Most Canadians do not know that creditors will often accept less than what is owed through a legally defined negotiation process. In many circumstances so long as the debtor`s offer is more than what the creditors would otherwise receive in a bankruptcy, then a deal may be struck. An offer of something is better than nothing.
The following options to get out of debt will be discussed in detail
in a free face-to-face consultation:
- Consolidation loan: a low interest loan from the bank to pay off high interest debt
- Property mortgage: a second mortgage on your home to pay off your high interest business and personal debt
- Consumer proposal: a legal offer to pay off your debts interest free over 5 years, up to 80% of debt forgiven
- Bankruptcy, the last option which we prefer to avoid