Debt help in Halifax

Debt consolidation in Halifax

Wondering if debt consolidation could help you pay your off debts faster? Debt consolidation can help lower interest payments but it’s not for everyone.

Our Halifax team has decades of experience in advising people about the best debt relief solutions for their situations. Our team can not only help you understand what consolidating your debts could mean for you, but also show you if there are other options that better suit your needs.

Our Trustees are ethically bound to act in your best interests. You can count on their wealth of knowledge and experience to help guide you in any financial recovery process.

FAQ

While bankruptcy can be an effective tool to remove debt, it’s often not what most people need. We offer several alternatives that allow you to retain more control of your finances and assets.

A consumer proposal, for example, can significantly reduce your debt by up to 80%. It also lowers your monthly payments and allows you to keep all your assets. Our Trustees take the time to get to know you and your situation before suggesting any debt relief option. They’ll fully assess your needs and establish a complete understanding of your financial situation in order to help you best.

No matter what your situation, we’ll take the time to find an explain the best option for you and personalize it to your needs.

In Canada you must owe at least $1,000 of unsecured debt to file a consumer proposal. Unsecured debt is debt that is not backed by collateral and includes things like credit card debt, personal loans, medical or utility bills and student debt.

Only a Licensed Insolvency Trustee can file a consumer proposal on your behalf. If you’re struggling with debt, our team can advise if a consumer proposal is the right course of action for you. The first consultation is completely free.

Consumer proposals that are filed by BDO Debt Solutions Licensed Insolvency Trustees are overwhelmingly accepted. Our team takes care of crafting the proposal and negotiating with your creditors on your behalf.

Once accepted, your debt level and monthly payments will be drastically reduced, and you’ll be on the path to becoming debt free. If you’re in need of debt help, call us and we’ll assess what solution works best for you. The first consultation is free of charge.

A consumer proposal can be customized based on each individual situation. As a result, the amount that it can reduce your debt varies from person to person. It is possible for a consumer to reduce how much you have to pay back by up to 80%.

Consumer proposals also lower how much you need to pay each month. Your monthly payment can be dramatically reduced with a consumer proposal.

Debt consolidation is when multiple debts are combined into one payment each month. While this lowers the interest rate and can save people some money over time, it does not lower the amount you must pay back.

Debt consolidation loans often require you to have a good credit score to be approved though, meaning this solution is not for everyone.

Filing either a consumer proposal or bankruptcy will stop debt collectors from contacting you. Once a proposal is accepted by your creditors, or you declare bankruptcy, it is a legal requirement that collection calls and letters must stop.

Remember, only a Licensed Insolvency Trustee can file either of these types of debt recovery plans for you.

Bankruptcy is the last resort option for debt relief. It is only used in extreme cases.

Declaring bankruptcy allows someone to be released from most, if not all, of their debts. A person may have to sell their assets as part of the bankruptcy but the majority of people who declare bankruptcy do keep their house.

A first-time bankruptcy lasts for a minimum of 9 months.

How we've helped

Our clients say it best. Hear from people we've helped about their financial recovery journey and their experiences with BDO.

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I just wanted to thank Kim Burke for the work she did on my behalf.

J.S.

Halifax

Beth Mongeon was the Administrator on my file and the work was performed admirably. Any issue was handled with efficiency and expediency, consequently I was grateful that whenever any issue arose I had no worries. However, I remain most grateful for the respectful communication. I had the unfortunate experience of being treated negatively by several agencies due to my status of undergoing bankruptcy. This is harmful and damaging to someone already undergoing great distress and loss. And so, for me the respect that every person is rightfully due was gratefully and noticeably appreciated.

J. M.

Kim Burke, I really can't thank you enough. You really are amazing at what you do and thank you so much for your time and patience with me.

A.V.