Falling behind in bill payments can happen to the best of us. A sudden job loss, an unexpected expense and other personal circumstances can all impact an individual’s ability to keep up with credit card bills, loan payments or other bills. It doesn’t take long for life’s little challenges to become big financial problems.
At Vine and Williams, we understand this was not your plan. We also understand that it’s difficult to get ahead when crushing debt and the burden of financial stress are holding you back.
With a personal debt management solution, we can get your finances back on track.
When considering solutions to debt problems, there are two excellent options you can consider — a Consumer Proposal or Personal Bankruptcy. Our team will help you determine which option is best for you. We will review your current situation, explain each option and develop a solution that’s right for you.
Offer a partial repayment of your debt to creditors and halt collection actions against you. Learn more...
A Consumer Proposal is a proactive and practical solution to your debt problems. One of our licensed trustees will work with you to negotiate a settlement with your creditors. The amount you offer to repay will be less than the amount owed and interest-free.
While creditors consider your proposal, all collection actions are halted. No more phone calls. No more nasty letters. Once accepted, a Consumer Proposal creates a beneficial situation for both you and your creditors. Your creditors are happy because they will receive a portion of the money owing to them. You feel a sense of pride in knowing that you have effectively managed your debt and paid your creditors to the best of your ability. Find out if a Consumer Proposal is right for you. Contact us for a free, confidential consultation.
Employ a legal process to immediately relieve you of your personal, unsecured debt. Learn more...
Bankruptcy is a legal process, administered by a licensed bankruptcy trustee, which allows you to eliminate most or all of your personal, unsecured debt. All collection and legal actions will stop immediately. Wage garnishments will also stop. Your financial slate will be wiped clean.
The decision to file for Personal Bankruptcy should be considered carefully. We can provide the information you need to fully understand the choices available to you and their impact. Although you may choose to relinquish certain assets, you will be able to keep most of your personal belongings and RRSP’s and in most cases, your automobile and house. Contact us for a free confidential consultation to find out if personal bankruptcy is right for you.
There are two primary solutions to debt management problems -- a Consumer Proposal or Personal Bankruptcy. Both are viable options, but you should educate yourself on the key differences. Compare...
|Consumer Proposal||Personal Bankruptcy|
|Future Payments||Payments are fixed based on an agreed payback schedule.||Payments increase or decrease if your net income changes.|
|Impact on Assets||You keep all your Assets.||You may choose to relinquish some assets.|
|Monthly Obligations||You must make set monthly payments to your creditors.||You must make monthly remittances to your trustee and report all income and certain expenses.|
|Personal Income Tax||You are required to file your own income tax returns and will pay taxes or receive refunds as usual.||Your trustee must file your tax return for the year you file bankruptcy. You do not pay taxes owing up to the date of bankruptcy, but any refunds for the year will be sent to your trustee for the benefit of your creditors.|