Hi Chris,
Our office provides two debt solutions, Consumer Proposals and Bankruptcies. Which options are available to you is dependent on what you can afford and what assets you own to help repay the debts you owe.
A Consumer Proposal is a payment plan with no interest, where the agreed upon payment is based on what you can afford. Your creditors must vote to accept the proposal. To ensure payments are realistic to what you can afford, we will work out a monthly payment plan that fits within your budget. For this, we will have to look at your current income and expenses. If you have little surplus funds available each month or are breaking even, then a bankruptcy may be the only option.
Bankruptcy is minimum debt repayment based on what your assets and your earnings. Monthly payments are determined based on your net monthly income and the number of people in your household. Bankruptcy allows you to be legally released from your debt.
If you would like to discuss what each option will look like for you, we recommend having a free, confidential consultation with one of our Debt Professionals. Took book your consultation call us toll-free at 310-8888 or fill out our online consultation form.
Regards,
Susan