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From the rising cost of living to student loans to credit card debt, people nowadays are facing more and more financial strains. It can be stressful trying to make payment deadlines and keep all your bills in order, doing everything you can to keep the creditors from calling. At Beth Maynard & Associates, we can help you manage your debt in a number of different ways. Whether you’re interested in a consumer proposal or hoping to consolidate debt in Sudbury, Beth Maynard & Associates can help. Our experienced Licensed Insolvency Trustee can instruct you on which debt management option is best suited to achieve financial relief.
When considering filing for bankruptcy, many people wonder if they will lose all or some of their assets: for example, a car, house, or RRSPs. Some assets are exempt under provincial law, including a vehicle with a value of up to $6600, a portion of RRSP’s, RPP’s, personal effects, furniture, and tools of the trade. It also may be possible to make arrangements with the trustee to keep certain assets. As each person’s situation is different, we will discuss your options for dealing with your assets with you prior to filing a bankruptcy.
Debt Management Options
There are a number of different ways you can approach managing your debt effectively:
Personal approach Some individuals choose to change certain habits to make sure more money comes in while at the same time cutting spending. This lifestyle change could be as simple as skipping the fast food and making and bringing your lunch to work. This approach also includes paying as much as possible on your lowest debts while paying the minimum payment for the bigger ones. Since this is a personal approach, each plan can be different. Talk to Beth Maynard & Associates for advice on this kind of debt management option.
Debt consolidation With debt consolidation, you can lump all your debt together into one monthly payment. This makes it easier to manage your debt. All you need is proof of income. A bank, credit union, or debt consolidation company will consolidate the debt. Sudbury’s Beth Maynard & Associates can list the potential pros and cons of this debt management option so you can judge whether or not it’s the best choice for your financial needs.
Consumer proposal A consumer proposal allows you to negotiate with your creditors on a way to reduce your overall debt sum. This means you will pay only a portion of the total debt with a monthly payment. Only a Licensed Insolvency Trustee can administer proposals. Your Trustee will negotiate in your place to find the best repayment option for your debt.