Our Licensed Insolvency Trustees (LIT) 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 living debt-free.
Informal debt-relief options are often the starting point for tackling debt problems, and can be done on your own or with the guidance of a professional. Depending on your financial situation, you may be able to solve your debt problem with these do-it-yourself strategies.
Depending on your financial situation selling some assets may be enough to get you out of debt.
If your debt is manageable and you can tackle it yourself, we can help identify DIY debt solutions.
If high interest debt is your biggest problem we can help you decide if consolidation is a viable solution.
If your debt problems persist or become unmanageable on your own, it may become necessary to consider one of these formal debt-relief options. Our LITs can provide more clarity on the benefits of each option and how they relate to your specific circumstances during your free consultation.
Credit counsellors can offer a range of services and teach you new skills for managing your finances. There are many excellent not-for-profit credit counselling agencies (and BDO can refer you to trusted sources).
A debt management plan or debt management program (DMP) is a voluntary agreement between you and your creditors to reduce your debt payments. This is typically conducted through a credit counselling agency.
Unlike a DMP with a not-for-profit credit counsellor, a debt settlement plan involves a debt settlement company negotiating with your creditors to try and settle each of your debts for less than what you owe.
If you reside in Alberta, Nova Scotia or Quebec, you can go to your local court house to register for a consolidation order — or a voluntary deposit in Quebec — to help you make your debt payments.
If you are no longer able to pay your debts, a consumer proposal can be filed that usually has you repaying only a portion of the debt you owe. Only an LIT, as an Officer of the Court, can administer this debt solution.
Bankruptcy releases you from the majority, if not all of your debts. Like a consumer proposal, bankruptcy also immediately stops all legal action against you and can only be administered by an LIT.
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.
Debt can be uncomfortable, but there are solutions. If these five warning signs sound familiar, it may be time to reach out for some help. You don’t have to be overwhelmed by debt problems.
Read more about the 5 warning signs you have debt problems 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 120+ 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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