Consumer Proposal & Bankruptcy Trustee in Richmond Hill, Ontario

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Selecting the Right Debt Solutions Professional in Richmond Hill, Ontario

If you’re grappling with debt challenges in Richmond Hill, whether credit card debt, burdensome personal loans, or exploring diverse debt solutions, our team of experts is ready to guide you toward a successful journey to financial recovery.

At Chande Debt Solutions, our seasoned Licensed Insolvency Trustees specialize in tailoring debt relief solutions for the residents of Richmond Hill. Recognizing the gravity of decisions like opting for a consumer proposal or bankruptcy, our priority is ensuring that you are well informed and make decisions with careful consideration. All our debt relief consultations in Richmond Hill are free and come with no time constraints.

Connect with us today at 416-366-3328 or fill out our convenient online form to explore how we can assist you on your financial recovery journey.

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DEBT RELIEF OPTIONS IN RICHMOND HILL, ONTARIO

Consumer Proposal

A consumer proposal efficiently solves various debt challenges, including 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 exceed 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.

Working closely with our Licensed Insolvency Trustees (LIT), you’ll assess your financial situation to determine the suitability of a consumer proposal. Subsequently, they will help you 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.

Click here to learn more about Consumer Proposals.

Debt Consolidation vs. Consumer Proposal

While debt consolidation is a common approach to debt management for many Canadians, it comes with advantages and disadvantages. Although it does not adversely affect 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, end to legal actions and collection calls, and avoidance of additional interest on included debts.

Personal Bankruptcy

Personal bankruptcy is often viewed as a last resort when other options have been exhausted. While it is a swift and cost-effective way to eliminate debt, it has 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 RICHMOND HILL, ONTARIO

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

The experienced 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 decisions with careful consideration. All our consultations are free and come with no time constraints.

Chande Debt Solutions – Your Trusted Partner for Debt Relief in Richmond Hill, Ontario!

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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 Richmond Hill and Nearby Areas

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