debtcare.ca

Author: mgoldenberg@debtcare.ca

  • Preparing a Budget to Manage Back-to-School Shopping

    Back-to-school shopping in Canada can quickly get expensive. According to an Angus Reid poll of 1,500 people, in 2017 Canadians expected to spend $883 per family on back-to-school supplies and fashion — $325 more than they spent on holiday gifts last year.

    Over half of parents said that back-to-school shopping puts a strain on their household finances. Nearly 40% said it takes months for them to pay off the bill.

    If you’re already in debt, this could mean digging yourself into an even deeper hole. You need a plan to be prepared, especially with the current economic climate in Canada.

    As we’ve previously written, Canadian interest rates are on the rise. This means anything with a variable interest rate (like credit cards) will get more expensive with each Bank of Canada interest rate increase. So, if you rack up another $883 on your credit cards, the interest to pay it back could be potentially even higher if rates keep going up this fall.

    Don’t break the bank with back-to-school shopping — make a plan instead.

    1. Set a Budget

    How much can you reasonably afford to spend on back-to-school expenses without going into debt? Looking at your household budget can help you answer this. If you know what you typically spend in a month without back-to-school shopping, then you might be able to see where there is wiggle room for what you can spend.

    1. Choose Your Priorities

    As you’re reviewing your monthly household expenses, determine what is most important to you. For instance, if you have a monthly budget of $100 for entertainment costs, like new movies or a Netflix subscription, perhaps you forego those expenses this month to pay for back-to-school shopping. If you regularly order takeout, perhaps you decide to devote this month to cooking meals at home and use the savings for your school expenses.

    1. Determine What Back-to-School Supplies You Actually Need

    Your kids may not be big fans of this one, but it will really make a difference to your bottom line. What do they actually need for back-to-school? The school may have sent a list, or you can contact the administration and ask. For instance, they may be required to bring pencils, pens, and a scientific calculator, but they don’t need the latest iPad, the most expensive gel pens, or a brand-new lunch box every year.

    As for clothing, do they need new clothes because they’ve outgrown their old ones, or is new clothing just a nice-to-have? If it’s the latter, perhaps you agree to buy one or two new outfits but cap it at that. You could even put new clothing into your budget for the whole school year and use it as an incentive to keep grades up.

    1. Make Smart Shopping Choices

    Once you’ve determined what you actually need to buy, now you need to decide where to buy it. Some stores are going to cost more. If possible, avoid those shops. Plenty of great supplies can be found at less expensive options, like a dollar store, or , too. If you have friends with children a little older than yours, they may have clothes or school supplies their kids don’t need anymore.

    You can also get creative with your clothes shopping. Consider looking for a clothing swap (or organizing your own). This can be a lot of fun because it feels like going shopping without spending a lot of money.

    If your kids have supplies they’re no longer using, you could also sell those and use the proceeds for this year’s shopping.

    1. Look for Alternate Funding Sources

    If you absolutely must buy an expensive back-to-school item, like a laptop, and there’s no room in your budget, there may be assistance available. Ask about funding programs at your school or in the community.

    If you do need to go into debt to afford the back-to-school expenses, make it a smart debt. Don’t rack up credit card expenses that will take months to pay back, result in high-interest payments, and potentially harm your credit. Also avoid payday loans as they are dangerous cycles that are hard to get out of.

    Instead, look for a small personal loan with a reasonable interest rate that you can pay back in fixed monthly payments. This way you’ll know exactly what you have to pay every month and be able to budget for it accordingly.

    Back-to-school shopping can be expensive, but with some forethought it doesn’t have to break the bank. DebtCare Canada can help you make a budget or explore your options for loans or financial products that help you build credit.

    Contact us today for a free consultation. Call 1-888-890-0888.

  • BOC Interest Rate Rises to 1.5%: Do You Need to Consolidate Debt?

    Canadian interest rates are at a new high. On July 11, 2018, the Bank of Canada (BOC) interest rate rose to 1.5%.

    This is still a relatively low interest rate, but if you’re struggling with debt it could mean trouble.

    Canadian interest rates affect floating, or unsecured, debt. This could be anything from credit card bills to variable-rate mortgages to certain lines of credit. If you have debt with a fluctuating rate that changes month to month, the BOC interest rate will likely affect you.

