Dealing with debt can be challenging, especially when you owe money to multiple creditors. When you find yourself struggling to manage complex debts in Quebec, it’s essential to have a plan in place to regain control of your financial situation.
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Who Qualifies for a Consumer Proposal?
A consumer proposal is a legal agreement between you and your creditors that allows you to settle your debts for less than you owe. However, not everyone is eligible.
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Different Debt Relief Options
Debt can be a major source of stress and anxiety, especially when it seems like there’s no way out. Fortunately, there are several debt relief options available to help individuals regain control of their finances. Below are some of the most common debt relief options.
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Voluntary Deposit: Is There A Better Option?
Debts can be a major financial burden that affects many individuals and families. A voluntary deposit is an option for those who are struggling to manage their debts. Below, you’ll find everything you need to know about voluntary deposits, their advantages and disadvantages, how they are calculated, and whether there are better debt-relief options available.
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How Insolvency Affects Your Credit
In Quebec, insolvency is a legal process that allows individuals and businesses to eliminate their debts and start fresh. However, this process has a significant impact on your credit score and credit history. Understanding how insolvency affects your credit score and credit history is crucial if you are considering this option.
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Debt Settlement: What Percentage Should You Offer?
A debt settlement is a negotiation between you and your creditors that will allow you to pay off only a portion of your debt. Although this process may seem simple enough at face value, there are some intricacies that go along with it. Here’s everything you need to know.
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How a Consumer Proposal Affects your Partner
You might wonder how a consumer proposal could affect your love life. There’s nothing scarier than putting your partner’s financial health at risk because of the debts you have. So put your mind at ease by reading everything you need to know about if/how a consumer proposal can affect your partner.
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Can my Debt Discharge be Challenged?
You dealt with the intense anxiety of having to pay off your debts for a very long time, and decided to take all of the necessary steps to get rid of them. After the struggle of paying back your debts on time and remaining frugal for so long, you finally succeeded and paid everything off and are free of your debts. You think it’s high time you receive your debt discharge — except it’s being challenged. So what happens next? Read on to find the reasons as to why your debt discharge is being challenged and the steps you need to take in order to finally be free.
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5 things to know about consumer proposals
Consumer proposals are on the rise all across Canada and even more in Quebec. In fact, from 2012 to 2013, the number of consumer proposals increased by 5.4% in Canada and 28.7% in Quebec! At the same time, the number of personal bankruptcies declined by 3.2% in Canada. No doubt that the consumer proposal is becoming the solution of choice for debtors.
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