Know Before You Owe
Understand all your debt relief options — costs, timelines, credit impact, eligibility — before talking to anyone. No pressure, no surprises, no fees.
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Your Debt Relief Options
Each option has different costs, timelines, and credit impact. Understanding the differences is your first step toward a clear path forward.
Consumer Proposal
Canada onlyNegotiate to repay a portion of your debt through a Licensed Insolvency Trustee. Keep your assets, stop interest, and get creditor protection.
- ✓Keep your assets
- ✓Reduce debt up to 80%
- ✓Stop interest charges
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Bankruptcy
Legal process to eliminate most unsecured debts. Provides a fresh start with specific rules about assets, income, and credit impact.
- ✓Eliminate most debts
- ✓Fresh financial start
- ✓Creditor protection
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Debt Consolidation
Combine multiple debts into a single loan with one monthly payment, ideally at a lower interest rate than your current debts.
- ✓One monthly payment
- ✓Lower interest rate
- ✓No credit damage
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Credit Counseling
Work with a certified counselor who negotiates with creditors on your behalf to create a structured repayment plan.
- ✓Professional guidance
- ✓Reduced interest
- ✓Structured plan
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Debt Settlement
Negotiate directly with creditors to accept a lump-sum payment that is less than the total amount you owe.
- ✓Pay less than owed
- ✓Resolve debts faster
- ✓Avoid bankruptcy
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Debt Management Plan
A structured repayment plan managed by a credit counseling agency that consolidates payments without taking a new loan.
- ✓No new borrowing
- ✓Waived fees
- ✓Single payment
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Every provider is cross-referenced against official government registers. See fees, reviews, and credentials.
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Every Provider Is Verified
We cross-reference every provider against official government registers. Licensed Insolvency Trustees verified through the OSB. Lawyers verified through provincial law societies. No exceptions.
Checked against government register
Holds required federal/provincial license
Passed additional vetting
Frequently Asked Questions
What is the best way to get out of debt in Canada?
The best option depends on your situation. Consumer proposals let you reduce debt by up to 80% while keeping your assets. Bankruptcy eliminates most debts but has more impact on your credit. Debt consolidation works if you can still make payments. A Licensed Insolvency Trustee can assess your situation for free.
How much does a consumer proposal cost?
Consumer proposal costs vary based on your total debt, income, and assets. Typically, you repay 20-50% of your total unsecured debt over up to 5 years. The trustee's fees are included in your payments — there are no upfront costs to you.
Will bankruptcy ruin my credit forever?
No. A first bankruptcy stays on your credit report for 6-7 years after discharge (varies by province). Many people begin rebuilding credit within 2-3 years of discharge using secured credit cards and responsible borrowing.
How do I know if a debt relief company is legitimate?
In Canada, only Licensed Insolvency Trustees (LITs) can legally administer consumer proposals and bankruptcies. Verify any provider against the Office of the Superintendent of Bankruptcy (OSB) public register. Be wary of companies that charge upfront fees or guarantee specific results.
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