Looking For A Government Debt Program To Help With Debt?
Government Regulated Debt Relief Options In Ontario
Is There A Government Debt Program In Canada?
Yes. Canada has government regulated debt relief options, including consumer proposals and bankruptcy.
If you are struggling with credit card debt, payday loans, CRA debt, collection calls, wage garnishment, or monthly payments you can no longer afford, David Sklar and Associates can help you understand your options.
Fill out the form to see what debt relief option may be right for you.
Or call us now to speak with our team.
You deserve a fresh start
Understand Your Legal Debt Relief Options Before You Decide
Debt can feel confusing when every website seems to offer a different answer. Some companies talk about debt forgiveness, some offer loans, and others advertise debt settlement.
A Licensed Insolvency Trustee can explain the legal options available under Canadian insolvency law and help you understand what may apply to your situation.
A consumer proposal is a formal legal process administered by a Licensed Insolvency Trustee. The Office of the Superintendent of Bankruptcy explains that the trustee works with you to develop an offer to creditors, which may involve paying a percentage of what is owed, extending the time to pay, or both.
Real Stories of Life After Debt Relief
Getting out of debt is only the beginning. In this video, you will hear how real Canadians took control of their finances, moved forward after debt, and started building a stronger financial future
Common Reasons People Look For A Government Debt Program
People often search for government debt relief when debt has reached a point where regular payments no longer feel realistic. These are some of the situations we can review during a free consultation.
Credit Card Debt That Keeps Growing
If most of your payment goes toward interest and the balance barely moves, a legal debt relief option may help you understand whether repayment, a consumer proposal, or another solution makes sense.
Collection Calls And Letters
If creditors or collection agencies are contacting you, a government regulated debt relief option may help stop collection calls from included creditors once filed.
CRA Tax Debt
If you owe money to the CRA, it is important to get proper advice. In many cases, CRA debt can be reviewed as part of a consumer proposal or bankruptcy.
Wage Garnishment
If your wages are being garnished, a Licensed Insolvency Trustee can explain whether a formal legal debt solution may stop most garnishments
Payday Loans And High Interest Debt
High interest loans can quickly become impossible to repay. We can review whether a government regulated option may help you deal with unsecured debt.
Fear Of Bankruptcy
Many people call because they are afraid bankruptcy is their only option. In some cases, a consumer proposal may be a possible alternative.
Why Speak With A Licensed Insolvency Trustee?
If you are comparing debt solutions online, it is important to know who can explain legal debt relief options.
Licensed Insolvency Trustees are federally regulated professionals who provide advice and services to people and businesses with debt problems. The Office of the Superintendent of Bankruptcy says they help people make informed choices about dealing with financial difficulty.
At David Sklar and Associates, we review your income, debts, assets, and goals, then explain what options may be available.
You do not need to know the answer before calling. That is what the consultation is for.
Getting The Right Advice Is The First Step
A government regulated debt option is not the same as a loan, grant, or private debt settlement plan. Before you choose a path, it helps to speak with a Licensed Insolvency Trustee firm that can explain the legal options clearly.
Our team can help you understand whether a consumer proposal, bankruptcy, debt consolidation, credit counselling, or another option may fit your situation.
Government Regulated Debt Relief Options In Ontario
A consumer proposal is a federally regulated program. that lets you consolidate your debts into one affordable payment. With the help of a Licensed Insolvency Trustee, you can keep your assets, stop interest, and put an end to collection calls, all while paying only what you can reasonably afford.
Personal bankruptcy is a federally regulated process you should consider only after speaking with a Licensed Insolvency Trustee. Personal bankruptcy is a legal way to clear your debts when you can’t repay what you owe, giving you protection from creditors and a chance to start fresh.
Do You Qualify For A Government Regulated Debt Option?
You may qualify for a consumer proposal if:
- You owe more than $1,000 in unsecured debt
- Your total unsecured debts are less than $250,000 (not including your mortgage)
- You are unable to repay your debts as they come due
- You live or do business in Canada
Unsecured debts can include credit cards, personal loans, lines of credit, payday loans, and tax debt.
