Start your journey to debt freedom

There are solutions to get your finances back on track. Identify your situation below to find the best one for you.

A middle-aged male looking at his smartphone to start his journey to debt freedom.

What type of debt do you have?

Scenario 1

I’m struggling to pay my debt in full.

My debt is mostly unsecured (loans, credit cards, CRA income tax debt).
I’m only paying off interest and not making a dent in what I owe.

If this is your debt situation, a consumer proposal could reduce your debt by up to 80%.

Learn about consumer proposals

Scenario 2

I’m unable to pay my monthly bills.

I’ve tried reducing my expenses but still can’t keep up.
I’m overwhelmed by collection calls.

If this is your debt situation, filing for bankruptcy might be a good option. It will protect you from your creditors and relieve you of most of your debt.

Learn about bankruptcy

Scenario 3

I’m overdue on payments and legal action has started.

I’m unable to meet most of my financial obligations every month.
I’ve received wage garnishment notices (money will be taken from my paycheque).

If this is your debt situation, we may be able to put an immediate stop to your wage garnishment.

Contact us now

Debt happens more than you think

We’re helping Canadians take control of their finances and live happier, debt-free lives.

I want to thank the Grant Thornton team for getting me out of debt.

I feel so happy and pleased with myself. It wasn’t as hard as I thought. The team made it so easy for me to do. Having no debt and better financial responsibility makes me so happy and worry free. Thank you all.

— Joy D.

I want to express my gratitude to Grant Thornton for helping me through this difficult time.

My credit card debt was overwhelming and with the recent interest rates hikes and retirement, I felt like I was drowning and had lost all hope. Grant Thornton threw me the lifeline I needed and helped me see the light at the end of the tunnel. Their team was patient, comforting, and a wealth of knowledge. I can't thank them enough for helping me get back on track. I would recommend Grant Thornton to anyone who's struggling with their finances.

— Anonymous, PEI

I am so happy I reached out to Grant Thornton for help with my outstanding balances.

An unexpected event put me in a very tough position and I could not meet my monthly requirements with my creditors. Thankfully, the Grant Thornton team took the time to walk me through all the options I didn’t know were available to me. With their help I am finally back on track with no collections calls or fear of having my paycheques garnished. I highly recommend Grant Thornton to anyone struggling with debt.

— Mark M, Edmonton, AB

Grant Thornton is a great company to deal with.

I have been struggling with my debt for 5 years trying to keep up with everything. It came to the point of not sleeping, no concentration, and depression. I finally found the courage to make the call and ask someone for help. We set up an appointment and they called me, the team was fantastic, patient, and caring and even when I was so upset, they understood. It was like talking to a friend. Thank you for all the guidance, support, and understanding. Trust them with your debt and they can help you get through the rough patches. Thank you, Grant Thornton.

— Michelle M, Sydney, NS

Take the first step to debt freedom

Speak to one of our debt solutions professionals during a free, no-obligation consultation.

Book a free consultation

Your questions answered

A consumer proposal is a legal repayment agreement negotiated with your creditors to settle your unsecured debt (credit cards, income tax debt, etc.). Your trustee will work with you to offer creditors a percentage of what is owed, and/or modified repayment terms based on what you can afford.

Personal bankruptcy is a solution to debt under the Canadian Bankruptcy and Insolvency Act. It allows you to clear almost all your debt, such as income taxes, credit cards, overdue utility bills, lines of credit, and loans. Bankruptcy may be the best course of action once you’ve reviewed all other options for dealing with your debt.

In Canada, only Licensed Insolvency Trustees can administer bankruptcies. Your trustee will walk you through all aspects of filing for bankruptcy, including legally protecting you from collection attempts and garnishments, and becoming the go-between for you and your creditors.

While both bankruptcy and consumer proposals offer a solution to alleviate your debt, they differ in terms of the assets you can keep, repayment structure, duration, filing process, and impact on your credit rating.

A consumer proposal is a great option for those who can afford payments to creditors but need a modified arrangement and/or have equity in assets to protect and want a lesser impact on their credit rating. On the other hand, bankruptcy can eliminate overwhelming debt for people struggling to meet their financial obligations in as little as nine months. You can learn what each option will look like, given your specific situation, during a free, no-judgment consultation with one of our debt solutions professionals.

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