Ontario bankruptcy will put a stop to those harassing collector phone calls right away.
And if your wages are being garnished, that’ll stop, as well.
If you have more debt than you can afford to pay, this is your best option. You’ll likely keep your house and car, get rid of your credit card debt, and have a solid plan for a debt-free future.
If your debt is out of control, call us today. The consultation is free. And no matter what solution is best for you, we’ll get it done right here, right now. Call Adamson & Associates Inc. at 1-519-310-JOHN.