    At the start of 2018, Canadian household debt levels were at a record high. But since interest rates have increased, those debt levels have dropped. With higher interest rates and stricter mortgage lending guidelines, people aren’t able to take out as much debt. Plus, wages are up, which is also helping.

    But even as the interest rate increases are working to bring down Canadian household debt, debt levels are still high. If you’re struggling to make ends meet, you might be wondering how to consolidate debt.

    Debt consolidation can take all of your unsecured, outstanding payments — credit cards, lines of credit, etc. — and put them into one lump sum.

    With debt consolidation, you could:

    • Take out a loan with a fixed interest rate (that won’t change with BOC increases).
    • Use that money to pay off your other high-interest debts.
    • You would still need to repay that loan, but you would be able to plan for it.

    Higher interest rates can also affect mortgage refinancing and renewals. For instance, if you got your current mortgage rate five years ago and it’s now up for renewal, your lender may tell you that you have to renew at a higher rate.

    And any new debt you take out with a big Canadian bank may be higher. The raise to 1.5% is expected to encourage big banks to raise their prime lending rate as well, so it will be more expensive to take on new debt.

    If you can’t repay your current debt, your credit score will be affected, which will also worsen your financial situation.

    In any of these cases, debt consolidation, mortgage renewal, or wanting to take out new debt but not having the means to pay it off, DebtCare Canada can help. We have always provided independent advice to our clients, considered all their options and we then recommend only what is in your best interest.

    We specialize in offering financial help to people with all types of credit and income. In addition we are now able to provide you with first mortgages, second mortgages, debt consolidation loans, and much, much more.

    This BOC interest rate increase is only the beginning. Interest rates will be increasing further in the future, so don’t wait to get a handle on your debt.

    Contact us today to get started. Call 1-888-890-0888 or visit www.debtcare.ca.

  • How Does the CRA Garnish My Wages? CRA Garnishment

    How Does the CRA Garnish My Wages? CRA Garnishment

    CRA Garnish My WagesA Canada Revenue Agency, a CRA garnishment is one of the most dreaded forms of collection action – and for good reason. If you’ve found yourself asking, “How does the CRA garnish my wages?” you’ve come to the right place.

    In a CRA garnishment (called a requirement to pay) the CRA can garnish your employment income or client invoices if you are self-employed.

    They can also garnish from your other sources of income, including any federal agency or department that owes you money, such as the Canada Pension Plan or Employment Insurance.

    What’s worse is that the CRA does not have to warn you about this, nor do they need a court order to garnish. If they have decided to garnish your wages, they will either contact your employer or your clients (if you are self-employed) and request that the necessary amount is taken off your paycheque or invoice and sent straight to the CRA.

    This can have far-reaching consequences. If you are employed, your employer will now know that you are in financial trouble, which could be embarrassing depending on your situation. It can be even worse if you are self-employed, as your clients will now know that you are struggling, which might make them question whether they should continue to do business with you.

    If your employer, other income providers, or clients are contacted by the CRA, they are legally obligated to comply with the payment request.

    The best course of action is to avoid a CRA garnishment before it even starts. Once a wage garnishment is in place, the CRA becomes that much harder to negotiate with.

    If you have advance warning of a garnishment, or know that you owe the CRA, it is in your best interest to look for ways to pay the taxes owing. If you can’t afford it, talk to a professional debt counsellor who can help you find the right course of action to make sure the CRA gets their money and your professional reputation is kept intact.

    If you’re already under a CRA garnishment, there are only two things that can force the CRA to involuntarily stop collection (besides paying the debt in full): filing for a consumer proposal or filing for bankruptcy.

    In a consumer proposal, an offer is made to your creditors to repay a portion of what you owe in lieu of the whole payment. The downside is that it can critically affect your credit score, so it will likely be very difficult to qualify for any type of credit until years later.

    Filing for bankruptcy leaves you with only one monthly payment, stops interest and collection action, and reduces debt, but your assets may be taken, and it also affects your credit in a major way.

    Both a request for consumer proposal and a request for bankruptcy must be filed through a Licensed Insolvency Trustee (LIT, or formerly known as a bankruptcy trustee) who takes a portion of what you pay.

    If you’re on the line for a CRA garnishment, you need someone who will represent you — and only you.

    This can include going over your debt consolidation options, making a plan to pay the CRA, or being your advocate while filing for a consumer proposal or bankruptcy.

    At DebtCare Canada, we provide all these services and more. Learn about how we can help today.

