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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.

Personal Bankruptcy

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
Smythe LLP
201-1825 Bowen Rd, Nanaimo, BC V9S 1H1

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