If you feel that your debts have become a burden and are seeking ways to reduce or eliminate debt from your life, the first step is to find out all of your options. Without becoming fully apprised of the legalities in British Columbia, it’s nearly impossible to make an informed decision about how you’d like to move forward. So what happens when you meet with Sands & Associates for an initial consultation regarding your debt options? Read on:
Examining your debts: First things first, it’s helpful if you can have an idea as to who you owe and roughly how much. If you’re unsure we can help you find out. We’ll review how the debts are structured; Are they secured to an asset? Would any survive a bankruptcy or consumer proposal? Do you need a bank account seizure lifted or a wage garnishee halted? Many people are unaware that with the right tools, it is possible to reduce or eliminate nearly all debts, including tax debts and student loans.
Reviewing your assets: You may be surprised to hear that there are many assets which are legally protected from your creditors, even RRSPs and home equity. To plan an effective debt reduction strategy we’ll review what assets you may have at your disposal and which assets are legally protected from your creditors. Be sure you’ve spoken with a debt specialist before depleting assets you believe to be up for grabs by creditors, the rules vary between provinces and online information may not be current.
Discussing your personal circumstances: Everyone has a different personal situation that needs to be considered, there is no “one size fits all” solution. If you’re able to consider the main goal you’d like to meet regarding your debt it helps the provider tailor a solution for you. Family size (do you support dependents?), average income (regular or irregular) and other personal obligations, as well as your household monthly budget are main factors when it comes to debt planning.
Evaluating your options: Depending on the outcome you’d like to attain regarding your debts, there may be several options that would be suitable. Whether it’s credit counselling, a consumer proposal, seeking a consolidation loan or even doing nothing, you need to be fully informed as to your options. We’ll explain all of them to you; the pros and cons and how they would relate to you specifically, even those that would mean referring you to another provider.
Regardless of which debt solution makes the most sense for your situation, the first step is always the same – meet confidentially with a professional in your local area. Remember that not all debt specialists are created equal and it should never cost you money to pay for debt advice, so be sure that you’re speaking with a licensed Trustee who is legally qualified to assist you.
Initial consultations with our professionals are always free – please contact us to arrange a confidential assessment of your debt options.