    Contact us for a free consultation. Call 1-888-890-0888.

  • Will You Wait for the Canadian Interest Rate Surprise on July 11?

    Most years, July 11 is just another day. But in 2018 it could mean a change to the Canadian interest rate.

    The Bank of Canada has scheduled its next interest rate announcement for July 11, 2018. This is when they will publicly say if interest rates are going to increase again or not. If they do increase, unsecured debt will be affected. Could you handle a hike?

    If you’re not sure, it may be time to think about other options.

    One of those options might be mortgage refinancing. If you’re saddled with a lot of high-interest, unsecured debt, such as credit cards, student loans, or other consumer debt, refinancing your first mortgage could give you a lifeline out.

    Essentially, a first mortgage refinance would give you money based on equity available in your home. You could then use that money to pay off your outstanding, high-interest debts. You will then be left with a single monthly payment with a significantly lower interest rate.

    Even if you’re not struggling with debt, you may be considering refinancing your first mortgage for other reasons – perhaps there’s a home renovation project you’d like to undertake, or you’re planning for a big purchase, or you have a lot of equity available in your home and want to take advantage. Whatever the reason, if you’re considering refinancing, it’s better to do it now than after interest rates increase even further.

    Why would you want to refinance before an interest rate change? For one thing, if you’re on a variable-rate mortgage, you may want to lock into a fixed-rate mortgage so your payments won’t fluctuate with the interest rate.

    If you’re thinking about refinancing your first mortgage, doing so will get more expensive as interest rates rise, which means you could be saving less over the long run.

    Take the following example:

    You have a mortgage for $200,000 with Lender A at a 7% interest rate, and you have $20,000 in credit card debt. You find that you can get a mortgage of $220,000 from Lender B with a 5% interest rate. You use the $200,000 to pay off Lender A, and the $20,000 to pay off your credit cards, and then you repay Lender B over the long-term with a lower interest rate.

    But if interest rates keep rising, you might not be able to secure as low of an interest rate for your refinancing, which could make the loan harder to pay off.

    If mortgage refinancing is on your mind, but you’re not sure if it’s the right move, we can help. DebtCare Canada can assess your situation to determine whether refinancing your first mortgage is a good idea, or if another debt consolidation method would work better.

    Don’t wait until July 11. Get in contact today to go over your options.

    Call us for a free consultation: 1-888-890-0888.

  • Happy Canada Day from DebtCare Canada!

    Happy Canada Day from all of us at DebtCare Canada!

    Today and every day we are proud to live and work in a country that celebrates diversity, freedom, and natural beauty. From coast to coast, there is something special to see in every part of Canada.

    We hope you enjoy the day spent with family and friends!

     

  • Two Ways to Get Out of Debt in 5 Years or Less

    What is the best way to get out of debt fast?

    Unfortunately, when it comes to debt there is rarely an easy way out. You likely didn’t get into debt overnight, so it’s going to take some time to regain your financial freedom. But there are options that can significantly speed up the process.

    We’re looking at two of these options: filing for a consumer proposal and securing second mortgage financing. Read on to determine if one would work for you.

    1. Consumer Proposal

    In a consumer proposal, an offer is made to your creditors to repay a portion of what you owe in lieu of the whole payment.

    A consumer proposal is generally termed over five years. It is suitable for someone who is loaded in debt, making minimum payments, has defaulted on debt, or is having problems managing payments. It stops collection action and interest.

    You might be eligible for a consumer proposal if you:

    • Have under $250,000 in debt (excluding your mortgage).
    • Are a higher-income earner who has gotten into a bad financial position.
    • Are a homeowner with some equity available.

    However, filing for a consumer proposal has its downsides, too. For one thing, it can critically affect your credit score, making it extremely difficult to qualify for credit for years after the fact. It must also be filed through a Licensed Insolvency Trustee (LIT, or formerly known as a bankruptcy trustee) who takes a portion of what you pay. And there is no guarantee that the majority of your creditors will accept your proposal; you have to prove that this option would be more lucrative for them than if you filed for bankruptcy instead.

    If you’re considering filing for a consumer proposal, it’s best to seek the advice of a qualified debt consultant who represents you and isn’t making income off of your consumer proposal.

    1. Second Mortgage Financing

    If you’re a homeowner, securing a second mortgage might be available to you.

    A second mortgage doesn’t affect the first mortgage and it can be amortized over five years to see you out of debt, without stretching out over 25 years like your first mortgage.

