Too much debt can be stressful, and you may feel as though there is no way out. Don’t despair. There are solutions for debt relief in Vancouver. You can stop creditors from calling and sending collection notices. Once you get your debt resolved, you will be able to start rebuilding your credit. You can get the fresh start you need to solve your money crisis.
What Are My Options For Debt Relief in Vancouver?
Generally, you have two main options for immediate debt relief in Vancouver. These choices include personal bankruptcy and a consumer proposal. You can make arrangements to repay your debt with consolidation. Your creditors will immediately stop harassing you for payments when you agree to repay your debt with a consumer proposal. You may qualify for either bankruptcy or a consumer proposal. A debt counselor will review your financial situation and explain the options that best suit your needs.
If you suffer from severe financial problems, one option that you can consider is bankruptcy. When you file bankruptcy, you will get immediate relief from your creditors. You will work with a bankruptcy trustee. The trustee oversees the bankruptcy, and you must report your monthly income and debts. You may be eligible for bankruptcy if you have more than $1,000 of unsecured debt. You are entitled to keep up to $32,000 in exempt assets. Your adjusted income determines your monthly payment. Bankruptcy will impact your credit rating for a period of six years after the discharge of a first-time bankruptcy.
What is a Consumer Proposal?
A consumer proposal is a legal agreement to repay your debts through consolidation. Creditors may accept reduced payments in exchange for this solution. You will need to make monthly payments towards the consolidated debts until they are paid. A consumer proposal allows up to five years for repayment of the debt. This option impacts your credit rating for a period of three years after your final payment. You are allowed to keep your assets such as your home and vehicle. You may qualify for a consumer proposal if you have between $1,000 and $250,000 of unsecured debt.
How to Get Help with Debt Relief
The choices for debt relief in Vancouver can be complicated and confusing. You need guidance from a professional with experience in financial counseling. It is helpful to learn ways to manage your money without getting back into debt. Our team of professionals at Smythe Insolvency will assist you with all aspects of your financial situation. We work with you to determine the best options for debt relief in Vancouver. We also assist with creating a monthly budget and teach you how to be more careful with your money. Our experts will help you work towards your financial goals and give you the guidance you need to get out of debt for good. We offer free initial consultations. Contact us today to learn how we can partner with you to get you back on track with your finances.Debt Relief Vancouver
If you have a lot of debt, you aren’t alone. Many people get into debt and find it difficult to get out. When you owe money, you are under a lot of stress, and it is difficult to enjoy life. You need help with debt solutions in Vancouver to assist with your problem so you can get back to the essential things in life. There are some options available to improve your situation.
Debt Solutions in Vancouver
There are a couple of options available to you if you are feeling overwhelmed by too much debt. A consumer proposal is one way to settle your debt for less than you owe. Another option is to file personal bankruptcy. Both options offer you a resolution to your financial situation. There are both pros and cons to each of the debt solutions in Vancouver. It is best to speak with a professional to assist you in making this important choice in your finances.
What is a Consumer Proposal?
A consumer proposal is a legal agreement between you and your creditors and the Canada Revenue Agency. It allows you to settle your debt for less than what you owe based on consolidation. You will agree to consolidate your debts into one monthly payment that you must repay in a period of no longer than five years. Once you complete the payment agreement, you are free from debt. You may qualify for a consumer proposal if you owe less than $250,000 on your home mortgage and have steady employment.
If you do not qualify for a consumer proposal, you may want to consider bankruptcy. Bankruptcy is one of the most common types of debt solutions in Vancouver. Bankruptcy allows you to eliminate your debts if you have more than $1,000 of unsecured debt. You may be entitled to keep up to $32,000 of unsecured assets. Your monthly payments depend on your income or surplus income. Surplus income depends on the size of your family. A trustee will be assigned to oversee your bankruptcy. You must report income and expenses to the trustee.
Help from Smythe Insolvency
Smythe Insolvency has the experience and expertise to help you resolve your debt problems. An expert will review your specific financial situation and provide you with answers to your questions. After we evaluate your debt, we can guide you to the process that will work best to eliminate your debt. You don’t need to live with the stress and turmoil of excess debt. Instead, you can relieve your anxiety and financial pressure with a consumer proposal or bankruptcy. We also offer financial counseling to give you the information and education you need to prevent you from having further financial difficulties. Our trusted advisors will assist with budgeting and money management and develop strategies to help you rebuild your credit and achieve your financial goals. Contact Smyth Insolvency today to schedule a free initial consultation. We will help you get out of debt so you can enjoy life.
Whether you realize it or not, there are laws that are governed by Consumer Protection BC that exist to prevent debt collectors from being, shall we say overzealous, in their debt collection methods. According to Consumer Protection BC, debt collection must be done with integrity and in compliance with said laws. If debt collectors do not comply, there are remedies that we can seek on your behalf.
Consumer Protection BC Debt Collection laws prevent debt collectors, from among other things, threatening and harassing debtors, as they have the habit of doing in the United States. Consumer Protection BC licenses and oversees the behaviour of debt collectors and debt collection agencies in British Columbia.
Aside from Harassment, What Else Does Consumer Protection BC Debt Collection Laws Protect Me From?
Additionally, debt collectors may only call or attempt to contact you during certain times of the day. Smythe Insolvency can help you to learn your rights and enforce them! The first step is knowing! But before you can determine the law and how it applies to your situation, you first must be able to distinguish between a debt collector and a collection agent. Collection agents are known for using more aggressive collection tactics, as they only get paid when they collect money.
If a debt collector or collection agent is treating you badly or not obeying the laws that exist to protect people like you, an informed person can take advantage of the different ways to go about putting a stop to it. Consumer Protection BC debt collection laws can hold them both accountable. Smythe Insolvency invites you to contact us today for reliable and helpful legal counsel. We can put help you put an end to the unlawful behavior of debt collectors and possibly even seek damages from them.
How Do I Know if a Debt Collector is Harassing Me?
Debt collectors or agents are breaking the law if and when they harass you. Although there is often a fine line between being assertive and harassing, some examples of harassment might include:
Also, there are strict laws governing the times in which a debt collector can communicate with you. According to BC law, debt collectors may not attempt to contact a debtor by phone or in-person outside of the following times:
Mon-Sat: 7:00am - 9:00pm
Sun: 1:00pm - 5:00pm
Debt collectors may not call or contact you on statutory holidays at any time.
Can a Debt Collector Harass Me at Work in BC?
Further, debt collectors who try to contact a debtor at work may only do so under limited circumstances, such as when they do not have the debtor's address, phone, or email. This assumes that you have not given the debt collector permission to contact you at work. If the debt collector has tried to contact you at home without success, they may legally attempt to contact you only once at work.