Article provided by: Smythe LLP
If you have a lot of debt, you aren’t alone. Many people get into debt and find it difficult to get out. When you owe money, you are under a lot of stress, and it is difficult to enjoy life. You need help with debt solutions in Vancouver to assist with your problem so you can get back to the essential things in life. There are some options available to improve your situation.
Debt Solutions in Vancouver
There are a couple of options available to you if you are feeling overwhelmed by too much debt. A consumer proposal is one way to settle your debt for less than you owe. Another option is to file personal bankruptcy. Both options offer you a resolution to your financial situation. There are both pros and cons to each of the debt solutions in Vancouver. It is best to speak with a professional to assist you in making this important choice in your finances.
What is a Consumer Proposal?
A consumer proposal is a legal agreement between you and your creditors and the Canada Revenue Agency. It allows you to settle your debt for less than what you owe based on consolidation. You will agree to consolidate your debts into one monthly payment that you must repay in a period of no longer than five years. Once you complete the payment agreement, you are free from debt. You may qualify for a consumer proposal if you owe less than $250,000 on your home mortgage and have steady employment.
If you do not qualify for a consumer proposal, you may want to consider bankruptcy. Bankruptcy is one of the most common types of debt solutions in Vancouver. Bankruptcy allows you to eliminate your debts if you have more than $1,000 of unsecured debt. You may be entitled to keep up to $32,000 of unsecured assets. Your monthly payments depend on your income or surplus income. Surplus income depends on the size of your family. A trustee will be assigned to oversee your bankruptcy. You must report income and expenses to the trustee.
Help from Smythe Insolvency
Smythe Insolvency has the experience and expertise to help you resolve your debt problems. An expert will review your specific financial situation and provide you with answers to your questions. After we evaluate your debt, we can guide you to the process that will work best to eliminate your debt. You don’t need to live with the stress and turmoil of excess debt. Instead, you can relieve your anxiety and financial pressure with a consumer proposal or bankruptcy. We also offer financial counseling to give you the information and education you need to prevent you from having further financial difficulties. Our trusted advisors will assist with budgeting and money management and develop strategies to help you rebuild your credit and achieve your financial goals. Contact Smyth Insolvency today to schedule a free initial consultation. We will help you get out of debt so you can enjoy life.Debt Solutions Vancouver