    It’s best suited to those with home equity (at least 20% to 30%) and good credit. If your credit score is low, but you have equity, there may still be a lender who can help but it likely won’t be a prime lender.

    A second mortgage can be a good way to consolidate debt, so long as you can make the payments on time. It can allow you to pay off your other outstanding debts and only have one monthly payment. Second mortgages typically carry a higher interest rate than first mortgages, but the rate is still often lower than the interest you might have from credit cards, car lease payments, or unsecured lines of credit.

    If your debt is so large that it couldn’t be paid off with a second mortgage, or you’re not eligible for one, then filing for a consumer proposal might still be your best option.

    You don’t have to assess your financial situation alone. Handle everything in one place and get your financial advice from someone who represents you and can deploy all financial solutions.

    At DebtCare Canada we have financial programs that offer help to people with all types of credit and income. We can help you secure a second mortgage, represent you while filing for a consumer proposal, or explore other debt consolidation options.

    Contact us today for a free consultation. Call 1-888-890-0888.

  • Will Filing for a Consumer Proposal Ruin Your Credit?

    One of the questions we’re asked most often has to do with filing for a consumer proposal and your credit score. Many people want to know – if you file for a proposal, will your credit be ruined?

    The answer isn’t as simple as “yes” or “no.”

    To start, we need to look at what classifies as having “good” credit. If your credit score is in a high range, but you’re considering filing for a consumer proposal, we’re going to hedge a bet and say you probably don’t have “good” credit.

    Good credit is more than just your score. If you’re loaded in debt, have maxed-out credit cards, and are only making the minimum payments each month, that’s not good credit. Not to mention, it’s unsustainable for long-term financial health.

    Your credit score is based on many factors, including the amount of new credit you take out, your payment history, and the amount of debt you carry. For example, if you have a total credit limit of $5,000 and consistently carry a high balance, your credit score will be impacted. So, if you’re in debt and struggling to make ends meet, it’s very likely your credit is already being affected.

    Not only that, but then you have to consider the consequences of what would happen if you miss a debt payment completely. Defaulting on your current debts is the quickest way to get a bad credit score. Missing even one payment can be detrimental. And if you default on multiple accounts (phone bills, utilities, etc.) you might lose track of what’s been paid and what hasn’t, meaning your score will be harmed even further.

    If you’re already struggling with debt, even if you’ve been making minimum payments, there may be a month where you can’t make that payment. Or if Canadian interest rates keep increasing, it could hike your debt up to an unmanageable level. And then your credit score will be hurt anyways.

    Worse still, if you do default on a payment, that bad credit will remain for seven years after it’s resolved. This means it will stay after it’s paid in full, settled in full, or included in a consumer proposal, credit counselling, or bankruptcy.

    Now let’s look at the other side of the coin: filing for a consumer proposal.

    A consumer proposal stays on your credit for three years after it is paid in full. Typically, many people pay off a consumer proposal in four or five years, so the consumer proposal credit score could stay on your record for seven or eight years if you follow this path. But because you make a single settlement that addresses all debt, once the creditors accept it, you don’t have to take four or five years to pay if off. If you have the funds, it can be paid in full at any time.

    Plus, if you can make more than the minimum payments, you can pay off a consumer proposal sooner and start credit repair that much quicker.

    You can also start rebuilding credit right away after filing for a consumer proposal. Getting a personal loan or a secured credit card that reports to your credit report are two great ways to do it.

    Traps you want to avoid in either case, whether you file for a consumer proposal or not, are things like payday loans or creating more unsecured debt, like adding another unsecured credit card.

    In short, if you’re considering filing for a consumer proposal because you’re at the end of your rope financially and not sure how you’ll continue to manage all of your debt, your credit is probably being harmed anyways. Filing for a consumer proposal could give you the opportunity to rebuild and start fresh.

    At DebtCare, we understand how difficult it can be when you’re considering whether to file for a consumer proposal. We can help you weigh your options, deal with your debt, and, if needed, rebuild credit.

    Call us today for a free consultation: 1 (888) 890-0888.

  • 2018 Tax Deadline for Contractors Coming Up

    The 2018 tax deadline for sole proprietors and partnerships is on June 15, 2018. Have you filed yet?

    If not, don’t panic – you still have time. But it’s in your best interest to get your taxes filed by the deadline if you owe, or else you’ll be subject to Canada Revenue Agency (CRA) late-filing penalties, interest, and potentially worse consequences.

