Bankruptcy, Consumer Proposal and Other Financial Strategies

Today many Canadians face financial problems. You might have trouble paying bills, and things can get out of hand quickly if you do not take some kind of action. You could have more financial options than you think and your debt consultants at 4 Pillars Consulting Group in Victoria can show you several options, including consumer proposal and bankruptcy. But what is the best choice for you? Here is information to help explain.

Bankruptcy

You need to hire a trustee to handle your bankruptcy proceedings, and you essentially become insolvent. Unsecured debts get discharged in bankruptcy, and you have to give up all assets which are not exempt.

Consumer Proposal

You propose to unsecured creditors to settle your accounts. It may be for a fraction of the amount owed, but the final decision is up to your creditors. This option lets you avoid bankruptcy and does not affect your credit rating as much as a bankruptcy.

Choosing the Best Option

When you come to 4 Pillars Consulting Group in Victoria, we sit down with you and go over all your finances. This is why we ask you to bring important information like debts, creditors, and assets. In many cases, bankruptcy is not the best strategy, and you may benefit from a consumer proposal. However, you have other options too.

Loan Consolidation

Do you live on Vancouver Island and owe a lot on credit cards or other unsecured loans? If so, you can sometimes borrow the money to pay off these debts and close them out. You may enjoy one monthly payment which is considerably less than all your payments combined.

Credit Management

After you get out of debt, 4 Pillars debt consultants in Victoria can show you how to rebuild your credit and get back on track. Visit our contact page today for more information.