If you're struggling to manage your debt, you're not alone. Millions of Canadians are in the same situation. Fortunately, Canadian debt relief solutions are available to help you get back on track. Let our licensed insolvency trustees at Risman Zysman Inc. help you get rid of your debt quickly and easily with our safest Canadian debt forgiveness programs. We’ve been in the business for 45 years, and we continue to help thousands of people solve their debt problems in a short span of time!
Government Debt Relief Programs
Being in the industry for nearly five decades, we are aware of the growing number of agencies that advertise federal or government Canadian debt relief programs. But, take heed, as a licensed insolvency trustee, we’d like to share with you that the consumer proposal is the only Canadian government debt relief program. If you want to deal with your debts most safely and effectively, this is the option to choose.
A consumer proposal is a government debt relief program that provides individuals with an alternative to bankruptcy. With a consumer proposal, you will agree to repay a percentage of your debts over some time. The proposal is negotiated with your creditors and must be approved by most of them. If your proposal is accepted, it will be legally binding on all your creditors.
Bankruptcy can have a negative impact on your credit rating and can make it difficult to obtain credit in the future. However, a consumer proposal will not affect your credit rating and may even improve it if you complete the program.
With our years of experience in dealing with debtors, we understand that financial problems vary from one person to another. As such, a certain debt relief program may not be suitable for everyone’s case. Fortunately, there are many options to choose from, and with the right guidance from our licensed insolvency trustee, you’ll surely find the best solution to achieve debt relief in Canada.
Top 5 Debt Relief Options in Canada
- Debt Consolidation. Debt consolidation is one of the most popular debt relief options in Canada. It's a process that combines all your debts into a single loan with a lower interest rate and a fixed monthly payment. This can make it easier to manage your debt and save you money on interest charges. There are two main types of debt consolidation: personal loan consolidation and credit card balance transfer. With personal loan consolidation, you borrow money from a lender to pay off your debts. With a credit card balance transfer, you take out a new credit card with a lower interest rate than your current card. You then use this new card to pay off your other cards. Debt consolidation does not free you of debts. It only makes repayment manageable.
- Credit Counseling. Credit counseling is a form of debt relief that can help you get your debts under control. You will work with a credit counselor to create a Debt Management Plan (DMP). This usually involves creating a budget and agreeing to a payment plan that the person can afford. Credit counseling is an option for people who are unable to repay their debts on their own and who don't want to file for bankruptcy. The credit counselor will work with your creditors to get them to agree to lower interest rates and stop charging late fees. This can help you get out of debt quicker and save money on interest payments.
- Debt Settlement. Debt settlement is a process by which you negotiate with your creditors to reduce the amount of debt you owe. The goal is to arrive at an agreement whereby you pay back a reduced amount instead of the total amount you need to pay. This can be an effective way to get relief from high-interest debt, but it is important to consult with a qualified credit counselor before making any decisions. Additionally, there are fees to complete the process.
- Consumer Proposal. A consumer proposal is a government-approved process where you offer to repay a portion of your debt, relative to what you can afford, over up to five years. Your debts will be discharged after the said proposal period. It's one of the debt reliefs options available through Consumer Affairs, and it's typically less damaging to your credit score than filing for bankruptcy.
- Personal Bankruptcy. Personal bankruptcy is a legal process that provides relief to individuals who are overwhelmed by debt. When you file for bankruptcy, your assets (property and money) are turned over to a bankruptcy trustee, who then liquidates them and distributes the proceeds among your creditors. In most cases, your unsecured debts are discharged (meaning you no longer have any legal obligation to pay them), and you are given a fresh start.
These debt relief options offer both risks and benefits. However, since they require a deep understanding of legal terms and processes, it’s always best to talk with a licensed insolvency trustee to guide you in choosing the best option for your case.
Eliminate Your Debt
When it comes to finding the best option for debt relief, many Canadians don't know where to start. This is especially true when dealing with bankruptcy and consumer proposals. Risman Zysman Inc. is a team of experts in personal finance and will be able to help you navigate through your options. We will provide you with unbiased advice and help you find the best solution for your unique situation.
You can count on us to fix your:
- Credit card debts
- Car loan losses
- Income Tax Debts, HST, and other Tax Debts
- Outstanding Bill Payments
- Payday Loans
- Student Debt (for out-of-school persons for seven years)
We understand that debt happens to anyone. And the most common reasons why there are debt problems or someone has obligations include:
- You spend more than what you earn
- Inevitable use of credit cards
- You borrow money to finance medical expenses, day to day expenses, and other essentials
- You are threatened by creditors to sue or repossess your properties
- You’re able to pay only the interest of your existing line of credits
- You receive phone calls from random loan collectors
- Unpaid bills
Debt relief options are available for people who find themselves in this situation. If you need help, turn to our debt relief professionals to find the option that is best suited to your specific needs
Better Debt Relief Services
Risman Zysman Inc. has a proven track record of helping people become debt-free. We offer various services to meet your unique needs, and we’re here to help you, not judge you.
Being in business for more than four decades, we are fully aware of the growing number of unlicensed debt consultants in Canada. These businesses often demand high fees from clients then refer them to a licensed insolvency trustee. At Risman Zysman Inc., we make it our number goal to help you eliminate your debts through successful consumer proposals. We do all the hard work of consolidating debts and proposal negotiations based on your capabilities, which will also be acceptable to your creditors. Our proven track record has led to our long list of satisfied clients in and out of the community.
At Risman Zysman Inc., we offer bankruptcy as your last resort and make sure to provide you with all debt relief options possible for your unique case. In addition, our team of experts will work with you to develop a personalized Canadian debt relief plan.
If you’re feeling overwhelmed by your debt and don’t know where to turn, contact our licensed insolvency trustees for a free consultation. We can help you explore your options and find the best solution for your unique situation. Don’t wait until it’s too late – get started on your path to financial freedom today.