    The CRA late-filing penalty is 5% of your balance owing, plus 1% of your balance owing for each full month your return is late, up to a maximum of 12 months.

    What’s more, if you’ve been charged a late-filing penalty on your return for 2014, 2015, or 2016, your late-filing penalty could be even higher: 10% of your balance owing, plus 2% of your balance owing for each full month your return is late, up to a maximum of 24 months.

    Plus, if you’ve failed to report an income amount on your return for 2017 and you failed to report an amount on your return for 2014, 2015, or 2016, you may be subject to a federal and provincial repeated failure to report income penalty. These are equal to the lesser of:

    • 10% of the amount you failed to report on your return for 2017; and
    • 50% of the difference between the understated tax (and/or overstated credits) related to the amount you failed to report and the amount of tax withheld related to the amount of you failed to report.

    And then there’s the interest. Unfortunately, even though the self-employed tax deadline is on June 15, 2018, if you didn’t file your return before April 30, 2018 (the personal income tax deadline), you will already be accruing daily compound interest.

    The CRA starts charging interest on May 1, 2018 for any unpaid amounts owing for 2017 – and this includes your sole proprietor return. But you’ll still have to pay far less interest if you file by June 15, 2018 then if you don’t file at all.

    And last, but certainly not least, don’t forget the HST. If your sole proprietor or partnership gross revenue is exceeding $30,000 a year, you’ll also have to file a HST return once a year, usually when you send in your income tax return.

    If you haven’t filed already, what is stopping you?

    Some common reasons we hear about are lost receipts, unorganized books, or contractors knowing they won’t be able to pay.

    Whatever the reason, there is a solution – and it’s not avoiding the problem.

    If you don’t have receipts, retrace your steps. There might be receipts that have been emailed to you, or you may be able to get duplicate copies from the providers if you have a record of the transaction in your bank account. And there are some expenses you might not need receipts for. A qualified financial professional can help you know what is needed.

    If your books are unorganized, look for help. A qualified financial professional can help you find a more sustainable system.

    If you know you can’t pay, then you need to start looking at debt consolidation options. Again, that would be something a qualified financial professional could help you explore.

    In any case, you don’t want to bury your head in the sand. That will only make the situation worse and leave you in financial disrepair. Not only will you have to deal with late-filing penalties and interest, but it could also lead to CRA collections action, such as a frozen bank account, contacting your clients and telling them to send payments directly to the CRA, or even court action.

    Don’t miss the 2018 tax deadline. If you’re in a tight spot, DebtCare Canada can provide financial guidance to help you out.

    Call us today for a free consultation: 1 (888) 890-0888.

  • Bank of Canada Mortgage Rates Stay at 1.25% After May 2018 Announcement

    The Bank of Canada mortgage rate is remaining at 1.25% for now.

    In an announcement on May 30, 2018 the Bank of Canada (BOC) said that the overnight interest will stay at 1.25%, at least until the next statement scheduled for July 11, 2018.

    The BOC said it is proceeding with caution, but that it still believes higher interest rates will be needed for the future.

    Since July of 2017, the BOC has raised Canadian interest rates (and correspondingly Canadian mortgage rates) from a record low of 0.5% to the current 1.25%. There have been three increases during that time, with the most recent hike happening in January of 2018.

    Despite the May 2018 hold, economists are predicting that the BOC will raise interest rates at least once more in 2018 — and it could be during the July 11 announcement. Currently, the predicted chances of a July interest rate increase are sitting at about 55%.

    What does this mean for your mortgage, or other debts?

    As you’re likely aware, the BOC interest rate affects all forms of unsecured debt. This can include the amount you owe on your credit cards, unsecured lines of credit, variable-rate mortgages, or any other forms of debt with a changing interest rate.

    Even if you have a debt with a fixed rate, such as fixed-rate mortgage or a fixed-rate loan, if you have a renewal coming up, the increasing interest rates might mean that your lender will renew your debt at a higher rate.

    Although Canadian interest rates are staying steady for now, it’s still important that you look at the overall picture. Consider the following:

    1. Don’t Rush into Too-Good-To-Be-True Deals

    Recently, some Big 6 banks have been offering heavy discounts on variable-rate mortgages. To recap, a variable-rate mortgage is one that changes with interest rates. If interest rates go down, your mortgage goes down. But if interest rates go up, your mortgage goes up.

