Does debt get you down? For most people, debt is something that looms over their shoulder for many months and sometimes even years. If you ignore it, it will silently build up over time and cause nothing but troubles for you. You need to address it now, consciously, not just “know” you need to. Let’s do something about it.
If you want to remove yourself from debt, the first step is to try on your own. It is fair to say if you‘re not in need of formal or extreme measures then you should not bother. It is a waste of your time and hard earned money and honestly effort from you. If debt hasn’t piled too high, then with a little planning, challenging work and dedication you can be debt free on your own in no time. The strategy is to implement your own plan and stay on track, if you do not it can be easy to lose track again.
An aggressive option for paying off debt is a consumer proposal, as consumer proposals can help. Most people either do not know exactly what that is or even never heard of this before. While a bankruptcy is to discharge your debts but also your belongings, a consumer proposal is an agreement with your creditors to pay off your debts for a fixed monthly fee but only a certain percentage of your total debts. This is different than just a plan, it is a legal contract where at a minimum 50% of your creditors must agree on (based on one vote per dollar owed). You will need a trustee so they can negotiate and file the proper paperwork. There are many companies that can help with filing consumer proposals in Ontario the trick is finding the best!
It does not matter what option you decide to go with it’s important to meet with someone to discuss it. You should determine your options with a bankruptcy trustee who can provide you with good input. They can also help you if all you need is help with how to consolidate your debt. There’s a chance it could also be a straightforward procedure or something a bit more formal that you’ll require to assist with finally getting rid of debt once and for all. Now, you may think that doing it solo or by following some plan is the better option, but depending on your current situation it could be best and a quicker choice to getting out of debt if you have a professional working with creditors for you. It’s essential to save your property and your interests as good as you can.