Explore various debt relief options available to Canadians struggling with financial obligations. Learn about formal insolvency proceedings like consumer proposals and bankruptcies, as well as informal solutions such as debt consolidation and credit counselling. Understand how each option works, its pros and cons, and who might benefit most from each approach. Discover strategies for negotiating with creditors, managing high-interest debts, and creating a sustainable debt repayment plan. Get information on government programs and non-profit organizations that offer debt relief assistance. This section provides comprehensive information on debt relief solutions to help you make an informed decision about managing your financial challenges.
Quick Guide Link: Would you prefer a quick snapshot? Our Debt Relief Options Guide offers a concise summary.
Ready to find the right debt relief solution for you? Contact Hoyes Michalos for a free, confidential consultation. Our Licensed Insolvency Trustees will assess your situation and guide you towards the best path to financial recovery.
A recent court decision confirms that debt consultant fees must be disclosed in a consumer proposal. Without full financial transparency, the court may refuse approval under the BIA.
Category: Debt Relief
Are you struggling to keep up with your mortgage, but are determined to keep your home? Whether your mortgage is just too high or other debts are the real culprit, explore solutions to protect your home and regain financial stability.
Category: Debt Relief
While the Canadian government doesn't offer direct grants for personal debt repayment, it does regulate legitimate debt relief programs through Licensed Insolvency Trustees (LITs) who can help you reduce or eliminate debt through consumer proposals and bankruptcy.
Category: Debt Relief
Debt relief programs have an effect on your credit report, including credit counselling. In this blog post find out how, and for how long, different debt relief programs can affect your credit rating.
Category: Debt Relief
Compare debt consolidation vs consumer proposals. Learn which option fits your situation better, calculate potential savings, and understand exact steps for each path. Features real examples, payment calculator, and qualification checklist.
Category: Debt Relief
Are you struggling with payments on your student debt? Here is our comprehensive guide on government relief programs for student loans. Learn when student loans can be discharged in a bankruptcy.
Category: Debt Relief
An increasing number of seniors in Canada are carrying large amounts of debts into their retirement. We explore debt forgiveness & relief options including government programs for seniors struggling to pay down your debts.
Category: Debt Relief
Learn how to find legitimate debt help in Canada and avoid scams. Compare Licensed Insolvency Trustees, credit counsellors, and debt consultants. Discover questions you should ask during your consultation.
Category: Debt Relief
Have you been in a situation where you resort to payday loans for quick cash? We provide everything you need to know about payday loans in a slideshow and steps you can take to eliminate these debts.
Category: Debt Relief
Have you been contacted or threatened by a debt collector, and are curious about what you can do moving forward? We explore two types of debt relief options you can use and how they can protect you.
Category: Debt Relief
Considering a debt settlement. In this post, we walk you through how to determine an affordable offer, the dos and don'ts of settling with your creditors, how to reduce debt by up to 80% and when working with an LIT is the right option.
Category: Debt Relief
This is yet another case of an individual struggling with debt, told to pay exorbitant fees to a debt settlement firm to deal with their debts. This time, the company was GEM Debt Law. We review the terms of the contract and explain why these debt consultants should be avoided.
Category: Debt Relief
Struggling with debt? Go directly to a Licensed Insolvency Trustee. Unlicensed debt consultants like York Credit Services will charge you extra fees just for a referral to an LIT. Here's a real story of someone who was scammed into paying an extra $800 for nothing.
Category: Debt Relief
Ideally, by age 30, you hope to have financial security and the ability to build wealth. But it's hard when you have student loans and other debts consuming your monthly income. Learn how an insolvency filing can give you a financial do-over so you can start reaching personal milestones sooner.
Category: Debt Relief
Use a Licensed Insolvency Trustee if you need help to deal with your debts via consumer proposal. Trust Advisory Service cannot provide these services and charge unnecessary fees. Learn more about it here.
Category: Debt Relief
You can opt for a debt management plan or debt settlement if you are struggling with unpaid debts. Learn about the advantages and disadvantages for both, and which may be best suited for you.
Category: Debt Relief
Not being able to meet payments on time and accruing debt can be stressful and overwhelming, but it is possible to achieve a fresh financial start. Read our step-by-step guide on how debt relief programs work in Canada.
Category: Debt Relief
Has the CRA charged you with interest or penalties? Learn about financial situations that qualify for waived charges, how to file for the CRA Taxpayer Relief Program and what to do if you aren’t approved.
Category: Debt Relief
Are you unable to make full payments towards your bills, and creating more debt each month? Find out if you could be eligible for Canadian debt forgiveness and what steps you need to take to move forward.
Category: Debt Relief
Bankruptcy law discharges student loans if you have been out of school for seven years however you can make a hardship application for discharge after 5 years. Find out how.
Category: Debt Relief
Not everyone struggling with debt has to file for insolvency. Learn about how and when to negotiate a debt settlement on your own with your creditors, and other aspects to consider in the process.
Category: Debt Relief
