One of the challenges for anyone in Canada is understanding the options they have when experiencing financial difficulties. Much of the information online is from the United States, and this can lead to misunderstandings and misperceptions about bankruptcy, credit issues, and other options that are not possible or not the same as in Canada.
The good news is that a range of options is available for Canadians facing financial challenges. Working with a debt consultant from 4 Pillars provides the individual or the couple with a personalised and customised look at the possible options. A debt consultant is there to provide information and financial insight, and it is always up to the client to select the option that is best suited to their needs.
Bankruptcy
While many people assume that bankruptcy can be used when people are behind on payments, this is not always true. Bankruptcy is also costly, and it does not address all possible debts. In talking to a 4 Pillars debt consultant, each individual or couple can understand the pros and cons of this option.
Consumer Proposal
Many people find that a consumer proposal, which is completed through a Licensed Insolvency Trustee (LIT), is an effective option to clear up financial debt. This is a written proposal between the individual and the creditors, with the LIT accepting the payments from the individual and paying off the creditors as provided in the agreement.
A 4 Pillars consultant can help you to understand options and also to develop effective money management skills for the future.
