We will guide you through your options to deal with your financial problem.  Perhaps you need stronger money management skills or maybe approaching a lender for a consolidation loan can be feasible.  We will discuss the pros and cons of debt management programs, proposals to creditors, and bankruptcy. You have to know your options so you can determine what is best for you - we will explain the alternatives to you and the merits and consequences of each. 

You have choices

Every person is unique. What may be best for you may be wrong for someone else. A key factor in your decision may be just how long it will take under each option to reach your new financial goals or to rebuild your credit. If you are feeling stressed, overwhelmed, or sickened by your financial situation, you should certainly consider these options.

A consolidation loan or a second mortgage on your home can reduce your monthly payments significantly. You end up with one debt by consolidating all of your bills into one new loan with one payment. Just be sure to destroy your credit cards afterward.

Debt management programs (facilitated by non-profits and consumer credit counseling organizations such as Credit Counsellors of B.C. (1998) Ltd.) are plans where creditors receive a regular payment until your debts are repaid. Creditors may continue to charge interest and others may simply not agree to this process. The DMP is your best choice where there are no lawsuits, you have a relatively low debt load, you have no debts to the Crown, and you have surplus cash flow available to repay your debts within 3 to 4 years. 

Your debts may simply be too large. The purpose of the consumer proposal is to make a fair settlement offer to your creditors. The CP is available to financially-troubled insolvent persons under Canadian law – the Bankruptcy and Insolvency Act. But it’s not a bankruptcy. Ken Rowan & Associates Inc. is licensed to administer these proposals and we do a lot of them. Contact us to see if one can be developed for you! Keep all your assets and satisfy your creditors through a monthly payment plan!  

The purpose of bankruptcy is to help people obtain relief and get a fresh start. No one wants to go bankrupt – but where the debts are too high and the income is too low, bankruptcy can offer your family the quickest return to financial freedom and a fresh start.

 
Bankruptcy is not always your best alternative. If you would like us to provide you with a confidential summary of your alternatives, then please describe your situation to us.
(Please note that this is a fillable .pdf document that is best viewed using Adobe Reader - available as a free download on the Adobe website.)

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