Solutions for Individuals | Laval
YOU HAVE MORE OPTIONS THAN YOU THINK
You are not alone. Quite the contrary. Each year, thousands of Canadians and Quebeckers find themselves in a precarious financial situation.
Fortunately, several solutions can be suggested to you by your financial adviser.
If your situation is applicable to a company, click here to see how we can help you.
You will first contact your creditors to explain to them why you are unable to make your payments. Thereafter, you can offer them to make payments that are appropriate to your budget over a longer period of time. Several creditors accept this kind of proposal.
Regarding credit, as in many other areas there exist counseling services. You will find these in family or community counseling offices, or an association working in this field. Advisers will be able to inform you and give you tools such as budget, to better cope with your financial obligations.
Offer your creditors to repay only part of what you owe them
Our valued client base spans across Montreal, Salaberry-de-Valleyfield and the environs.
You can request a consolidation loan from a bank or a financial institution. In other words, you will take a single loan to pay off all your debts. This also means only one monthly payment. The interest rate of each financial institution may vary. It is thus advised to check with several institutions.
In Quebec, there is the voluntary deposit act (better known as Lacombe Law), which is similar to a consolidation order. The courthouse in your locality administers this program. Moreover, it is to this same court that you will make your monthly payment, which would have been established according to your income and family responsibilities.
WE OFFER VARIOUS SOLUTIONS TO HELP YOU THROUGH DIFFICULT TIMES
According to the Bankruptcy and Insolvency Act, you can make a consumer proposal to your creditors to reduce the amount of your debt and extend the debt repayment period or a combination of the two.
If none of the above steps resolve your problem, you may wish to go for this option. But bankruptcy should be the your resort when you cannot fulfill your financial responsibilities with reasonable installments over a period of time. Bankruptcy is a legal process administered under the Bankruptcy and Insolvency Act. Because you can no longer pay off your debts, you put all your attachable assets to a trustee in bankruptcy. This process frees you from most of your debts, and any action brought against you by your creditors should cease.
Source: Office of the Superintendent of Bankruptcy Canada.
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