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Vancouver Debt Relief Solutions
Dealing with high levels of debt can be stressful. It can sometimes seem like debt relief is impossible. However, that isn’t the case. There are a number of debt relief options available to people. Some of these are legal procedures such as consumer proposal and bankruptcy. Some are more informal processes that can help you resolve your financial situation.
Each person is different and each financial situation is unique. Therefore, there is no one debt relief option that is right for everyone. Speaking with a trustee in bankruptcy can help you understand the options that are available to you so that you can make an informed choice. Despite having the word “bankruptcy” in the name, a bankruptcy trustee is not just trained to file for bankruptcy. Bankruptcy trustees are trained and licensed by the federal government to explain all available options and to help you understand the choices available.
Informal Debt Relief
If you chose not to take part in a formal process such as bankruptcy or consumer proposal, there are still things that you can do to find debt relief. One of the first steps is to sit down and look at your current financial situation. You will need to create a household budget in order to see if there are expenses that you can cut down on in order to improve your financial situation. You may be able to find room in your budget that will allow you to meet your financial obligations and pay your debts as they become due.
If your debt load is very high, you may wish to look into a debt consolidation loan. The goal of these loans is to find a loan with a lower interest rate than the overall interest rate of your existing debts. This will reduce the amount of interest that you pay on the amount owing. However, depending on your debt load and financial situation, you may not be able to get a loan with a lower interest rate.
You may also choose to negotiate with each of your creditors individually. However, this can be a difficult and time-consuming process. It’s also important to note that informal negotiation does not automatically include protection from legal action and wage garnishment. You will need to negotiate an end to such actions individually with each creditor. There is also no guarantee that all of your creditors will be willing to work with you.
If you are looking for debt relief, it will likely be in your best interest to speak with a trustee in bankruptcy. He or she will be able to review your situation and help you understand the options that are available to you. Plus, a bankruptcy trustee is the only person who is able to provide you with legal protection from your creditors through the consumer proposal or bankruptcy processes.
Working with a Vancouver Bankruptcy Trustee
If you are seeking Vancouver debt relief and looking for help reducing or eliminating your debt, you may want to consider meeting with a licensed bankruptcy trustee. Trustees are licensed by the government of Canada. All trustees must undergo many years of training and must follow a strict code of ethics.
After reviewing your financial situation, the trustee will provide you with the options that are available to you. A bankruptcy trustee is required by law to discuss ALL debt relief options, not just bankruptcy. The option that you choose to pursue is entirely up to you. You will never be pressured into choosing a particular option by a trustee in bankruptcy.
A trustee in bankruptcy is able to provide legal protection from creditors through the consumer proposal or bankruptcy process and ensure that all creditors stop collection actions once these processes are underway.
The Bankruptcy and Insolvency Act determines the fees that bankruptcy trustees are able to charge. There are no upfront fees and the initial consultation is free.
If you have any questions about the services that a trustee in bankruptcy provides or if you would like to arrange for a free consultation with a trustee, please feel free to contact our Vancouver office today.