Consumer Proposal & Bankruptcy Trustee in Oakville, Ontario

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Selecting the Right Debt Solutions Professional in Oakville, Ontario

If you’re facing financial challenges in Oakville, whether grappling with credit card debt, liberating yourself from the burden of personal loans, or exploring diverse debt solution options, our expert team is prepared to guide you toward a successful journey to financial recovery.

Chande Debt Solutions’ seasoned Licensed Insolvency Trustees specialize in delivering personalized debt relief solutions for the people of Oakville. We comprehend the weight of decisions like opting for a consumer proposal or bankruptcy, and our primary focus is to ensure that you are well informed and capable of making sound choices. All our debt relief consultations in Oakville are free and have no time constraints.

Feel free to contact us today at 416-366-3328 or fill out our convenient online form to explore how we can support you on your path to financial recovery.

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DEBT RELIEF OPTIONS IN OAKVILLE, ONTARIO

Consumer Proposal

A consumer proposal is a highly effective solution for various debt challenges, encompassing credit card debt, tax obligations, or personal loans.

If repaying your original debt is proving challenging, you don’t qualify for debt consolidation, or your debts surpass the value of your assets, a consumer proposal may be the optimal solution. This legally binding contract between you and your creditors consolidates and settles your debt for less than the total owed.

In collaboration with our Licensed Insolvency Trustees (LIT), you’ll assess your financial situation to determine the suitability of a consumer proposal. Subsequently, they will establish a realistic monthly payment plan. Your LIT will then submit the proposal to your creditors for approval, and upon acceptance, you’ll make monthly payments. Once all conditions of the consumer proposal are met, the remaining debt is discharged.

Key benefits of a consumer proposal include:

  • Discharge of up to 75% of your debt
  • Halt to all legal actions, such as wage garnishments or frozen bank accounts
  • Cease all collection calls
  • Retention of all assets, including tax refunds
  • No additional interest on debts included in the proposal

It’s crucial to note that only Licensed Insolvency Trustees (LIT), like Chande Debt Solutions, are authorized to file consumer proposals.

Debt Consolidation vs. Consumer Proposal

While debt consolidation is a prevalent approach to debt management for many Canadians, it has advantages and disadvantages. Although it does not negatively impact your credit score (as long as payments are timely), high interest rates on loans and the risk of retaining other high-interest financial resources can pose significant drawbacks.

In contrast, while affecting your credit score, a consumer proposal offers substantial benefits, including the potential discharge of up to 75% of your debt, cessation of legal actions and collection calls, and avoidance of additional interest on included debts.

Personal Bankruptcy

Personal bankruptcy is often seen as a last resort when other options have been exhausted. While it provides a swift and cost-effective way to eliminate debt, it does have notable consequences for your credit score and assets. However, in certain circumstances, it may be the only viable choice.

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DEBT HELP IN OAKVILLE, ONTARIO

A meaningful debt relief solution should offer genuine relief rather than merely repackage existing debt. Whether you’re burdened by credit card or tax debt or struggling with unaffordable monthly payments on personal or student loans, there is a debt solution for you. We thoroughly review your financial situation to help you explore all available options and determine the best solution.

The seasoned Licensed Insolvency Trustees at Chande Debt Solutions are committed to finding the right solution for you. Recognizing the seriousness of decisions like filing a consumer proposal or bankruptcy, we prioritize ensuring you are well-informed and make sound decisions. All our consultations are free and come with no time constraints.

Ask us about bankruptcy options

See What Your Debt Repayments Might Look Like

Our debt calculator provides a comparison of what your monthly debt repayment might look like under different debt relief options including a debt consolidation loan, debt management plan and consumer proposal

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Serving Oakville and Nearby Areas

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