If your debt is manageable and you can tackle it yourself, we can help identify DIY debt solutions.
A Licensed Insolvency Trustee (LIT), or formerly known as a “bankruptcy trustee” prior to April 2016, is licensed by the Office of the Superintendent of Bankruptcy to help people who are having trouble paying their debts. They give practical advice on all types of debt solutions, like budgeting and debt consolidation.
An LIT is the only professional who can administer consumer proposals and bankruptcies. These government-regulated debt forgiveness programs are designed for people who are unable to pay back all or some of their debts.
Our LITs work to ensure you are aware of all the options available to you — and that you understand how each one works — so you can make an informed decision on your best path forward. For many, this is the first step toward debt relief.
Our debt professionals and LITs will explain a range of debt solutions based on your financial situation. Here are the four main strategies for reducing the burden of debt:
If your debt is manageable and you can tackle it yourself, we can help identify DIY debt solutions.
Credit counsellors can help you devise a debt management plan and teach you new skills for managing your finances.
If high interest debt is your biggest problem we can help you decide if debt consolidation is a viable solution.
If you are no longer able to pay your debts, an LIT can help you understand if a consumer proposal or bankruptcy is the right debt solution for you.
Add up your debt from all sources (including credit cards, lines of credit, loans, etc.) and enter the total amounts below. Click 'Submit' to see how different solutions can affect your monthly payments and the total cost of repayment over the span of 5 years.
Credit counselling or debt counselling is a type of debt management solution. Think of it as a way to take control of your debt before it requires a heavier approach like a consumer proposal or bankruptcy.
A credit counsellor will help you understand why you feel stuck in debt, teach you a variety of repayment strategies and debt relief options, then help you apply them to your own finances.
Read more about credit counselling here.
Talking about debt can be intimidating, so we ensure you feel supported every step of the way.
We take the time to explore all debt relief options, so you can choose the best one for you.
With 100+ offices and 60+ years of experience, we're ready to help in your local community.
Talking about money can be uncomfortable & intimidating, which is often enough to prevent you from getting the help you need.
At BDO, we believe that judgement-free, compassionate support goes a long way to making that first step just a little bit easier. We know that debt problems can happen to anyone and there's no shame in seeking help.
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