    If you’re shopping for a mortgage, you’re up for a mortgage renewal, or you’re considering mortgage refinancing, these deals can look very tempting. But you need to consider the rest of the implications. If interest rates increase, as they are predicted to do, could you afford the hike? How much other debt do you carry and how would that be affected by an increase? You need to assess all the variables.

    A variable-rate mortgage could still be the best choice for you, but make sure you are comparing it to a fixed-rate mortgage and understanding that there is a greater chance of a variable-rate mortgage becoming unaffordable.

    1. Make a Plan for Your Debt

    The good news about the BOC keeping interest rates at 1.25% is that you have more time to pay down existing unsecured debt before rates increase again. So, if you haven’t yet made a plan to deal with your debt, now is the time to do so.

    Look into your debt consolidation options. It might be in your best interest to consolidate your debts into one fixed, monthly payment. This way your payment rates will remain the same no matter what happens with the interest rates, and your debt won’t rise any higher.

    1. Be Extremely Cautious About Taking on New Debt

    These interest rate increases aren’t going anywhere. In fact, this is just the beginning. The BOC has stated they still feel interest rates need to be higher. One of the reasons they kept interest rates low for so long was because Canadians needed to spend money to fuel the economy. Lower interest rates encouraged more Canadians to take out more loans, put more on credit cards, etc. But now the economy is relying less on consumer spending, which means that it will get more expensive to take out new debt and more expensive to pay back existing debt.

    If there’s a debt you’ve been considering taking out, really ask yourself if you can afford it. Take a look at your whole financial picture. Now might not be the right time to look into a new line of credit or to open up a new credit card. If you are already living paycheque to paycheque and making ends meet through loans, adding more debt is likely to only make the situation worse, especially as interest rates rise.

    Don’t wait until the next BOC interest rate increase to get your debt under control. Whether you’re affected by Canadian mortgage rates, interest rates, or just want to understand your financial picture, DebtCare Canada can help.

    We offer debt relief solutions, financing programs for loans and mortgages, and much more.

    Contact us today for a free consultation: www.debtcare.ca or 1-888-890-0888.

     

  • Ontario Bankruptcy Trustees – Why You Need to Hire Someone to Represent You First!

    It may seem strange to say, but if you’re looking for an Ontario Bankruptcy Trustee, you need protection.

    Ontario Bankruptcy Trustees (officially called Licensed Insolvency Trustees, or LITs) are the only financial professionals in the province who are authorized to administer consumer proposal or bankruptcy proceedings. They’re an independent third-party who can make a deal with your creditors in a consumer proposal or file your bankruptcy — but it comes at a price.

    When you file for a consumer proposal or bankruptcy, your Bankruptcy Trustee won’t charge you an upfront fee. But they have to get paid somehow. And that somehow comes from a percentage of your debt. Essentially, the more you pay, the more your Bankruptcy Trustee makes.

    This means that if you disclose certain assets or information to your Bankruptcy Trustee, they will likely have you declare them in your bankruptcy, even if there is a legal way to make that asset exempt. Your Bankruptcy Trustee probably won’t tell you about loopholes that exist if it doesn’t benefit them.

    This isn’t to say that Bankruptcy Trustees are bad — far from it. They’re not vultures who work only for your creditors. It might be more accurate to describe them as referees at a hockey game. They’re working to make sure the rules are upheld by both sides, but if you break the rules — even if you unknowingly omit information — they’re going to penalize you (just as they would your creditors) and they’re also not 100% on your side.

    If you’re filing for bankruptcy, you need someone to represent you — and only you. You could hire a lawyer, but that will often be too expensive to afford if you’re already in a tough financial position. Even if you qualify for Legal Aid, certificates are issued depending on your legal issue and typically assisting with a bankruptcy isn’t covered.

    But there is another solution. Just as there are accountants and tax lawyers who represent people when they have a tax problem, there are financial consultants who can represent you if you have a debt problem. They can prepare your information, educate you about your choices, administer your paperwork, and hold your hand through the process of a bankruptcy or consumer proposal, ensuring that you get a fair deal that protects you.

    DebtCare Canada is one of these consultants. For more information about Ontario Bankruptcy Trustees, their role in a debt restructuring, or to get representation in a bankruptcy or consumer proposal, call us for a free consultation: 1-888-890-0888.