A Licensed Insolvency Trustee will review your financial situation and help determine whether a consumer proposal is the right solution for you.
Calculate savings
Consumer Proposal - 0% Interest
Debt Consolidation Loan - 30% Interest
Do Nothing - 19% Interest
* Calculations above are made over a 5 year period at a rate of 80% savings. This calculator provides an estimate of the total savings you may receive when filing a consumer proposal. Actual results may vary. Your payments will depend on your income, assets, and debts.
Real Ontario Debt Relief Stories
Nate & Shelley: Credit Card Debt Spiral
Nate and Shelley had accumulated $71,000 in unsecured debt:
- $35,000 in lines of credit
- $32,000 in credit card debt
- $4,000 bank overdraft.
They chose a consumer proposal and offered to repay $22,800 of the $71,000 they owed through manageable monthly payments.
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Frequently Asked Questions About Government Regulated Debt Relief
What is government regulated debt relief in Canada?
Government regulated debt relief refers to legal debt solutions that follow Canadian insolvency law and are administered by a Licensed Insolvency Trustee. The most common options are consumer proposals and bankruptcy.
Who can help me with a consumer proposal or bankruptcy?
Only a Licensed Insolvency Trustee can administer a consumer proposal or bankruptcy in Canada. Licensed Insolvency Trustees are federally regulated professionals who help people understand their options for dealing with serious debt.
Is a consumer proposal a government regulated debt relief option?
Yes. A consumer proposal is a legal debt solution filed through a Licensed Insolvency Trustee. It allows you to make an offer to your creditors to repay part of what you owe through affordable payments.
Can government regulated debt relief reduce my debt?
A consumer proposal may reduce the amount of unsecured debt you repay. The amount depends on your income, assets, debts, household situation, and what your creditors may accept.
Can a consumer proposal stop collection calls?
Yes. Once a consumer proposal is filed, included creditors must stop collection calls and most legal collection actions. This can help reduce stress and give you a clear repayment plan.
Can a consumer proposal stop wage garnishment in Ontario?
A consumer proposal can usually stop most wage garnishments once it is filed. Some exceptions may apply, so it is important to speak with a Licensed Insolvency Trustee about your specific situation.
Can CRA tax debt be included in a consumer proposal?
In many cases, CRA tax debt can be included in a consumer proposal. A Licensed Insolvency Trustee can review your tax debt, income, assets, and other debts to explain what options may be available.
What debts can be included in government regulated debt relief?
Many unsecured debts may be included, such as credit cards, payday loans, personal loans, lines of credit, overdrafts, collection accounts, and some tax debts. Secured debts, support payments, fines, and some student loans may be treated differently.
Can I settle my debt without filing for bankruptcy?
Yes. Bankruptcy is not the only option. Depending on your situation, you may be able to settle your debt through a consumer proposal, debt management plan, debt consolidation, or direct negotiation with creditors. A consumer proposal is a formal option filed by a Licensed Insolvency Trustee that can stop most collection action and wage garnishments once filed.
The best option depends on how much you owe, your income, your assets, and whether you need legal protection from creditors. A Licensed Insolvency Trustee can review your situation and explain whether settling debt without bankruptcy is possible.
What is the difference between a consumer proposal and bankruptcy?
A consumer proposal lets you offer to repay part of your unsecured debt through monthly payments while keeping many assets. Bankruptcy may eliminate many unsecured debts when repayment is no longer realistic, but it can have different effects on assets, duties, and credit.
Will debt relief affect my credit?
Yes. Most debt relief options can affect your credit. Missed payments, collections, consumer proposals, and bankruptcy are reported differently. During a free consultation, David Sklar and Associates can explain how each option may affect your credit and how rebuilding can work.
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Our federally 🇨🇦 regulated team of Licensed Insolvency Trustees in Ontario can help you get out of debt and in control of your own financial future.
We’ve helped thousands of people and we can help you too.
We know this is stressful, but you’re not alone