First Name
Last Name
Province
Type of Accommodation
Evening Phone () -
Day Phone () -
E-mail
Amount Unsecured Debt

Testimonials

“I am so happy that I’ve only been in the program for only 4 months and already saved $21,800.”
-Wendy,
Vancouver, BC

“After being absent for years, a smile has finally returned to our faces. Thank-you, you are so wonderful. We are so pleased that we are debt free and can resume our life again.”
-Jennifer & Sean,
Ottawa, ON

Other Debt Help Options

Bankruptcy

Advantages

Collection activity will stop
Nothing to lose if you have no assets
A Fast and sure way out of debt

Disadvantages

Can be a extremely intrusive and unpleasant experience
All information is public
Impacts your credit rating for 7-10 years
All non-exempt assets are surrendered to the trustee to pay creditors
Bankruptcy Trustees essentially work for the creditors, not you
Total cost can be more then Debt Settlement
Can impact your employment if you are bondable

Bankruptcy can sometimes be your best way out of an overwhelming debt situation but you should consider how the law forces a Trustee in Bankruptcy to operate in Canada. It is a long and painful process and the repercussions can last up to 10 years.

The bankruptcy process must be administered by a Trustee in Bankruptcy. When considering filing for bankruptcy, always deal with a licensed trustee; that is, a trustee who has obtained a license from the Superintendent in Bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada).

What most people don't know is that even though you pay a Trustee for filing an assignment in bankruptcy, they are working on behalf of the creditors that you owe. That means even though you pay the Trustee to provide a fresh start for you, they are essentially an appointed agent for the creditors and looking after the best interest of the people that you owe. The Trustee works towards returning the creditors money back through the assets you hand over during the bankruptcy process.

You will present all of your debts and most of your assets to the Trustee. Very little of your assets are exempt from bankruptcy. In Ontario (2007 rules) )for example, you may keep your car if it is worth less than $5,650, necessary and ordinary wearing apparel up to $5,650, certain tools up to $11,300 if required by your trade, up to $11,300 of furnishings and certain types of life insurance. Most of your other assets are available for seizure and may be lost including your home, and your investments (except RRSP's and pension plans in certain cases). As a result, always consider doing everything you possibly can do to avoid going bankrupt.

Total debt freedom on the other hand only works for you to save you as much as money as possible. Our team is compensated in part based on the success of the settlements they achieve for you. Debt settlement services are private and do not affect your credit report the same way as going bankrupt. Bankruptcy is public information. Many people also don’t realize that once you file for bankruptcy you cannot obtain work in certain areas such as in real estate, or handle money like in bondable positions. Again bankruptcy is not an easy or quick fix; it is a serious decision with significant consequences.