Credit Counselling

This is often the first and least dramatic step in getting your finances on track. We can offer you with:

• Budgeting assistance so you can better manage your resources.
• Assistance with a debt consolidation loan.
• Informal arrangements with creditors.

With many of these solutions, there are no legal filings and your credit rating may not be impacted. These options may allow you the time you need to put your financial house in order. Call us today for a free consultation!

Consumer Proposals

If you have some assets and income and your total debt is less than $250,000 (excluding primary residence mortgage), a formal proposal to creditors may be the best option. We can help you develop a plan that is formally proposed to your creditors. These plans are governed by a several characteristics:

• Fees are set by law
• Filed by a Trustee who is trained and licensed by the government to administer proposals
• Trustees are bound by a strict code of conduct under the Bankruptcy and Insolvency Act
• You are legally protected from creditors
• Interest stops upon filing
• Total amount of debt can be reduced in a proposal

To learn if this is the best solution for you, please call us today for a free consultation!

Bankruptcy

Although nobody wants to declare personal bankruptcy, sometimes it is the best option. In order to declare bankruptcy you must owe at least $1000. Your debts must be greater than your assets and you may not be able to pay your debts as they come due. You also must not already be currently bankrupt. Once you declare bankruptcy, you are afforded certain protections from creditors. Here’s a quick snapshot of some of the important facts about bankruptcy:

• First time bankruptcy may be automatically discharged after 9 months
• You are protected against unsecured creditors subject to certain exceptions
• Certain debts cannot be cancelled by bankruptcy (family maintenance debts and student loans received less than 7 years before bankruptcy.)
• Bankruptcy will affect your credit rating.
• Bankruptcy will be recorded on your credit bureau for a time following discharge.

It is important to get all of the necessary facts from a Licensed Insolvency Trustee. Call Rita Anderson & Associates today to make an appointment.

Everyone’s situation is different. Meet with us for a full financial assessment. We will outline your options and how that will affect your future.