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You’ve come here because you need help, and that’s true whether you’ve been dealing with debt stress for a while or whether you’re just now starting to see problems forming. However, it might be tough to seek out because of factors like fear, worry, and humiliation.
But don’t fret! In Ottawa, Risman Zysman Inc. is your go-to Licensed Insolvency Trustee for a fresh financial start. Our trained credit counselors will treat you with the courtesy and care you deserve as they assist you in regaining control of your financial situation and moving toward a debt-free future.
Get Debt Help in Ottawa Today with a Free Consultation
Get in touch with Ottawa’s reliable Licensed Insolvency Trustees. We have spent years helping people in Ottawa and the surrounding area, so we know the best steps to take to get your finances back on track.
Regardless of whether you’re an individual or a business, we’re here to lend a hand through the bankruptcy process. Fill out our online form to schedule an appointment with a seasoned Licensed Insolvency Trustee at Risman Zysman Inc.
Consumer Proposals in Ottawa
Consumer proposals can assist in reducing and, in certain cases, eliminating debt, as well as stopping wage garnishments, legal actions, and creditor harassment. If you’re thinking about filing a consumer proposal in Ottawa, talk to an experienced trustee who can guide you through the process. If you need professional guidance on consumer proposals and debt management, Risman Zysman Inc. is just around the corner.
Debt Consolidation vs Consumer Proposal
Even if the two are comparable, the process of paying off debt will feel extremely different. A debt consolidation loan is provided by a bank or other financial institution rather than a Licensed Insolvency Trustee. The bank will settle your current debts and give you a new loan for the total amount.
To summarize, with a debt consolidation loan you will pay back all of your debt plus interest, but with a consumer proposal you will only pay back a portion of your debt. A debt consolidation loan has no negative effect on your credit score. If you make your payments on time, paying off a hefty loan can improve your credit score.
Filing Personal Bankruptcy in Ottawa
The Bankruptcy Process Debt relief in Ottawa may be the most practical, inexpensive, and quick option. If your trustee files for bankruptcy on your behalf with the OSB, they will be held liable for any debts that you have at that point.
Many people feel immediate comfort upon hiring a specialist to represent them in negotiations with their creditors.
In addition, personal financial difficulties are recognized as simply that, and are not the responsibility of the government. Due to the sensitive nature of personal bankruptcy matters, no one other than the debtor, the trustee, the attorney (if any), the bankruptcy court, and the debtor’s creditors and their representatives are privy to the filing.
Differences Between Consumer Proposal and Bankruptcy in Ottawa
It’s typical in Canada for people to seek debt relief through consumer proposals or bankruptcy. The phrase “consumer proposal” refers to a legally binding contract between you and your creditors regarding the terms of debt repayment. In order to discharge your debts in a bankruptcy proceeding, you must give up your assets.
Consumer proposals are less severe than bankruptcy from a legal standpoint, yet both are binding. In the case of a consumer proposal, for instance, you’ll need to make regular payments to your creditors in an amount that you both agree upon. In Chapter 7 bankruptcy, the amount you owe each month could be adjusted based on your income.
Also, a consumer proposal has a less impact on your credit score, stays off your record for only three years, and allows you to keep more of your assets (instead of six years for a first-time bankruptcy).
A consumer proposal has less of an impact on credit than bankruptcy. However, filing for bankruptcy may be a better option for you than reorganizing your debts if your circumstances warrant it.
Ottawa Debt Help
Have Ottawa’s banks and debt consolidation firms all said no to your consolidation loan requests? Is it difficult for you to pay all of your payments on time each month? Don’t let anxiety and tension wear you down. If you need assistance, we’re here to provide it. In Ottawa, Risman Zysman Inc. is the place to go for professional assistance and guidance on your debt consolidation alternatives, including debt relief strategies.
Whether your credit cards are at their limit, you have bad credit, or any number of other issues have prevented you from getting a debt consolidation loan, one of our highly trained, professionally accredited counselors can lay out all of your options and help you find the solution that will work out best for your situation.
Why Talk with a Licensed Insolvency Trustee?
If you’re having trouble making your monthly payments and need some assistance, a Licensed Insolvency Trustee can help you out. When you come to us for help with your debts, we can offer you real-world solutions like debt consolidation and budgeting counseling as a Licensed Insolvency Trustee.
Get A Fresh Financial Start With Us!
Talk to us for a no-risk, private consultation at no cost. Schedule yours, and we’ll talk about ways to get out of debt that are unique and specially made for you. Call us at (416) 222-4600 for your free quote today!