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Feeling Overwhelmed? You Don't Have to Do It Alone

Feeling Overwhelmed? You Don't Have to Do It Alone

Are you feeling overwhelmed or confused after realizing that you face insolvency? Are you wondering how you got into this mess in the first place? There's one thing that's certain: as frustrating as your situation and your feelings may be, you're not alone! Between November 2017 and November 2018, the number of private consumers who experienced an insolvency increased by 10%. In addition to this, businesses facing insolvency increased almost 9%.

You're Not Alone

Across Canada, many people are facing insolvency. Canadians carry an average of nearly $23,000 in debt. Unfortunately, Canadians are predicted to increase delinquency on their payments as interest rates increase at the Bank of Canada. Canadians, as a whole, have bought into the debt mentality - and unfortunately, with many households carrying high levels of debt, it can be difficult to maintain solid financial health.

Sometimes, it's an overall financial attitude that causes the problem; other times, events can throw people into insolvency unexpectedly, leaving them unable to pay for their debts and subsequently considering debt consolidation. 

If you've found yourself in a position of insolvency, you aren't alone, and a Licensed Insolvency Trustee at Crawford, Smith and Swallow can help.

Bankruptcy vs. Proposal

Your debt has gotten out of control, and you're no longer able to make the payments on your loans. Mortgages, car loans, and credit card debt are eating at your finances to the point that you're no longer in control of your money. In fact, most of the time, it feels as though it's in control of you! Here's the good news: you have options. At Crawford, Smith and Swallow, we will walk you through the process and help you decide if filing for bankruptcy or a consumer proposal is right for you. Our goal is to get you to a place where you're able to start fresh, rebuild your credit and improve your financial standing.

Consumer proposals allow you to minimize your debt and work to pay it off over time. When filing a consumer proposal, you consolidate your debt into one monthly payment. By consolidating your debt, you can both get a better picture of what you owe each month and better understand how your debt is impacting your overall finances. Not only that, you may be able to set up payments that are much more affordable than your current arrangement, allowing you more financial freedom.

Both bankruptcy and a consumer proposal are solutions available to you, and we will help determine which method will work most effectively for you. 

Get Help Through the Process

If you've found yourself overwhelmed by debt, the entire process may seem stressful -and you might not be sure where to turn first. At Crawford, Smith and Swallow, we'll help walk you through the process.

We’ll also help you prepare for a brighter financial future. Through this process, you want to regain control of your finances and get a better outlook for the future. We'll help provide you with quality advice that will enable you to move through that process more effectively. 

Are you ready to improve your financial standing and gain financial peace? The process of filing for bankruptcy or a consumer proposal will help you get back on your feet, protect your credit, and provide you with a better understanding of how to manage your finances.

If you need help deciding between bankruptcy and a consumer proposal or if you're ready to file, but not sure where to start, contact us today. We'll help walk you through the process, improving your understanding of the offers you can make to your creditors and how they will ultimately impact your finances. 

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Consumer Proposal