Trust Us to Find a Debt Consolidation Solution
J Bottom & Associates provides individuals struggling to pull themselves out of significant debt to get a fresh start. While overwhelming debt might seem impossible, it isn’t. There are several solutions available to debt-ridden Canadian residents. Our bankruptcy trustees understand the nuances and challenges associated with bankruptcy law in Canada. We also know how to find the most effective solutions to complicated problems. More importantly, we offer compassionate services. We understand how stressful debt can be. Fortunately, Canada provides numerous opportunities to reduce or eliminate debts. Between incessant calls from credit agencies and the inability to purchase a car or house, debt keeps you down. Allow us to lead you out of the hole.
Before Considering Bankruptcy, Try a Consumer Proposal
Bankruptcy remains the best-known solution to debt problems. But that doesn’t mean it’s always the best solution. Many of our clients benefit from other methods of resolving their situation, including consumer solutions. Once you’ve obtained copies of your credit history reports from Equifax Canada and TransUnion, J Bottom & Associates can begin the process of a consumer proposal. There are numerous advantages to opting for this route. Still, there are some disadvantages. For example, consumer proposals are public record, are more expensive than bankruptcy, and a court must approve them. Additionally, you still must repay some of the debt, and your creditors must accept the proposal. But they offer a host of additional benefits, including:
- They allow debtors the chance to reduce their debt dramatically.
- Consumer proposals are useful if you can’t afford to pay all of what you owe but have a stable income and enough room in your budget to make monthly payments.
- They pause active collection efforts by student loan servicers.
- Proposals are an excellent alternative to debt consolidation plans.
- They halt interest payments and wage garnishments.
- You can avoid the hassle and impact of bankruptcy.
Debt Consolidation is Another Option for Canada Residents
If a consumer proposal won’t work, then J Bottom & Associates has other options, including debt consolidation. This method allows debtors to consolidate separate debts into one large one through a loan – usually from a bank. Instead of paying three credit card companies three different payments, you can pay the bank or lender one lump sum. They’re beneficial because they make it easier to pay back the sum of your debts, sometimes consolidated at lower interest rates, offer set payback timetables, and don’t have fees. However, there are some downsides:
- They often require collateral – usually an asset of some kind, such as a car or house.
- Debtors must have a good credit rating.
- The interest rates can be high.
- While debt consolidation creates smaller payments, you will stay in debt for longer.
- Work with J Bottom & Associates directly. Many unlicensed companies will scam you.
- They might not resolve the underlying problem causing your debt.
Resolving Debt to Creditors Through Bankruptcy
Debtors should only consider bankruptcy if no other options will work for them. J Bottom & Associates can help you determine whether bankruptcy is your best option. For many individuals, the solution is the only way to wipe out the entirety of their debt. The process can be speedy or prolonged, but once it is over, debtors have a fresh start. You must work with a licensed insolvency trustee during the bankruptcy process. There are several benefits to undergoing the procedure:
- Once you’re finished with the proceedings, no bank can turn you down for a new bank account.
- You can keep the encumbered property, such as your house or a car valued over $10,000.
- It protects debtors from additional actions by collection agencies, including wage garnishes, legal action, and collections.
- It eliminates all unsecured debts. Any debts with collateral are exempt.
- Bankruptcy can be less expensive than other options.
- First-time bankrupt individuals with little to no income usually experience a short process.
Contact J Bottom & Associates for Debt Consolidation
J Bottom & Associates wants to help you sort out your life and resolve your debts. Fortunately, we have plenty of resources and techniques available to us. Whether you opt for bankruptcy, a consumer proposal, or debt consolidation, we believe you’ll be on your way to a better future. As a well-regarded licensed insolvency trustee, J Bottom & Associates can represent you and your creditors in a fair and balanced manner, bringing much-deserved peace and security to your life. If you’re drowning in a mountain of bad debt, then it’s time to contact J Bottom & Associates for relief.
Visit our New Westminster, Port Coquitlam or North Vancouver, BC location today!
“Bankruptcy is a legal process that allows you to eliminate most, if not all, of your debts.”