Absolute Budget and Debt Consultant
How can I stop creditors from harassing me?
You basically have 4 options available to you:
Debt Consolidation.
Negotiate settlement or new payment terms with creditors
File a Consumer Proposal
File for Bankruptcy
How can I stop a wage garnishment?
You A garnishee is a legal action that can be dealt with by:
Negotiation of an arrangement with your creditors
File a Consumer Proposal to stop the action
Make an assignment in bankruptcy
What if I can't pay my income tax?
Income tax debt is the same as any other debt and you have these options:
Negotiate deferred payment terms
Negotiate settlement or new payment terms with creditors
File a Consumer Proposal to settle the debt
File for Bankruptcy
My income has shrunk. How can I manage?
Changes in income are quite common. Here are some options to consider:
Budget counseling
Negotiate settlement or new payment terms with creditors
Filing a consumer proposal to reduce debt payments, or
If all else fails, making an assignment in bankruptcy
How can I stop spending my grocery money on bills?
When this happens you must consider your options quickly:
Prepare a realistic budget
Negotiate new terms of payment with your creditors
Consider a Consumer proposal to settle your bills
As a last resort, filing for personal bankruptcy may be your only option
Am I going to lose everything I own?
If you go bankrupt or make a consumer proposal certain items you own are exempt from seizure under provincial law. These exempted items vary from province to province but generally include:
Household goods
A car
Tools of the trade for your work
In some provinces, the equity in the home you own
How will personal bankruptcy affect my spouse and family?
In general terms, it is an individual that goes bankrupt and not a family. If your spouse has not co-signed for your debts they will not be affected by your bankruptcy except in determining family income available for payment to creditors.
We generally recommend that both spouses come to A.B.D.C to discuss their options together and to explore ways that they can work together to solving their financial difficulties.
Will my financial matters be kept private?
In the case of debt and budget counseling and informal arrangements and negotiations on your behalf with creditors, the information supplied to us remains confidential and will only be disclosed to others with your permission. In the case of you filing a Consumer Proposal or an Assignment in Bankruptcy, the Office of the Superintendent of Bankruptcy will maintain a record. In most cases there won't be any ad published in the local newspaper.
What are my options?
We hope the information you found here answered your questions and your concerns. You have a number of options now that you have visited our web site. For complete information and to answer your questions thoroughly, we encourage you to contact your A.B.D.C office, request a call, or use our application form.
• An informal proposal allows an individual, often assisted by a credit counseling organization, to negotiate a payment plan with creditors without making a formal filing under the Bankruptcy and Insolvency Act.
• Repayment terms generally include full repayment of the debt with no interest over a maximum period of five years. If a creditor does not want to participate, they are not required to do so.
• For an informal proposal to be binding on creditors, all creditors involved must sign a new agreement, therefore if one of the creditors doesn't’t agree, they are not bound by the terms
• If a creditor rejects the proposal, there is no process to deal with them or to provide protection to the debtor while other creditors are considering the informal proposal.
• In any informal proposal negotiation, there is nothing to stop the creditor from taking action against you while the proposal is being negotiated.
• Canada Revenue Agency (CRA) cannot be bound by an informal proposal without their consent
. • There are no established professional fees on informal proposals.
Get instant answers from a specialist
I can help people who are experiencing debt problems by" immediately stopping both legal and collectors' harassment.
I have the expertise, knowledge and ability to stop these harassments caused by one's unmanageable debt load.
There are a number of options available to you such as making a "Proposal" to one's creditors or, if necessary, "Bankruptcy" as a means to settle one's debts -- legally and affordably.
NEED A FRESH START!!
Babkruptcy is not the only solution
