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Article provided by: Smythe LLP

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As you search for information about bankruptcy in Canada, keep Smythe Insolvency in mind when you have questions. We offer a free consultation to provide professional advice and help you make the right financial decision. It surprises many of our clients to learn how easy it is to file for bankruptcy in Canada- but what you may not know is that there are alternatives to bankruptcy that could be even more beneficial to your financial situation.

What Are the Benefits of Bankruptcy?

If you’re struggling to pay bills or high-interest debt, bankruptcy could help clear the slate so you can start over without debt hanging over your head. At Smythe Insolvency, we speak with clients who are dealing with many different types of financial hardship:

  • Family emergencies
  • Serious illness preventing work
  • A failed business
  • Loss of job
  • Divorce

Bankruptcy permits the elimination of debt for honest individuals who find themselves in an unfortunate situation through no fault of their own. Personal bankruptcy allows the dismissal of many different types of debt, but there are consequences to filing. Depending on your unique situation, you may not be able to keep all of your assets- and not all types of debt are canceled out.

Is Bankruptcy the Right Course of Action?

Since every client has unique needs, we recommend calling our team at Smythe insolvency to set up a complimentary consultation to discuss your situation. If you’re a good candidate for filing bankruptcy, we’ll offer additional information and help you take the next step in the process. Rest assured, our experts will be by your side, from start to finish. If we don’t feel bankruptcy is a good option for you, we’ll recommend an alternative, such as a consumer proposal, which often provides additional benefits that bankruptcy does not offer.

What is a Consumer Proposal?

Many of our clients at Smythe insolvency tell us they want to do the right thing, by paying off debt, but just can’t make the payments fit their budget. With a consumer proposal, you’ll have the opportunity to pay on what you owe, with more manageable payments and a lower interest rate. Part of your debt may be eliminated, so you’ll only have to pay the remaining portion. Benefits of consumer proposals include:

  • Collection calls immediately stop
  • You’ll be protected from creditors and wage garnishment
  • You’ll keep your assets, as well
  • We’ll negotiate on your behalf, to reschedule repayment details

Peace of Mind at Smythe Insolvency

Both consumer proposals and bankruptcy in Canada offer exceptional comfort during financial hardship; best of all, you’ll soon be on your way to building new credit and starting over with your finances. It costs nothing to meet with us and find out how you could gain a financial advantage through one of our debt resolution services. Explore free resources on our website, like FAQs and blog articles, or chat live with one of our agents if you have questions that need immediate answers. We’re here for you when you need an affordable solution to debt.

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