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Debt help & bankruptcy

woman who needs help with debt in Thunder Bay - avoid bankruptcy

Help getting out of debt

If you need debt help in Thunder Bay or NW Ontario, you are not alone. An estimated one in six people is having serious financial difficulties. Worry and stress caused by excessive debt is unhealthy and can affect every area of your life.

You may find yourself in financial distress due to disability or illness, the loss of your job, a business failure or family problems. Many of these situations are beyond your control.

Don't be discouraged. We can help you find debt solutions. Contact us and take the first step towards solving your financial problems.

There are a number of options to help you get out of debt, including:

  • Consumer Proposal

    Depending on the amount of your debt, it may be possible for you to contact your creditors directly and negotiate a lower interest rate or a repayment schedule that works for you.

 

  • Bankruptcy

    When your financial obligations can no longer be met, filing bankruptcy in Ontario enables you to get immediate protection from your creditors and have a fresh start.

  • Debt Consolidation Loan

    Debt consolidation gathers your debts into a single loan so that you can repay multiple creditors through one monthly payment. The interest rate is often lower than what your existing creditors offer.

  • Informal debt settlement

    With informal debt settlement, creditors expect you to present them with a plan outlining how you can pay them back; there are many variables and potential challenges to consider.

  • Credit Counselling

    In situations where your debt is low but repayment is becoming unmanageable help from an Ontario credit counselling agency may be an option. Non-profit credit counselling organizations contact creditors on your behalf. They also provide education and counselling on personal budgeting strategies and how to avoid debt.

  • Mortgages & bankruptcy

    If you are in debt an unable to pay your mortgage, the lender will be able to sue you and eventually foreclose on the home.

  • Car loans & leases

    Having the use of a car or truck may be essential for you to get around and get to work. Many people are worried that they will lose their vehicle if they file personal bankruptcy.

  • Credit card debt

    Credit card debt is one of the most common ways people get into financial difficulty. You should always try to make the minimum payment on your credit cards. There are consequences if you miss payments on your credit cards.

  • Income tax debt

    There are options available to help you deal with this income tax debt. You can often make a deal with the Canada Revenue Agency (CRA) for taxes you owe. You can either negotiate payment terms or file a proposal under the Bankruptcy and Insolvency Act (BIA) to avoid filing for bankruptcy.

  • Student loans

    The Canada Student Loans Program (CSLP) has implemented changes that allow borrowers who participate in a bankruptcy-related event to apply for new federal loans while in-study and for debt management measures while in repayment. A bankruptcy-related event includes: bankruptcy or filing a consumer proposal.

  • For farmers

    If you are a farmer in debt there are unique treatments applicable to the agricultural sector under the Bankruptcy and Insolvency Act (BIA) and under various other governing acts.

  • Debt management

    Most people believe that when their debt gets out of control that they have to file bankruptcy. But there are other debt management solutions besides bankruptcy. We have helped many people find relief from debt through a consumer proposal, often helping people with a solution that means repaying back only apportion of the amount they owe.

» Read more about these debt solutions

Get help now in Thunder Bay and NW Ontario

To get help and review debt solutions in Thunder Bay, Dryden, Fort Frances or other areas of Northwestern Ontario, call us toll free at 310-8888 for a free, no obligation, confidential consultation.

979 Alloy Drive, 3rd Floor
Thunder Bay, Ontario   P7B 5Z8

T +1 807 345 6571
F +1 807 346 7304
TF 310 8888

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© 2012 Grant Thornton Thunder Bay & NW Ontario • All rights reserved   |   Debt Help on Google+   |   nwodebthelp@ca.gt.com


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